<- cd .. bill@xbdp:~/research$ cat 🎯_PayFac_Deep_Dive.txt

🎯 PayFac Deep Dive: Research Library

1. Infinicept: What Is A Payment Facilitator?
🔗 Original_Source

The definitive guide on PayFac mechanics, sub-merchants, and the master merchant model.

2. Federal Reserve: Payments System Explained
🔗 Original_Source

Mechanics of ACH clearing, settlement windows (T+1), and critical return codes (R01, R10).

3. QED Investors: Why QED Invested in Payabli
🔗 Original_Source

Investment framework from Payabli's lead VC. Thesis on software distribution and vertical payments.

4. Finix: Your Guide to Payment Facilitators
🔗 Original_Source

Comparison of registration costs, compliance burden, and the transition from managed to owned infra.

5. Global Payments 2024 Investor Summary
🔗 Original_Source

The legacy acquirer baseline. Scale economics and their response to software-led disintermediation.

8. Adyen 2024 Annual Report Summary BENCHMARK
📄 Fisk_Summary 🔗 Source

Net Take Rate: 16.2 bps. Processed Volume: €1.4T. The "Full PayFac" gold standard.

9. Toast (SEC Filings & Summaries) V_ANALOG
📄 2024_10-K_HTML 📄 2023_10-K_PDF 📊 Fisk_Summary 🔗 SEC_Source

The vertical SaaS playbook: 80% revenue from payments. Net Take Rate: ~2.4-2.6%.

10. DTC Financial Infrastructure Analysis NEW
📊 Interactive_Analysis

Direct-to-Consumer ecosystem framework and interactive margin analysis.

🎯 DUE DILIGENCE CHECKLIST (MONDAY)

[ SYSTEM: Hardened Research Lib | Generated by Fisk | 2026-02-21 ]