Software companies that want to accept payments on behalf of their merchants have two paths forward. They can spend 12 to 24 months building their own payment facilitation infrastructure, often exceeding $1,000,000 in development costs, or they can partner with a PayFac-as-a-Service provider and launch in 4 to 8 months. According to Stax Payments, 91% of independent software vendors now expect embedded payments to play a larger role in their growth strategy over the next year. PayFac-as-a-Service gives platforms the ability to onboard merchants, process transactions, and earn revenue from payments without taking on the regulatory burden, compliance overhead, or technical complexity of becoming a registered payment facilitator. The provider handles underwriting, risk management, and card network relationships while the platform focuses on its core product.
Comparison of PayFac-as-a-Service Providers
| Provider | Primary Market | Key Strength | Onboarding Speed | Notable Metric |
|---|---|---|---|---|
| Finix | US & Canada | Full-stack processing with PayFac growth path | Minutes to hours | $208M total funding, quadrupled revenue in last year |
| Tilled | US & Canada | Transparent pricing, developer-focused | Under 10 minutes | 550%+ year-over-year revenue growth |
| Worldpay for Platforms | Global | Enterprise-scale, omnichannel | Varies by complexity | Processes for 75% of Mastercard PayFacs |
| Exact Payments | US & Canada | Processor-agnostic flexibility | Days | Nearly 1 billion transactions annually |
| Stax Connect | US & Canada | Payments-led growth framework | Varies | $23 billion+ annual processing volume |
| VoPay | Canada & US focus | Cross-border payments, Open Banking | As little as 2 weeks | 140+ countries, 250+ API endpoints |
Finix: Full-Stack Processing With a Long-Term PayFac Path
Finix operates as a full-stack payment processor that enables businesses to accept and send payments both online and in-store across the United States and Canada. The company has raised $208 million in total funding, including a $75 million Series C round led by Acrew Capital in October 2024. Finix has direct connections to American Express, Discover, Mastercard, and Visa, allowing platforms to build payments without intermediary layers. The platform offers a growth path from PayFac-as-a-Service to full PayFac ownership within the same infrastructure, appealing to platforms that want to test embedded payments before full commitment. Finix provides both API-driven integration and no-code solutions for the 22 million businesses without dedicated developers. Features include recurring billing, tokenization, virtual terminals, and real-time payouts. CEO Richie Serna noted that Stripe holds about 6% of the US market and less than 2% worldwide, with roughly 91% of payments still on systems from the 1980s and 1990s.
Tilled: Developer-First Tools With Transparent Economics
Tilled launched in 2019 in Boulder, Colorado, and has raised nearly $40 million. The company reports 550%+ year-over-year revenue growth, supported by expanded sales, marketing, and product development. Tilled emphasizes transparent pricing and no upfront costs—software companies keep the majority of payment revenue. Merchant onboarding can complete in under 10 minutes, as Tilled handles application and underwriting. The platform provides advanced APIs, developer tools, and white-label solutions for independent software vendors. In July 2025, Tilled partnered with KORT Payments to expand payments infrastructure across the US and Canada. Its integration approach removes typical compliance and risk burdens, letting development teams add payment functionality quickly.
Worldpay for Platforms: Enterprise Infrastructure for Global Operations
Worldpay for Platforms (previously Payrix) serves enterprises with complex organizational structures and international needs. The platform combines omnichannel acquiring, fraud prevention, and compliance into one system. Worldpay processes transactions for 75% of Mastercard PayFacs, indicating deep integration with card network standards. Platforms maintain control over user relationships and branding while Worldpay manages underwriting and compliance. White-label payment capabilities come with best-in-class APIs for PCI-compliant acceptance, merchant boarding, and reporting. A centralized dashboard provides real-time portfolio metrics, embedded finance tools, and transaction-level visibility. A case study showed a hospitality software platform accelerated growth using Worldpay's integrated PayFac foundation with centralized financial services through a single portal.
Exact Payments: Processor-Agnostic Flexibility at Scale
Exact Payments processes nearly 1 billion transactions annually for customers including Chase, Ordway, Cineplex, Allianz, Levi’s, and Carfax. The platform supports over 10,000 merchant clients, maintains 99.99% uptime, and has transaction response times under 1 second. It integrates with leading processors in the US and Canada: Elavon, Fiserv, Global Payments/TSYS, Chase Canada, and Moneris. This processor-agnostic approach allows platforms to work with existing banking relationships. Exact Payments was recognized as a Top 10 Payments ISV for 2024 by the Electronic Transactions Association. Its modular, API-first architecture provides comprehensive payments infrastructure from underwriting to reconciliation with a single integration. Flexible pricing models let platforms earn margin on volume while potentially lowering costs for merchants. Platforms can be operational in days with a compatible PayFac partner, thanks to pre-built infrastructure that replaces months of internal development.
Stax Connect: Payments-Led Growth Framework
Stax has processed over $23 billion annually in payments since its founding in 2014, serving more than 39,000 businesses and software platforms across the US and Canada. In October 2025, Stax launched Stax Processing, completing its transition to a full-stack, end-to-end processor. Stax Connect offers a single integration that unlocks end-to-end payment functionality. A cross-functional support team focuses on payments-led growth. Partnership models include referral, reseller, and PayFac options, giving platforms flexibility in involvement and revenue share. A commissioned Total Economic Impact study by Forrester Consulting found that vertical software platforms can create an additional revenue stream estimated at $900,000 through embedded payments. The company reports 91% of independent software vendors expect growth from embedded payments, reinforcing the market trend.
VoPay: Cross-Border Payments and Open Banking Integration
VoPay helps software companies add integrated payments and financial services through a Fintech-as-a-Service model. The platform enables instant payments, virtual wallets, and compliance solutions without building financial infrastructure internally. In April 2025, VoPay launched its Cross Border Payments-as-a-Service platform, supporting B2B, B2P, P2B, and P2P transfers across 140+ countries. Through Mastercard Move integration, it enables transfers to bank accounts, mobile wallets, cards, and cash payout locations in over 100 countries. VoPay provides access to Open Banking data, digital pre-authorized debit agreements, bank account verification, and unlimited virtual accounts via a single integration. Payment methods include Interac e-Transfer, EFT/ACH bank payments, credit card processing, and push-to-card payments for Canada and the US. The API includes over 250 endpoints and industry-specific SDKs. The company states that platforms can embed a full suite of payment rails in as little as 2 weeks using the single-layer API.
What to Consider When Selecting a Provider
Geographic Coverage: Finix, Tilled, Stax Connect, and Exact Payments focus primarily on the US and Canada. VoPay extends to 140+ countries for cross-border use cases. Worldpay for Platforms offers the broadest enterprise-grade international support.
Integration Timeline: Tilled and VoPay emphasize speed—Tilled sub-10-minute merchant onboarding, VoPay 2-week platform integration. Exact Payments mentions days. Enterprise platforms through Worldpay may require longer setup.
Technical Resources: Teams with strong development capabilities benefit from API-first approaches (Exact, Tilled, VoPay). Finix provides both code-based and no-code options for varying technical capacity.
Growth Path: Finix specifically offers a transition from PayFac-as-a-Service to full PayFac ownership within the same platform, ideal for companies that want to start with managed services but eventually take on more control and higher margins.
Pricing Structure: Tilled emphasizes transparent pricing with platforms keeping the majority of revenue. Exact Payments offers flexible pricing models tied to portfolio volume. Direct comparison requires conversations with each provider based on projected transaction volumes.
The embedded payments market continues expanding as software platforms recognize payment processing as a revenue opportunity. Building in-house requires substantial capital, compliance expertise, and ongoing maintenance. PayFac-as-a-Service providers offer a faster path to market with lower upfront investment, explaining the growth projections across this sector through 2034 and beyond.