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To the incredible Stax community: allow us to take a moment to recognize a milestone that we are extraordinarily proud of—our 10th anniversary. Sprinkled throughout this article are quotes from some of Stax’s long-standing employees, because who better to tell the company’s story than the people who help make it happen?
This helps them to cover operating expenses and invest in initiatives that help to grow their business, such as promotions, marketing strategies, and customer experience strategies. This may result in delays in refunding that money—especially if it has a big impact on working capital.
By investing in secure payment gateways, fraud detection systems, and robust transaction processing protocols, you can lower the risk of chargebacks and avoid unnecessary fees. Some others, including Stax, offer subscription-style processing that gives you access to the lowest rates of interchange.
It improves cash flow with faster payment processing Instead of the traditional time-wasting process of manually reconciling receipts, your platform will automatically organize payment transaction data and even help with compliance-related tasks, all of which will shorten the period your users will receive the funds in their merchant accounts.
PayFacs handle risk assessment, underwriting, settling of funds, compliance, and chargebacks which exposes them to greater potential risks. Major risk factors for PayFacs include fraudulent transactions, merchant credit risk, regulatory compliance, and operational risks. Let’s dive deeper into risk management practices for PayFacs.
Examples of popular SaaS apps include Shopify, an eCommerce platform, Dropbox, a cloud storage service, and Stax Bill, an automated payment processing system. Consider Stax’s partner program. ISVs that integrate their solutions with Stax Connect gain access to the platform’s global reach, co-selling opportunities, and support.
The great thing about an ACH PayFac solution like Stax Connect is that SaaS companies or ISVs can embed ACH payments in their software easily and own (also, white label) the payment experience. All this without having to invest time and resources in partnering with an acquiring bank or building an elaborate payment infrastructure.
Recurring payments offer predictability, allowing businesses to plan ahead and invest in growth initiatives confidently. Keeping track of various state and country laws can be tough, so choosing a payment processor that ensures compliance is key to addressing this challenge. Why Accept Recurring Payments? Ready to Learn More?
Credit card surcharging is subject to regulations and compliance requirements that vary by region and country. The rise in these fees can be attributed to the substantial investment required for the development and maintenance of secure payment processing infrastructure, protection against fraud, and the convenience offered to consumers.
Understanding interchange fees enables merchants to effectively manage processing costs, negotiate better rates, make informed decisions about card acceptance, and ensure compliance with payment industry standards. Surcharging ensures cost recovery but requires compliance with regulations and customer education for long-term success.
Vertical SaaS solutions are tailored for specific industries, addressing niche needs with in-depth customization and compliance with industry standards. And if you’re planning to offer credit card processing services with your software, be sure to partner with a solid payment facilitator like Stax Connect. What is Vertical SaaS?
Is your company taking advantage of CFO tools like automated invoicing, database management, and automatic tax-compliance updates? Stax prides itself on being more than just an invoicing platform. Sales Tax and Compliance Tools. If not, read on. Finance and Billing Tools.
Not only must PayFacs safeguard themselves and their clients against potential threats like fraud or cybersecurity breaches but also ensure PCI compliance , customer due diligence, and adherence to card regulations. They must also ensure that sub-merchants are compliant with the regulations set by card companies, e.g. PCI compliance.
Stax Bill) Order Management Fulfillment of orders according to agreed terms. Luckily, the emergence of robust billing and invoicing software platforms like Stax Bill have made it easy for sales teams to be more thorough and customer-friendly with their quotes. Risk of errors due to complexity. Billing and invoicing software (e.g.,
Some challenges and considerations of embedded finance and fintech involve regulatory and compliance issues, data privacy and security, and stiff competition. Businesses merge their customer offerings with banking, insurance, investment, and loan services via an Application Programming Interface (API) linked to their financial partners.
Key benefits of subscription management platforms include compliance with accounting standards, accurate revenue recognition, and reliable financial reporting. Features to look for in subscription software include automated billing, CRM integration, subscription analytics tools, scalability, and 24/7 customer support.
The merchant underwriting process helps reduce fraud (including chargeback volume), ensures compliance with regulations, and protects financial stability in the payment processing space. Key steps include application review, risk assessment, credit checks, and compliance verification. Learn More What is Merchant Account Underwriting?
TL;DR Understanding your target market is the first step to growing your FSM software business FSM software providers need to invest in product development and innovation to stay up-to-date with industry trends, forecast market needs, and respond with innovative solutions. Stax Connect ticks all of these boxes.
Businesses need to make sure they understand the credit card processing fees they’re responsible for paying and how this adds to the cost and compliance of accepting these cards regularly. PCI compliance fees. This is where CardX by Stax comes in.
cost of processing, merchant service fees, and additional fees like chargeback fees, compliance fees, equipment fees, monthly fees, etc.) However, it’s essential to remain vigilant about compliance with regulations and responsive to customer feedback. However, card purchases bring in extra costs for business owners (e.g.,
If you buy the costliest POS system in the market with the most dynamic features, but your team finds it hard to adopt, it won’t be worth the investment. For example, you can integrate your POS system with a payment processor like Stax Payments and enjoy fair payment processing rates, third-party app integration, and comprehensive reporting.
Investing in user-friendly software that’s easy to use will maximize user efficiency and boost productivity for your team. You can ask for a demo before investing in the software to gauge its usability and ease of use. Compare the pricing against the features and offerings to determine the return on investment (ROI).
Secure Transactions: Online terminals incorporate security protocols like SSL encryption, tokenization, and Payment Card Industry Data Security Standards (PCI DSS) compliance. Training the terminal’s users Invest in solid training for your staff. Adherence to security protocols, such as PCI DSS compliance is a must.
Streamlined compliance and security: Need to keep your legal ducks in a row? Many CRMs include features to assist with regulatory compliance and secure data handling, simplifying these complex aspects. Vendor compliance: If the CRM provider hosts data externally, ensuring that they comply with relevant laws and standards is vital.
TL;DR PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust. What is PCI Compliance? That’s where Stax comes in. Why Is PCI Compliance So Important? PCI compliance is essential because it helps prevent data breaches, ultimately cultivating customer trust.
In our latest webinar, Garrek Harris, Director of Platform Management at Stax, discussed the ins and outs of data security for merchants and ISVs. We talked about PCI compliance (and beyond) and what organizations can do to stay on top of all things data security. TL;DR Data security and PCI compliance are critical for growth.
And if you eagerly adopt a new payment solution that your business doesnt need, then you may be stuck with a clunky checkout process and wasted investment funds. Your testing should check for security compliance, technical performance, and mobile responsiveness. Your provider should help with this. Request a Quote
In a recent interview with Austin Prey from PYMNTS , Adam Gray , Chief Transformation Officer at Stax, shared his perspective on the challenges and opportunities facing independent software vendors (ISVs) as they integrate payment solutions to meet the diverse needs of their merchant customers. Contact sales
An outsourced integrated payments support team could also assist business software users with their unique issues or questions about security and compliance. Outsourcing payment support can save costs, provide 24/7 assistance, and ensure compliance expertise.
Merchant services are one of these key investments. Merchant services help small businesses simplify payments, save money with transparent pricing, and secure transactions with fraud protection and PCI compliance. They account for over 50% of spending on vertical-specific software solutions (i.e.,
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