Visa recognizes the increasingly pivotal role that Payfacs are playing in driving small business digitization, fostering financial inclusion, and facilitating access to the digital economy. We offer a comprehensive suite of products and solutions that help them grow, scale, and manage risk effectively such as low-cost acceptance technologies, gateway capabilities, fraud management tools and authorization optimization.
To further support their growth Visa has launched a certification program through which we will directly engage with Payfacs providing them with the expertise, tools, and credibility they need to succeed.
The Certification Program
Through the program, payfacs will be required to certify and enter into an agreement with Visa.
Depending on their certification tier, they will gain valuable access to the company’s resources, consultancy, and acquiring development programs. They will also be able take part in Visa events, access live and on-demand sessions and trainings, and take advantage of exclusive discounts on Visa products and managed services.
Acquirers in Central and Eastern Europe, the Middle East, and Africa (CEMEA) will only be able work with payfacs that have been certified by Visa.
Certification tiers and their benefits
Successfully certified payfacs will receive the status of Visa Certified Payment Facilitator. Payfacs with high standards and reliability based on the Visa's certification process may apply for two extended tiers: Visa Ready Payment Facilitator and Visa Trusted Partner.
Payfacs are entitled to distinct benefit packages based on their certification status, with premium-level status holders benefiting from extended support and special offers on selected Visa products and services.
1. Visa Certified Basic Benefits
- Access to Visa Online, offering visibility on the latest Visa business news and information on products and solutions.
- Access to online trainings covering critical topics such as risk and anti-money laundering.
- Exception request support enabling direct access to Visa when an exception is required.
- Eligibility to access the SME Acceleration Program which consists of commercial support and incentives for bringing new merchant locations and accelerating acceptance.
- Access to Visa Preferred Partners Offerings.
2. Visa Ready Benefits (Premium)
In addition to the Visa Certified benefits, Visa Ready Payment Facilitators will benefit from:
- Access to live sessions and trainings on Visa products and solutions.
- Direct support from Merchants Sales & Acquiring teams and Customer Service teams.
- Access to the Acceptance Fast Track program.
- Exclusive invitations and guest speaker assignments at Visa events.
3. Visa Trusted Partner (Premium)
In addition to the Visa Ready benefits, Visa Trusted Partners will benefit from:
- Dedicated account manager.
- Eligibility for Visa Preferred Partner program.
- Permanent seat on Visa’s Payfac Advisory Council.
- Discounts on products and managed services, such as Visa portfolio health check, Visa Merchant Screening, Visa Consulting & Analytics market studies, co-creation sessions, and 15% discount on Acquiring membership fees.
FAQ
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The certification process typically takes 4-6 weeks, depending on the completeness of your application and the availability of required information. The process begins once your program manager confirms the completeness of the package and all required documents have been submitted. To expedite the process, please refer to the documents list in the certification guide.
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Becoming a Visa Certified PayFacs offers significant value at all levels of certification, with each tier providing a unique set of benefits.
At the basic level, certification provides access to vital information and educational resources. This includes a PayFacs-specific curriculum that covers risk and compliance topics, as well as detailed insights into Visa Products and solutions. This foundational knowledge is crucial for any PayFacs and can help in making informed business decisions.
The two premium tiers offer additional benefits. Visa's dedicated business and tech teams provide support, offering consultancy and valuable insights tailored to your business needs. As a premium tier certified PayFacs, you also get the opportunity to participate in Visa-organized industry events and gain insights that can help drive your business forward. Moreover, premium tier PayFacs are eligible for specialized enablement programs designed to assist in becoming Acquirers. These programs provide guidance and support throughout the transition, making it smoother and more manageable.
The Visa Trusted Partner tier provides a range of products and solutions that can be tailored to specific business needs. Examples of these offerings include merchant screening tools, support for optimizing operational costs related to Authentication, 3DS abandonments, and disputes, co-creation sessions, as well as comprehensive reports from Visa Consultancy and Analytics teams.
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The cost of certification is a one-time fee of $5k, plus an annual fee depending on the chosen Certification Tier: Visa Certified - $2.5k, Visa Ready – $15k, Visa Trusted Partner – $45k.
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The minimum requirements for becoming a Visa Certified PayFacs include having confirmed Risk and Compliance Controls in place between the Acquirer and PayFacs. These controls should encompass established processes for underwriting, onboarding merchants, monitoring merchants and transactions, sanctions screening, and more. It is crucial that all these minimum requirements are met to achieve certification.
Furthermore, we evaluate the quality of Risk controls and capabilities that a PayFacs has developed as inhouse solutions. These assessments help us determine their level of capabilities. Possessing advanced in-house capabilities can make a PayFacs eligible for premium certification tiers.
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Visa does not replicate the efforts of regulatory authorities to license non-financial institutions. Instead, our focus is on ensuring that ongoing acquiring activities comply with Visa's rules and Risk standards.
This is the case regardless of the presence of a third-party agent acting between the Acquirer and the merchant.
Our certification process does not introduce any new requirements to PayFacs beyond those specified in the Visa Core Rules. These are standards that should already be controlled by the Acquirer as a Visa member. Therefore, the certification process is an affirmation that these existing rules and standards are being adhered to, ensuring the integrity and security of all transactions.
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If you rely on acquirer's infrastructure to perform some of the activities, please provide evidence of the controls and actions taken based on the solutions provided by third party vendors or Acquirer.
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The agreement confirms your Visa Certified Status and Certification Tier. It also establishes a direct relationship and covers NDA clauses, allowing you to access Visa Confidential information, Visa Online, and educational resources.
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Our Visa Team will provide support during the certification process, offering detailed guidance on observed risk gaps and required remediation actions and 90 days to take remediation actions. If certification fails, you will lose your place in the queue and will have to start from scratch in a 12-month period or earlier depending on the team availability.
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Please note that English is the common language used across all CEMEA markets by Visa. All Visa Rules and policies are also written and communicated in English. This standardization facilitates clear and consistent communication across diverse markets. In addition, our certification team is English-speaking, enabling them to effectively support all CEMEA markets. This ensures that we can provide consistent and efficient service across all regions we operate in.
We strive to accept documentation in native languages and make use of our internal translation solutions. However, please note that processing documents in native languages may result in some delays.
For a more efficient process, we kindly ask that any documents provided in local languages are in a digital and accessible format. Please avoid submitting PDF copies of scanned documents, as these can be challenging to handle. Your cooperation and understanding are appreciated.
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All registered PayFacs are required to initiate Certification by February 24, 2024. Your certification should be completed by August 2024. After August 24, 2024, all PFids of PayFacs not certified with Visa will be invalidated.
We understand that this is a lot of information to digest, but we hope it helps you navigate the certification process. We are committed to making your journey with Visa during certification as comfortable as possible. If you have any more questions or need further clarification, please don't hesitate to reach out to: [email protected].