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PayFacto Inc., the new name for a combination of what had been three separate companies, launched with a mission to cultivate merchants with a trio of payments services.
Montreal-based PayFacto is the result of combining B2Billing, CT-Payments, and Supreme Payments. Each of the Canadian firms had different specialties that PayFacto intends to capitalize on, Martin Leroux, president and chief executive, tells Digital Transactions News. “Each company has its own skillset,” Leroux says. B2Billing specialized in merchant services. CT-Payments is a switch for transactions. Supreme Payments also sold merchant services.
Rebranding the three companies under the PayFacto moniker presents a unified entity to merchants and processing partners, Leroux says. Even with all the competition among merchant services companies, Leroux says there is room for PayFacto.
One distinguishing element, he says, is the company’s agility in offering multiple payments services. Broadly, this entails traditional merchant services, payment facilitator services, and gateway services.
The company may bring one or more pieces of each to a merchant, depending on its need, Leroux says. “We want to focus on growing through partnerships. That’s how we bring value.”
To that end, not all merchants will be a fit for the company, which is targeting its home market, the United States, and soon Asia Pacific for market share.
Though PayFacto is not singling out specific merchant verticals, it anticipates e-commerce merchants will have a large role, Leroux says. For example, Canadian retailers targeting U.S. consumers may use e-commerce to attract them.
PayFacto is taking a partner approach to reach merchants, Leroux says. Though it has some direct sales for large accounts, its motto is to work with independent sales organizations and others to recruit merchants to its platform, he says. “We are not looking to board every startup,” Leroux says. “We look for our partners to do that.”
What sets PayFacto apart, in addition to its suite of payments services, is it fast onboarding tool. Developed in-house and connected to third-party providers for data like credit checks and address verification, the onboarding tool is meant to make the process quick and easy, Leroux says.
Independently-owned PayFacto anticipates significant growth in 2019, Leroux says. The 50-employee company could hire between 20% and 30% more staff next year, he says.
The work they do will be done with the goal of working with partners, he says. “We want to focus on going through partnerships,” Leroux says. “That’s how we bring value.”
