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A typical payment processing procedure involves multiple parties, including the merchant, customer, payment processor, payment gateway, issuing bank, acquiring bank, and card networks. The processor facilitates the transaction by communicating with the payment gateway, issuing bank, and acquiring bank.
Integrated processing: The PayFac handles the entire payment process, including transactions, security, compliance, and integrations with ERP, eCommerce, or CRM software. Coststructure: PayFacs may offer competitive pricing models due to their aggregated volume and often cater to niche markets. Why are they important?
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