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With the growth of payment-facilitator programs and integrated payments, merchant-service companies are expanding services to take advantage of the trends. The latest is Payroc LLC, which on Wednesday announced it has enhanced both its payments gateway and payment-facilitator program. Payfac programs, as they’re called, allow a merchant-service provider to aggregate and service small merchants on its own merchant account.
Payroc’s enhancements include a new application interface for use by developers, tokenization of card data, and remote storage for merchant payment data.
“The enhancements we’ve made to our iTransact gateway and PayFac program will help drive businesses forward for all our customers and partners,” said James Oberman, chief executive at Tinley Park, Ill.-based Payroc, in a statement.
Known previously as Retriever of Chicago Inc., Payroc processes more than $4 billion annually for more than 10,000 merchants. It links with Vantiv Inc.’s processing network, and is a registered independent sales organization and payment facilitator of Fifth Third Bank and a registered ISO of Wells Fargo Bank.
