Announcement • Product Release
Jun.21,2021By Biju Nair
As a business owner, getting paid is always top of mind. But how that money changes hands — from transaction authorization and payment processing to the moment it lands in your account — is equally important. Well, today, we’ve got news: Boulevard is now a certified self-managed Payments Facilitator. With the launch of Boulevard Payments™, we join just 150 other approved payment facilitators in the United States.
Becoming a Payment Facilitator, or “PayFac,” may seem a bit too technical to get excited about, but fewer middlemen is always a good thing! Let’s dig into what it means to be a PayFac, and more importantly, what it means for you.
For salons, spas, and other wellness businesses, non-integrated payments are the standard. But a payments patchwork can lead to headaches — particularly when it comes to reconciliation and payroll accuracy. Plus, when things go wrong, it’s hard to know who to call. Logistical hurdles aside, third-party payment processing opens businesses up to risk. Some processing agents offer contracts with poor terms and surprise or hidden fees, and it’s tough to know what exactly you’re getting into.
Today, the beauty and wellness industry is changing. Analog practices, including cash transactions, are disappearing as more flexible digital solutions emerge. At Boulevard, we believe the best tech is purpose-built to solve a need. That’s why we craft our product roadmap in collaboration with our partners, constantly gathering feedback from end-users. Now we’re bringing payments in-house to help our partners get paid, merging our beauty industry expertise with the world of payments.
So what did that process look like? First, our in-house fintech experts built our own rails for payment processing, including a credit card vault. Next, we developed systems for onboarding, underwriting, fraud prevention, tokenization, and more. We also built a payments API to support our enterprise customers who require more customization. And as a PCI Level 1 certified organization, we are accountable to a higher security standard.
On the surface, our integrated payments solution won’t change a lot about how you do business. But it will make the behind-the-scenes processes smoother. Here are a few payoffs you can expect:
Get up and running quicker: Our PayFac infrastructure will allow us to integrate directly with acquirers and third-party partners. That translates to greater efficiency for our partners: New customers can begin accepting credit card payments under Boulevard’s master merchant ID account in minutes instead of waiting weeks.
Get favorable terms: We did the negotiating, so you don’t have to. We have favorable terms with our end parties, which we’ll be able to reciprocate for our partners. You get a 100% transparent experience in your journey with us; no hidden fees or sneaky contracts.
Deposit your money faster: Boulevard now handles every aspect of the payment processing. That means fewer missing links and fewer delays. We’ll help you get your deposits on time and fast — often as soon as the next business day.
We’re your payments ambassador: As a PayFac, we’ve fostered essential relationships with other industry parties. We can represent our partners and advocate for their needs with card brands and other stakeholders.
We spare you the headaches: We understand and control the full payments value chain. Because we oversee every touchpoint of the transaction, we can detect and eliminate issues before they impact your business. Complete integration means complete stability.
End-to-end reconciliation: Your Boulevard platform and your deposits and reports will all access the same data, so you can take the guessing game out of reconciliation.
Boulevard is your one-stop-shop: We’re your main point of contact, fully equipped to resolve payment issues or advise on the specific needs of your business.
All these benefits are in addition to the payment-focused features we’ve already built into the platform. We’ve been a contactless payments processor from day one, allowing you to store client cards on file for an easy checkout and tipping experience. Soon, we’ll be expanding these capabilities through the launch of our own dedicated contactless payments hardware (stay tuned for more!).
Our new payment processing infrastructure will allow us to better support the next evolution of the beauty and wellness industry. As cash payments and analog processes disappear, we stand ready with purpose-built digital tools for every aspect of your business. Our PayFac status also means that we can streamline how you get paid, offering dedicated support every step of the way.