entrepreneur

Why FAC (First Atlantic Commerce) is NOT for YOU.

As the need for ways to get paid in Trinidad and the Caribbean at large grows as we continue to be developing nations in a digital world that is growing at a rapid rate, so is the need for solutions to fill the gap. Solutions that, meet our consumer behavioral culture where it is right now and help our culture mature when it comes to eCommerce business.

With Paywise recently having their contract ended at the lotto booths due their with IGT (the company that owns the terminals) other companies affected, there has been much talk about the digital world, digital payments and digital business these days.

Lately there has been a rise in workshops and seminars with the word Digital in the preface of the name of many events, which has me in much amazement since I have been all about online business for quite a few years now and these discussions weren’t happening. I am glad however it is finally happening now.

Needless to say we are here and we are developing in this aspect. However one of the things that have been the centre of many discussions is FAC short for First Atlantic Commerce. Every time I hear this being touted as an option for the common entrepreneur and small business owner, my immediate response is nothing short of a face palm or a noooooo it’s not and in that vein I decided to do a Live Video around why FAC is not the option for YOU.

You meaning unless you are a Massy or a Courts, FAC has way to many requirements, documentation and an assessment process that makes FAC accessible to the “common man”.

I have outlined a 3 categories and a few points as to what you can expect in the video as reasons why FAC is not the solution for YOU:

1. The Criteria

  • Must provide average transaction value & projected online revenue

  • Assessed as if you’re applying for loan

  • 5% of projected revenue must be provided on deposit for chargebacks

2. The Fees

  • Bank eCommerce monthly fees

  • Gateway/ FAC monthly fees

3. No standalone shopping cart/ invoicing option

  • Meaning you cannot simply log in and send out invoices or email a link to pay, you must have a website

Check out the video below to watch all the reason why FAC is not the solution and I’ll update this later on with a podcast version that you can download and listen to on the go.