Chuck Danner, GM of Payfacs for processor Vantiv, admires not only the software expertise of payfacs but also their creative nature in finding new verticals to help with their value-adds and efficiencies. “We’re reliant on these companies for new ideas,” Danner said in this week’s edition of the PaymentFacilitator.com podcast.
Danner said payfacs are ideal for emerging markets that were either less complicated, non-existent or not tech-enabled, such as healthcare, ride-sharing, crowd funding and vending machines. Because the payfac model is so young, the need and opportunities for payfacs are outpacing the supply. “Growth is phenomenal,” Danner said, but closing that gap will take “maturity and time.”