FIS. (NYSE:NYSE:FIS) Q1 2023 Results Conference Call April 27, 2023 8:00 AM ETCompany ParticipantsGeorge Mihalos -. Chapter 2 of the Worldpay eComm PayFac API Reference Guide “PayFac API Certification Tests” provides the data you use while testing. You own the payment experience and are responsible for building out your sub-merchant’s experience. ), and merchants. FIS Acquisition of Payrix Expands its Offerings to Include Payfac as a Service. a merchant to a bank, a PayFac owns the full client experience. What’s more, banks in the U. For example: PayFac Sub-Merchant ID Merchant_25 becomes d_Merchant_25_2015_04-14. :; Who we serve. Determine root cause of failure and resubmit funding Instruction after issue resolved. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Global expansion. To best serve you, please read over the following questions before calling the GTSC in order for us to assist you better:The PayFac Sub-merchant Fee Roll-up report is a PayFac report identifying by fee and MID, the transaction count, volume amount, and associated billing amount for the statement date. Fourth quarter GAAP Diluted EPS was $ (29. You can also view the PayFac Tax Id Validation Report, available through the Scheduled Secure Report (SSR) service, to determine if a Legal Entity Tax ID Validation has failed. 4 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. Easy access to real-time merchant data and reporting. 3. Put our half century of payment expertise to work for you. One FTE is sufficient until $250M in processing volume, then you’d need to add more bodies. Strategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS Global careers. To log into the PayFac Merchant Onboarding system: Launch your browser and navigate to the following URL for access to the iQ Merchant Onboarding System:JACKSONVILLE, Fla. Learn more Crossover to crypto. The PayFac uses an underwriting tool to check the features. • Worldpay eComm PayFac Portal User GuideOne of the main benefits to adopting the Payfac ® model is the increase in revenue you get from each transaction processed using your software. This appendix provides information on understanding data as it appears in Financial reports (Reconciliation Dashboard, PayFac Reconciliation Dashboard, Activity Report, Settlement Report, and Fee Report) when your organization uses the monthly billing model. Excluding the impact of a large PayFac client, global volume increased 3% on a reported basis and 6% on a constant currency basis, US volume increased 5%, and transactions increased 3% as compared to the prior-year period. For more detailed information about the cookies we use, including their purpose . PayFac Operating account receives funds, but movement to Sub-merchant account fails. Corporate Gateway account login (MAI). The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. +2. A PayFac will smooth the path. Improve the effectiveness and efficiency of your payments organization structure and staffing model. ©2022 FIS. Businesses aren’t created all the same. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. The report is run hourly and held instructions are only shown for 14 days after being released. This report only applies to legal entities that have a sub-merchant funded through the Worldpay, and is produced daily. January 25 th, 2022 – Atlanta, GA and Tulsa, OK – Payfactory, a fintech payment facilitator for software platforms, has announced a growth investment from Bluefin, the recognized integrated payments leader in P2PE encryption and vaultless tokenization technologies. Today’s top 14 Payfac jobs in United States. business with a unique Payfac identifier. If the merchant fits the requirements, PayFac onboards is a sub-merchant under the master MID. Also, unlike an ISO, the PayFac provides the processing services, settlement of funds, and billing to the merchant. About 55% of legacy financial institutions (FIs) say their core systems lack maturity. With Payrix, Saas providers can embed payments and financial services in their native experience and add a new revenue stream in a few weeks. For your specific needs, explore our you-tailored solutions. Worldpay Rate Increases Effective April 2023. FIS Reports Third Quarter 2022 Results. 01274 649 893. (NYSE: FIS) through recently acquired payment company Payrix and JPMorgan Chase & Co. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. PayFac is a way for software applications to. 13, 2023-- FIS ® (NYSE:FIS), a global leader in financial services technology, today reported its fourth. Business Gateway account login (MAI) Business Gateway Mail Order and Telephone Order (MOTO) Business Manager. Sales Executive with experience in financial. •The payfac model is a logical starting point for software providers seeking to expand into broader financial services, creating a type of fintech flywheel. Payments Models. Step 2: Segment your customers. Download PDF. Evolve Support. Carat drives more commerce. 176. With a payment facilitator, businesses can quickly and easily. Please follow Worldpay and FIS. Richard Drake is a Senior Strategic Partner & Manager, Payfac Developers at FIS Global based in Jacksonville, Florida. Increased revenue 3% on a GAAP basis and 5% on an organic basis to $3. Visit PayScale to research FIS salaries, bonuses,. You own the payment experience and are responsible for building out your sub-merchant’s experience. SAN FRANCISCO, Aug. fisglobal. Request A Demo. Let FIS help you make the leap from traditional to digital assets across payments, banking and capital markets. The PayFac model allows a single entity to become the “merchant of record” and board sub-merchants with fewer data requirements and scrutiny. Account Login. 1PM to 9PM ET. FinTech platform FIS has acquired embedded payment company Payrix to boost its eCommerce offerings to companies of all sizes in any industry through embedded payments via Software-as-a-Service. Call me on my cell at 904-571-5480, email Andrew. Pillar 1: Onboarding and underwriting The PayFac handles all of the compliance checks on new merchant applications and ensures that they are safe to bring onto the platform. The PayFac Funded report view of the PayFac Reconciliation Dashboard provides summary and detailed data for the standard funding model. (NYSE: WP)-FIS announced earlier in 2019 their. But of course, there is also cost involved. Private Sector Support. Code Connect gives access to every category of APIs like Banking, Card Management, Fraud, Payments, Capital Markets and Wealth. The PayFac would also need to hire a FTE to take exceptions and review these exceptions for risk. Global expansion If your platform needs to operate internationally and support sub-merchants in other regions, partnerships with local acquirers, gateways, and other service providers may be necessary. Digital platform is both Scheme and PSP. FIS is committed to protecting the privacy and security of all personal information that we process in order to provide services to our clients. You can process payment transactions on both platforms, if you need the capabilities of both. As of April 1, 2023, merchants using Worldpay from FIS may notice some transactions with a new or increased Transaction Risk Fee (TRF). These banks are also known simply as issuers. This registration allows us to support software platforms that: Want to go live in days rather than months. Happy to chat and brainstorm strategies. We power more registered PayFacs and PayFac as a a service companies than anyone else #worldpayforplatforms #payfac Payrix Why Visa Says PayFacs Will Reshape Payments in 2023Embedded Finance Series, Part 3. A PayFac, or payment facilitator, is a merchant services model that streamlines the merchant account enrollment process by onboarding a merchant as a sub-account under the PayFac’s master account. Merchant Operating Instructions. JACKSONVILLE, Fla. According to their. While there are many benefits of integrating to a Payfac, two of the most notable are frictionless onboarding and risk, liability and costs associated. Obtain appropriate PCI certification, if needed • transmitting and processing card data). While payments companies are garnering ~4x revenue multiples, companies like Finix and Infinicept sell SaaS subscriptions. New Payfac jobs added. Most important among those differences, PayFacs don’t issue. Payment Facilitators offer merchants a wide range of sophisticated online platforms. The PayFac, he said, has emerged, and evolved from its 1990s underpinnings where merchant acquirers had handled that merchant enrollment, boarding, underwriting and even settlement. Payment Facilitator Global Opportunity Analysis and Industry Forecast. Want to become payfacs themselves someday. Effective April 2023, Worldpay is implementing a $0. Rather than funds being directly settled to the Payment Facilitator’s sub-merchants for the full previous business day activity amount, funds from settled. Small/Medium. All su ch information is protected by copyright laws and international treaties. FIS through recently acquired payment company. On. Sponsors: Sponsors are the combination of an acquiring bank and a payment processor. •Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. A PayFac, or payment facilitator, was originally defined by Visa® and Mastercard® to describe the entity that is officially doing business with the card brands. The issuing bank sits at the opposite end of a payment transaction from the. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Returned $1. - Sat. 70. Generated Diluted EPS of $0. To clarify the matter, we will offer a clear and comprehensive explanation of what is a payment facilitator, its primary functions and business model in this complete guide. Want to become payfacs themselves someday. A Payment Facilitator, or PayFac, is a sub-merchant account used by merchant service providers to provide payment processing services to their own clients, known as sub-merchants. PayFac is a way for software applications to turn a traditional cost center into a revenue-generating business unit. Risk management. This is known as frictionless underwriting. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. Costs, including engineering, security, and maintenance are just a few expenses to consider when determining whether or not to offer payfac-as-a-service. 6 billion. Accept hundreds of currencies and payment methods including online, mobile, point-of-sale, subscriptions, billing and invoicing at scale. Billions of People and Trillions of Transactions Define the PayFac Opportunity in Emerging Markets. Most often, payment facilitators handle funding for submerchants through “for benefit of” (FBO) accounts. If the Tax ID validation fails, it is indicated in the Legal Entity Background Check Results panel of the PayFac Portal. Become a Payfac Enabler - enabling software & payments companies, and banks to manage their payment’s operations in a payment facilitation model. Payments Players. Click on a link in the table to navigate to the desired screen. Table 3 shows the timing of Funding Instruction delivery. Fueling growth for your software payments. Payment. The benefits to software companies have become clear and governments and payment networks are investing heavily to cultivate further growth. Fidelity National Information Servcs Inc. Now, go ahead and create an account, so you can stop paying card fees, start getting your money instantly without waiting for payouts, and use your savings for something else to make your business thrive. Payment facilitators control the onboarding process for their customers – referred. Payrix will work closely with you to configure the best solution for your unique needs. 4. PayFac Portal Operations; Creating a New Legal Entity Request; Adding a Sub-Merchant; Searching for Sub-Merchants; Viewing Sub-Merchants. FIS Use of Non-GAAP Financial Information. As of April 1, 2023, merchants using Worldpay from FIS may notice some transactions with a new or increased Transaction Risk Fee (TRF). FIS is a leading provider of technology solutions for financial institutions and businesses of all sizes and across. Logging in and Logging Out; Using the PayFac Portal. Public Sector Support. FIS solutions. This report only applies to legal entities that have a sub-merchant funded through the Worldpay, and is produced daily. Whether the need is to meet. ” Global, which also supports financial institutions in card issuing, saw that part of its business record $505 million in adjusted net revenue for the quarter. Fidelity National Information Servcs Inc. GETTRX has over 30 years of experience in the payment acceptance industry. At Revision Legal, we protect businesses that thrive online, and understand the connections between law, technology, and business. EVENTS. A Payment Facilitator, PayFac for short, is simply a sub-merchant account for a merchant service provider. Track and receive real-time alerts within your merchant's businesses. • The sponsoring acquirer reviews the Payfac on an annual basis. Enabling businesses to outsource their payment processing, rather than constructing and. Excluding the impact of a large PayFac client, global volume increased 3% on a reported basis and 6% on a constant currency basis, US volume increased 5%, and transactions increased 3% as compared to the prior-year period. 10, 2022 /PRNewswire/ -- Finix, the payments technology company for software. PayFac® solutions, at your service Worldpay from FIS is your advocate for payment facilitator solutions. Richard Drake's Phone Number and Email. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. 4 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose of assisting you in using a Worldp ay, LLC product. Each report contains data for the prior month. Payfac’s immediate information and approval makes a difference to a merchant. Terminal Events . Implementing a PayFac-as-a-Service model can generate a steady and recurring stream of revenue for the software. Connect the bank account that you want to receive your money. S. ) Easy Apply. 3. Davis@fisglobal. Our platform helps you manage risk on an ongoing basis leveraging real time transaction data and triggers alerting you when a transaction requires further review. eComm PayFac API Reference Guide Document Version: 3. Supports multiple sales channels. 74. 41 and Adjusted EPS of $1. Form IL 1040. Typically, Worldpay assigns an Implementation Consultant to work with you after the completion of contract negotiations. show me. 5 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose. This table shows the merchant platforms supported by the EpicPay Gateway and a general summary of features offered by each. 6 billion. com or 888-829-1907. “It’s very clear that the PCI buck stops at the payment facilitator,” Bucolo said. A PayFac collects minimal data up front and supplements it with other real-time data to get merchants up and running, literally, in minutes. Advancing the way the world pays, banks and invests™. gov is successful. After clicking the Search button, the results panel appears below the Instruction Search. Solution: There are options to become a Payfac that don't require huge capital expenditures, such as leveraging solutions like Infinicept to do things. Though they both operate in the payment processing industry, they have distinct differences that can impact businesses in various ways. . 5 All information whether text or graphics, contained in this manual is confidential and proprietary information of Worldpay, LLC and is provided to you solely for the purpose of assisting you in using a Worldp ay, LLC product. Generally Accepted Accounting Principles (GAAP) is the term used to refer. 68), and full-year 2022 Adjusted EPS increased 2% to $6. Strategic Partnership Manager - PayFac job in 8500 Governors Hill Drive, Cincinnati, OH 45249, United States of America | Sales jobs at FIS Global FIS Reports Fourth Quarter and Full-Year 2022 Results • Fourth quarter revenue grew 1%, and full-year 2022 revenue grew 5% • Fourth quarter GAAP Diluted EPS was $(29. Establish connectivity to the acquirer’s systems. Each tier offers more in-depth information and/or analysis. responsible for moving the client’s money. By Michael Bradley, Senior Vice President of Growth, Infinicept The embedded payments conversation right now is downright confusing. An example would be a SaaS platform that provides plumbers and home service providers an application that help them. The ISO, on the other hand, is not allowed to touch the funds. Public Sector Support. Access Worldpay uses cloud-based, RESTful JSON APIs for simple integration of online payments. PayFac is more flexible in terms of providing a choice to. The business has gone through the traditional setup of a merchant account in its name and is registered as a Merchant. FIS has reported its fourth quarter 2022 earnings. PayFac Portal - Introduction. For some ISOs and ISVs, a PayFac is the best path forward, but. This affords more control over the customer experience,. • A MID (Master ID) account is granted to the business after successful registration as a Payfac. (NYSE:FIS) Q1 2023 Results Conference Call April 27, 2023 8:00 AM ETCompany Participants. A PayFac provides their merchants with the entire payments flow from payment processing through settlement, reporting, and billing. 01332 477 853. 30d+. ©2021 FIS. The second type is a more modern, technology-first payfac solution from a commerce provider like Stripe. Also, it’s essential to mention that PayFac is a Mastercard model, while the one for Visa is a payment service provider. Get Started. Client Relations Account Manager, Senior - PayFac Developers FIS Feb 2022 - Present 1 year 9 months. com 49A white-label payfac, also known as payfac-as-a-service, is a business model in which a company uses a third-party payfac platform to offer payment processing services under its own brand name. See full list on merchants. Payfacs do not have access to those funds. S. On top of the requirements placed on it by other entities, the Payfac may choose to be even more restrictive, for risk mitigation or other business reasons. The former CFO at Shopify, Jones is a seasoned financial and business leader with nearly 40 years of experience. 01274 649 895. 28), and fourth quarter Adjusted EPS decreased 11% to $1. Balance Summary Report. 28), and fourth quarter Adjusted EPS decreased 11% to $1. Code Connect gives access to every category of APIs like Banking, Card Management, Fraud, Payments, Capital Markets and Wealth. The PF may choose to perform funding from a bank account that it owns and / or controls. Prior to issuing 1099-Ks, it is the responsibility of the Payment Facilitator to provide and validate sub-merchant Tax ID information to ensure that the validation process performed by Worldpay through IRS. Select Fee Profiles. Excluding the impact of a large PayFac client, global volume increased 3% on a reported basis and 6% on a constant currency basis, US volume increased 5%, and transactions increased 3% as compared to the prior-year period. He guided Shopify as it grew from 50 to more than 3,000 employees, helped the company go public in 2015, and worked with Infinicept to make Shopify a. And acquiring banks, particularly the larger ones, sometimes offer payment processing services to their merchant clients. You introduce a Batch of funding instructions that include a reserveCredit transaction for $100,000 and four reserveDebit transactions as follows: Reserve Debit 1 - $30,000. Infinicept Combines an End-to-End Payment Facilitator Platform with Unmatched Industry Expertise. PayFac platforms offer integration solutions for a wide variety of software types, including eCommerce platforms, shopping carts, invoicing systems, ERP and CRM applications, business intelligence tools, customer support systems and financial reporting programs. Universal PayOps Software Powers the Shift to ‘Get Payments Going Your Way’. The PayFac must properly follow KYC practices and correctly assess the sub-merchants as all transactions can be aggregated under a single merchant ID. FBO accounts are accounts at the acquiring bank that segregate the submerchant’s funds from the PF’s funds. Previously, he served as SVP of ISO at FIS and CFO of. Article September, 2023. Worldpay, Inc. It’s called this because technically, modern PayFacs differ from traditional PayFacs like banks. PayFac business is high-quality and growing >60%, worth $6/share today and $24/share in 2027. Identifying these incidents via the Infinicept system quickly is an easy first step to take in halting such. com. Apply to Senior Operations Analyst, Product Manager, Senior Risk Manager and more!The acquirer will then pass the information to Mastercard to run the check, and the results will be passed back to the Payfac. Taking this client mindset into account when it comes to analyzing and improving merchant processing will ensure that the PayFac experience is. . 3 billion of capital to shareholders through share repurchases and dividends paid. g. Learn how #WorldpayforPlatforms is helping SaaS property management platform, ResMan, take up residence as a #PayFac…No two payments journeys are the same. Funds from failed transfer to Sub-merchant account returned to Settlement account. JACKSONVILLE, Fla. PayFac business is high-quality and growing >60%, worth $6/share today and $24/share in 2027. Acquiring banks are members of card networks, such as Visa and Mastercard. Third-party integrations to accelerate delivery. Explore our articles, reports, videos and. show me. We would like to show you a description here but the site won’t allow us. Logging in and Logging Out. , February 13, 2023 – FIS® (NYSE:FIS), a global leader in financial services technology, today reported its fourth quarter and full-year 2022 results. The unique identifier for the pre-set profile associated with this. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionAll information whether text or graphics, contained in this manual is confidential and proprietary in formation of FIS and is pr ovided to you solely for the purpose of assisting you in using a FIS product. Net earnings attributable to common stockholders were $249 million or $0. jobs at. Prior to issuing 1099-Ks, it is the responsibility of the Payment Facilitator to provide and validate sub-merchant Tax ID information to ensure that the validation process performed by Worldpay through IRS. $125K - $150K (Employer est. In this model, the white-label payfac provider takes care of the underlying technology, payment processing infrastructure, compliance, and risk. The PayFac model offers traditional acquirers more options, expanded control, and higher rewards. Before you begin the testing phase, your assigned Implementation ConsultantThe PayFac model thrives on its integration capabilities, namely with larger systems. Stripe provides a way for you to whitelabel and embed payments and financial services in your software. Shows the real-time balance of all PayFac accounts as of the date/time generated. Posting id: 724978407. PayFac Portal Operations;The PayFac, he said, has emerged, and evolved from its 1990s underpinnings where merchant acquirers had handled that merchant enrollment, boarding, underwriting and even settlement. Bridge the gap between digital and physical commerce experiences through existing payment. PayFac | Payment Facilitator Solutions | Worldpay from FIS Award RecognitionA payment facilitator (payfac) is a type of merchant services provider that simplifies the payment process for businesses. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. Forging a 21st century commerce ecosystem on a global scale means. Becoming a Payment Facilitator or PayFac is often a great fit for SaaS platforms that in addition to a business management app also offers a payment processing solution as well as payment specific solutions, e. Billions of People and Trillions of Transactions Define the PayFac Opportunity in Emerging Markets. PayFac is a way for software applications to. See our complete list of APIs. But they are also responsible to make sure that their submerchants comply with the PCI standards. The money movement into the PayFac Settlement account from card and Direct Debit transactions is the Net Settled Sales (i. The report details the reconciliation to the Payment Facilitator for non-sub-merchant funded transactions. Renew payfac registration and licenses: Re-register as a payfac with card networks annually, and update or renew MTLs on the required cadence. • Worldpay eComm PayFac API Reference Guide9 Payfac jobs in United States. Flexible work from home policy. PayFac Tax ID Validation Report. Get the ultimate PayFac experience with the tools you need to onboard sub-merchants, collect payments on your schedule and reduce risk. An issuing bank is the bank that issued the credit or debit card to the customer. Payfac: A payfac operates under a master merchant account, and creates subaccounts for each business it services. It needs to obtain a merchant account, and it must be sponsored into the card networks by a bank. Product Manager. WELCOME to the FIS Developer Community. A payment facilitator, commonly known as a payfac, occupies one of the central roles within the payment processing ecosystem, yet it causes significant confusion. What is a payfac? A payfac or PF, short for payment facilitator, makes it possible for you to accept payments from customers in a variety of ways, including card payments, direct debits, local payment. . Logging in and Logging Out; Using the PayFac Portal. Instead of taking basis points on a transaction, which is the classic dumb-dumb payments mindset, the SaaS model gets them an ~8x revenue multiple. 02 . Payrix enables vertical SaaS companies to: Unlock greater revenue by monetizing your payments; Create better UX through payments with our white labeled, powerful platformDiscover, integrate and secure payments across your sales channels with our range of APIs. 10 fee for all Visa transactions with POS Entry Code (91) MSD. 5 billion, and. Accept in-person paymentsSAN FRANCISCO, Aug. It also provides additional revenue from their transaction fees. 54. Adyen was a Payfac of Vantiv in the US) before eventually acquiring the scale, a good word-of-mouth reputation / customer confidence and all the necessary clearances / licenses to become a full-fledged integrated acquirer and processor in the majority of its. g. For example, if you were to process POS transactions on the Core platform and eComm transactions on the eCommerce platform. and U. With an 11 year career in electronic payments and a lifetime passion for all facets of technology, Aaron was excited to join this rapidly growing company to focus on delivering a world-class experience. Fast, customizable portals, customer onboarding, and. A payment facilitator is a company that allows their customers to accept electronic payments using the payment facilitator’s infrastructure. 68), and full-year 2022 Adjusted EPS increased 2% to $6. That said, the PayFac is. Denver — August 8, 2022 – Infinicept, a leading provider of embedded payments software, today announced the launch of Infiniport, a single, open payment operations capability enabling clients to interface with any processor or alternative payment rail they. Companies offering PayFac solutions for merchants include Fidelity National Information Services Inc. 28), and fourth quarter Adjusted EPS decreased 11% to $1. Click the Add button at the top right of the page. 10, 2022 /PRNewswire/ -- Finix, the payments technology company for software platforms, announced today that it has raised $30M in fresh capital, bringing the company's total. “At a management or board level, the sponsor bank needs to make the decision about its risk / reward appetite,” Spalinger said. The most known examples are website-building companies which can provide integrated payment options, meaning ecommerce customers will see their experience improved as they will no longer need to actively look for third-party payment solutions. 71 • Full-year 2022 GAAP Diluted EPS was $(27. To manage payments for its submerchants, a Payfac needs all of these functions. 4. The PayFac uses their connections to connect their submerchants to payment processors. Available Balance. Typically, it’s necessary to carry all. One of the main benefits to adopting the Payfac ® model is the increase in revenue you get from each transaction processed using your software. • start operating. FIS Use of Non-GAAP Financial Information. This manual is subject to change without notice and does not represent a commitment on the part FIS or any other party. The Commercial Growth Lead will be aligned to our Integrated Payments Referral and PayFac business segments to design, implement, and evolve growth strategy and its execution for those lines of. PayFac-as-a-Service (PFAAS) combines easy-to-integrate payment technology, full-service offerings, and transparent pricing to deliver Independent Software Vendors a simple way to harness the full power of payment facilitation – minus. Seamless graduation to a full payment facilitator. Choose a sponsoring acquirer and register with them as a Payfac. In other words, ISOs function primarily as middlemen (offering payment processing), while PayFacs are payment facilitation. FIS Reports Third Quarter 2022 Results. Are processing any amount in total payments volume (TPV)—from $0 to over $1B. (FISV, GPN, FIS) and Networks (V, MA) because they have a meaningful prepaid and ACH business. Early adopters and innovators have shown that.