Remove Government Remove Stax Remove Systems Review
article thumbnail

What is a Payment Processing System and How Does It Work?

Stax

To address evolving customer demands and accept electronic payments, you need a payment processing system. A good system plays a vital role in managing cash flow, alleviating fraud risk, and enhancing customer satisfaction. This article dives into what a payment processing system is, how it works, and its benefits.

article thumbnail

Merchant Underwriting: What It Is, How It Works, and Why It’s Important

Stax

Key steps include application review, risk assessment, credit checks, and compliance verification. This process involves reviewing the businesss structure, financial health, industry type, and compliance with regulations. Learn More What is Merchant Account Underwriting? This step is especially critical for e-commerce businesses.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How are Interchange Fees Calculated?

Stax

Behind every seamless payment card transaction is a complex network of banks, credit card companies, and payment systems working together to transfer money from the customer to the merchant. Premium or reward cards – These often have higher rates due to added benefits, so the interchange fee could be as high as 2.00% + $0.15

article thumbnail

Everything You Need to Know About Secure Payment Processing Systems

Stax

Having and maintaining secure payment systems is integral for protecting yourself and your customers. Enter secure payment systems (SPS). TL;DR Secure payment systems are crucial for eCommerce stores and companies to utilize because they protect both consumers and businesses from theft and fraud.

article thumbnail

How to Select the Best POS System for Small Business

Stax

Years ago, point-of-sale (POS) systems were reserved for large enterprises with big budgets. Today, a small business is barely complete without a POS system. If you feel left out, the good news is that there’s a POS system out there ideal for your business. Thanks to the rise of SaaS platforms, that’s no longer the case.

article thumbnail

How to Maintain Anti-Money Laundering Compliance as a PayFac

Stax

Best practices for ensuring AML compliance as a PayFac include continuously updating your AML policies, utilizing advanced technologies for monitoring, periodic internal reviews and audits, and engaging with AML experts and consultants. Reviewing and continuously updating your AML policies is therefore necessary.

article thumbnail

Everything You Need to Know About PCI Compliance for Credit Card Processing

Stax

That’s where Stax comes in. Do Not Use Vendor-Supplied Defaults for System Passwords and Other Security Parameters Default passwords and settings provided by vendors are often publicly known and can be easily exploited by attackers. So how can your business stay PCI compliant? Why Is PCI Compliance So Important?