Why iClassPro decided to become a full PayFac®️

Updated on February 12, 2023

  • Full transcript

    iClass Pro is a software platform for class-based businesses. So think about swim schools, gymnastics academies, et cetera. And back in 2015, we inked the partnership with Worldpay to become a PayFac and it was really driven by, I’ll say three criteria. Third one’s kind of a cheat. So it was about user experience – getting to own the end-to-end merchant experience so we can have them be our customer the entire way was really, really key. Second, monetization. Love to make money, right? So that was really important. And the third, this kind of goes back to, I think Matt mentioned this earlier, it was really like 2017 when PayFac-out-of-the-box or PayFac-as-a-service started to exist, right? So 2015, the option was either, you’re an ISO, you’re a referral partner, or you go all in on PayFac, right? So, when we were kind of thinking about, where do we want to sit in the value chain, there weren’t many options that could achieve the kind of experience we wanted, the economics we wanted. So hit on some of the international markets. So again, why you became a PayFac, really cool to hear. We’ll talk about customer experience vs monetization, but tell us a little bit about the international markets you play in and again, the similarities, differences. So internationally our software is used by schools all over the globe. We’re in over 25 countries and we want to be able to monetize payments in all of those countries, right? But that’s really freaking hard to do as a PayFac for this, right. I don’t want to go stand up a PayFac in Australia, right? You gotta hire people down there. You got to learn all the local things, a service like Payrix, or the other PayFac-as-a-service help you get that global footprint, right? Because they’ve got the scale where they can go become experts in the locations, make it available to you and I don’t have to have that expertise. So it’s been tremendously valuable to partner and excited about the future.

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