First Data Launches Tools For Gig Economy PayFacs

First Data, the payment technology company, is going after the sharing economy, announcing Thursday (May 18) the launch of the First Data Global PFAC solution that provides a slew of capabilities to payment facilitators.

In a press release, First Data said as the sharing economy grows, companies across different industries are acting as payment facilitators. The companies, be it ridesharing apps or home rental services, need to partner with a payment technology company to enable commerce. With PFAC, payment facilitators can access a single integration interface that makes it easy for merchants to authorize transactions in more than 150 currencies around the world and settle in 17 currencies, First Data said.

“Payment facilitators need to be nimble, agile, and have access to proven technology to achieve global scale, especially as eCommerce has opened the door for companies to do business worldwide,” said Shane Fitzpatrick, global head of eCommerce at First Data. “First Data’s Global PFAC solution empowers merchants to do business wherever they want, whenever they want, while streamlining the administrative burden of enabling payments around the world.”

First Data said the Global PFAC solution is structured into two programs to make it easy for payment facilitators to manage the payment needs of their customer base. For payment facilitators seeking to serve smaller customers, the Single MID Program allows them to manage all merchants with one account. The Multi MID Program is designed for payment facilitators who would like to use separate accounts for each customer, as well as access additional First Data products and services, the company said.

Some of the benefits of the new tool include easy integration and fast boarding for clients of the payment facilitators; comprehensive payment options, security and fraud detection tools; underwriting services; periodic reviews of transactional rates and pricing and currency conversion and a range of payment methods.