First Atlantic Commerce

First Atlantic Commerce Payment Review: A Comprehensive Guide

Introduction and Overview of the Company

First Atlantic Commerce (FAC) is a leading global online payment solutions provider, specializing in custom solutions for the Caribbean and Central America. Founded in 1998 in Bermuda, FAC has a strong track record of delivering tailored payment and risk management solutions for businesses and banks in the region. Processing over 60 million transactions annually, FAC has established itself as a trusted partner for thousands of businesses.

Overview

• Year of Establishment and Founders' Background:FAC was established in 1998 in Bermuda. While the company's founders and their initial motivations are not publicly available, their dedication to providing innovative payment solutions has been instrumental in FAC's success.
• Key Milestones and Growth History:FAC's commitment to innovation and customer-centricity has been instrumental in its growth. Key milestones include:
• 2017:Introduction of Fygaro, an online billing platform catering to freelancers and small to medium businesses, expanding FAC's reach into the online marketplace.
• 2019:Partnership with Powertranz Ltd. to support EMV and PCI Validated P2PE Point of Sale card processing, further strengthening FAC's position in the physical retail environment.
• 2010:Implementation of 3-D Secure (3DS) for PriceSmart and its subsidiaries, enhancing security measures for online transactions and demonstrating FAC's commitment to industry standards.

Summary of Key Services and Market Position

FAC specializes in providing comprehensive payment solutions tailored to the specific needs of its clients. These solutions encompass various aspects of payment processing, including accepting diverse payment methods, implementing robust fraud prevention measures, and ensuring compliance with industry regulations. FAC's commitment to security and compliance ensures a smooth and secure transaction experience for both businesses and their customers.

Key Services

• Multi-Currency Payment Solutions:FAC allows businesses to accept payments in multiple currencies, simplifying international transactions and expanding their reach to a global customer base.
• Tokenization Services:Protecting sensitive customer data is paramount. FAC's tokenization services replace sensitive card data with unique tokens, safeguarding information and ensuring PCI compliance.
• PCI-Validated Point to Point Encryption (P2PE) Solutions:Security is at the heart of FAC's services. PCI-validated P2PE solutions encrypt card data at the point of entry, preventing unauthorized access and meeting the highest industry standards for data security.
• Fraud Management Services:To combat fraud, FAC utilizes a robust arsenal of measures, including:
• AVS-only:Verifying address information during transactions to detect potential discrepancies and prevent fraudulent activity.
• CVV:Requiring the Card Verification Value (CVV) code to validate card ownership and deter unauthorized transactions.
• 3-D Secure™:An international standard for secure online card payments, adding an extra layer of authentication to protect against unauthorized transactions.
• Kount's Fraud Control System:Integrating with Kount's fraud detection platform to enhance fraud prevention measures and provide an additional layer of security.

Market Position

FAC has gained the trust of numerous businesses across the Caribbean and Central America, solidifying its market position as a leading provider. The company's commitment to quality, security, and tailored solutions has contributed to its strong reputation and widespread adoption. FAC's focus on providing reliable and secure payment solutions has made it a preferred partner for businesses in the region.

Regulatory Compliance and Licenses

Operating within the regulatory frameworks of the Caribbean and Central America, FAC demonstrates its commitment to compliance with regional and international standards. This commitment ensures a secure and reliable payment experience for both businesses and consumers.

Regulatory Authorities Overseeing the Payment Company

FAC is subject to the regulatory oversight of relevant authorities in the Caribbean and Central America. The specific authorities overseeing FAC's operations would vary depending on its specific jurisdictions of operation. It is essential for businesses to familiarize themselves with the regulatory landscape and ensure compliance with applicable laws and regulations.

Details on Licenses and Certifications for Security and Compliance

FAC's commitment to security and compliance is reflected in its various licenses and certifications. These credentials validate the company's adherence to industry standards, providing confidence to its customers.

• Integration with Major Acquiring Banks:FAC's seamless integration with prominent acquiring banks, such as RBC, CIBC, and Scotiabank, along with smaller regional banks, ensures smooth processing of transactions and strengthens its network of partners.
• Integration with BAC Credomatic:FAC's partnership with BAC Credomatic across Central America extends its reach and offers comprehensive payment solutions in the region, providing greater coverage and access to a wider customer base.
• PCI-Validated P2PE Solutions:FAC's provision of PCI-validated P2PE solutions showcases its dedication to safeguarding sensitive customer data, meeting the rigorous standards set by the Payment Card Industry Data Security Standard (PCI DSS). This commitment to security builds trust and confidence among businesses and customers.

Services and Products

FAC offers a comprehensive suite of services, encompassing card payments, bank transfers, mobile payments, and dedicated merchant solutions. This diverse range of options caters to various business needs, ensuring that businesses can find the right solutions to streamline their payment processes.

Payment Processing Solutions

FAC offers various payment processing solutions, enabling businesses to accept a wide range of payment methods from their customers. These solutions are designed to be user-friendly, secure, and efficient, simplifying the payment experience for both businesses and customers.

• Card Payments:FAC supports multiple card payment methods, including credit cards such as American Express, Visa, and Discover, ensuring that businesses can cater to a broad customer base and offer convenient payment options.
• Bank Transfers:Providing a secure and reliable alternative to card payments, FAC facilitates bank transfers, allowing businesses to receive payments directly into their accounts and offer a more traditional payment method.
• Mobile Payments:To cater to the growing trend of mobile payments, FAC offers mobile payment solutions. These solutions seamlessly integrate with various mobile wallets, enhancing user experience and providing convenient payment options for customers who prefer using their mobile devices.

FAC's commitment to providing diverse payment options, including card payments, bank transfers, and mobile payments, ensures businesses can cater to a broad range of customers with various payment preferences. This flexibility empowers businesses to increase their customer base and enhance transaction convenience, providing a more inclusive and customer-centric payment experience.

Merchant Services

FAC understands the unique needs of merchants, providing solutions tailored to their specific requirements. These solutions help businesses streamline their payment operations, improve efficiency, and enhance customer satisfaction, providing a more seamless and focused payment experience for merchants.

• POS Systems:For face-to-face transactions, FAC offers integrated POS systems supporting EMV and PCI Validated P2PE solutions. These systems facilitate secure and efficient transactions, ensuring compliance with industry standards and safeguarding customer data, making it a reliable choice for physical retailers.
• Online Payment Gateways:FAC provides online payment gateways, including the Fygaro platform. This platform empowers businesses to create their own web stores and manage payments seamlessly. Merchants can effortlessly accept online payments, expanding their reach and providing a convenient shopping experience for customers, opening up new opportunities for online sales and growth.

The benefits of using FAC's merchant services are numerous and cater to the diverse needs of businesses:

• Customization:FAC prioritizes providing customized solutions, ensuring that each merchant receives tailored support based on their specific requirements. This personalized approach ensures that businesses get the right solutions for their unique needs.
• Integration:FAC seamlessly integrates with various e-commerce platforms, such as Shopify, VTEX, Big Commerce, and Wix stores, simplifying setup and management for merchants. This seamless integration streamlines operations, allowing merchants to focus on growing their business and maximizing their online presence.

Digital Wallet and Mobile App

While FAC doesn't explicitly mention a dedicated digital wallet service, it seamlessly integrates with various mobile wallets to support mobile payments. This integration enhances user experience, allowing customers to make convenient and secure transactions using their preferred mobile wallets, providing a more user-friendly and accessible payment experience.

Key Features

FAC's commitment to security, integration, speed, and reliability ensures a smooth and secure payment experience for both businesses and customers. These features distinguish FAC as a reliable and trustworthy payment provider.

Security and Fraud Protection

FAC prioritizes security, implementing robust protocols to safeguard sensitive data and prevent fraudulent transactions. These measures provide confidence to both businesses and customers, fostering a secure payment environment.

• Encryption:FAC's provision of PCI-validated P2PE solutions ensures that sensitive payment data is encrypted during transactions. This encryption prevents unauthorized access to confidential information, safeguarding both businesses and customers.
• 2FA:FAC supports 2FA (Two-Factor Authentication) for an extra layer of security. This additional authentication step requires users to provide two separate forms of verification, further reducing the risk of unauthorized transactions and enhancing overall security.

In addition to encryption and 2FA, FAC employs a multi-layered approach to fraud prevention, leveraging various measures to mitigate risks:

• Anti-Fraud Measures:FAC employs a comprehensive set of anti-fraud measures, including AVS-only, CVV, 3-D Secure™, and Kount's fraud control system. These measures work together to detect and prevent fraudulent transactions, providing a secure payment environment for businesses and customers.
• PCI-DSS Compliance:FAC's commitment to security extends to compliance with the PCI DSS, ensuring that its payment processing systems adhere to the highest security standards. This compliance provides reassurance to businesses and customers, demonstrating FAC's dedication to maintaining a secure payment ecosystem.

Integration and Compatibility

FAC seamlessly integrates with various e-commerce platforms and third-party services, simplifying operations for merchants and providing a flexible and convenient payment experience. This integration ensures that businesses can easily integrate FAC's solutions into their existing systems.

• Integration:FAC's integration with popular e-commerce platforms, including Shopify, VTEX, Big Commerce, and Wix stores, simplifies setup and management for merchants. This integration allows businesses to streamline their payment processes, focusing on core operations and maximizing efficiency.
• Third-Party Services:FAC's compatibility with third-party services enhances its flexibility and ensures seamless integration with other systems. This compatibility allows businesses to use FAC's solutions alongside other tools and services, creating a cohesive and efficient payment ecosystem.

Speed and Reliability

FAC's robust infrastructure and commitment to reliability ensure that payment processing is seamless, efficient, and dependable. This commitment provides confidence to businesses and customers, knowing that their transactions will be processed promptly and reliably.

• Infrastructure:FAC leverages a robust infrastructure to support seamless operations, ensuring high uptime and reliability. This infrastructure ensures minimal downtime and provides a consistent and dependable payment experience, ensuring that transactions are processed efficiently and without interruption.

Pricing Structure and Fees

FAC's pricing structure is designed to be competitive and flexible, catering to the diverse needs of its merchants. While the exact breakdown of transaction fees and processing charges is not publicly available, it is recommended to contact FAC directly for detailed pricing information.

Transaction Fees

FAC offers competitive pricing and flexible fee structures, ensuring that businesses can find the best value for their payment processing needs. The specific transaction fees will depend on factors such as transaction volume, payment methods used, and industry.

Other Charges

FAC may have additional charges, such as setup costs, monthly subscriptions, or withdrawal fees. However, specific information about these additional fees is not readily available. To gain detailed insights into the pricing structure and any additional fees, it is recommended to contact FAC directly.

Customer Support

FAC provides various support channels to ensure that merchants receive prompt and efficient assistance. This dedication to customer support provides peace of mind, knowing that businesses can readily address any issues or concerns.

Contact Methods

• Contact Methods:FAC provides comprehensive support options, including phone, email, and potentially live chat. Businesses can reach FAC via the main phone number 441-294-4625 or the main fax number 1-441-295-6855.
• Availability of 24/7 Customer Support and Multilingual Assistance:
• Availability:FAC offers 24/7 customer support, ensuring that merchants receive assistance at any time. This round-the-clock availability is invaluable for businesses operating in diverse time zones or requiring urgent assistance.
• Multilingual Assistance:FAC provides multilingual assistance, catering to a diverse customer base. This commitment to language accessibility enhances communication and ensures that businesses can receive support in their preferred language.

Pros and Cons of First Atlantic Commerce Payment

As with any payment provider, FAC offers both advantages and potential limitations. It is essential for businesses to weigh these factors carefully to determine if FAC is the best fit for their needs. Evaluating the pros and cons can help businesses make informed decisions about their payment processing solutions.

Pros

FAC boasts several key benefits that make it an attractive choice for businesses seeking reliable and secure payment solutions.

• Personalized Attention:FAC assigns a dedicated account manager to each merchant, providing personalized attention and high-quality service. This personalized approach ensures that businesses receive tailored support and guidance, enhancing their overall experience.
• Security Measures:FAC employs robust security measures, including encryption, 2FA, and advanced anti-fraud systems. This commitment to security provides confidence to businesses and customers, ensuring that sensitive data is protected and fraudulent transactions are prevented.
• Integration and Compatibility:FAC seamlessly integrates with various e-commerce platforms and third-party services, simplifying operations for merchants. This integration allows businesses to easily incorporate FAC's solutions into their existing systems, enhancing efficiency and streamlining processes.
• Reliability:FAC boasts a high uptime of 99.99%, ensuring reliable operations. This high uptime minimizes downtime and provides a consistent and dependable payment experience for both businesses and customers.

Cons

While FAC offers many benefits, it is essential to acknowledge potential limitations that businesses should consider when making their decision.

• Geographical Limitations:FAC's primary focus is on serving businesses in the Caribbean and Central America. This regional focus might limit its reach for businesses operating globally. Businesses operating outside of these regions might need to explore alternative payment providers with broader geographical coverage.
• Complexity:Some merchants, particularly those without technical expertise, might find the integration process complex. While FAC strives to simplify integration, businesses with limited technical resources might need additional assistance or support during the setup phase.

Conclusion

First Atlantic Commerce stands as a reputable and secure payment solutions provider, catering primarily to businesses in the Caribbean and Central America. Its commitment to personalized attention, robust security measures, seamless integration, and reliability makes it a viable option for businesses seeking a trusted partner for their payment processing needs.

FAC is particularly well-suited for businesses in the Caribbean and Central America, providing a comprehensive suite of solutions tailored to their unique needs. Additionally, merchants seeking customized solutions can benefit from FAC's flexible and secure offerings.

Frequently Asked Questions about First Atlantic Commerce Payment

Here are some common questions about First Atlantic Commerce payment, addressing key aspects of its services and operations.

• What are the supported payment methods?FAC supports multiple payment methods, including credit cards, debit cards, and mobile payments, ensuring flexibility and catering to a diverse customer base.
• What currencies are supported?FAC provides multi-currency support, allowing merchants to process transactions in various currencies. This feature is particularly beneficial for businesses engaging in international transactions.
• What are the transaction fees?The exact breakdown of transaction fees is not publicly available. It is recommended to contact FAC directly for detailed information on pricing and fee structures.
• Are there additional fees?FAC may have additional charges, such as setup costs, monthly subscriptions, or withdrawal fees. To gain a clear understanding of all associated fees, businesses should reach out to FAC directly for detailed pricing information.
• How do I get started with First Atlantic Commerce?To learn more about getting started with First Atlantic Commerce, visit their website or contact their customer support directly. They can provide guidance on the signup process and assist businesses in setting up their payment processing accounts.