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Staxs Mark Sundt sat down with John Gaffney from PYMNTS to dig into this topic. As Chief Technology Officer at Stax, Mark’s at the forefront of artificialintelligence in the industry. Are you summarizing my data? “If you’re going to use the data in some statistical sense, that’s great.
Adam Gray , Chief Transformation Officer at Stax, recently sat down with Hal Levey of PYMNTS to discuss emerging trends in payment processing and vertical integration. Gray also underscored how AI and machinelearning are creating efficiencies in fraud prevention by leveraging consolidated, high-quality data across payment lifecycles.
The customer enters their payment details and the gateway securely transmits the data to the network. Theyre easy to integrate and set up, with the host taking care of data security measures, including PCI compliance and fraud protection. This protects sensitive payment data from interception by cybercriminals.
Taking precautions to implement security measures such as secure firewalls and cybersecurity training helps to protect cardholder data and other sensitive information. Learn More Payment Security Fundamentals Merchants hold a lot of sensitive data when processing transactions, and if not properly safeguarded, hackers could wreak havoc.
Integrating the EHR software with payment processing tools like Stax Connect also helps create an all-in-one platform that simplifies workflow management at hospitals and other medical practices. Learn More Understand Your Market If you want high ROI for your sales efforts, you need to sell to your target market.
According to Forrester’s data, digital payments are the most used payment method today, with 69% of American adults using them to make payments online. Identity theft, data breaches, and chargeback fraud are some of the most common types of risks. They also need to have strong data security protocols in place.
You may be better off with a platform-agnostic payment processing software like Stax Payments, which works with a number of leading solutions. Also, Stax integrates seamlessly with thousands of third-party apps, including all the popular CRM, marketing, and financial apps used by most businesses.
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.
Industry data shows that subscription-based businesses are growing 3.7x These platforms facilitate secure transactions, encrypt sensitive data, and ensure the seamless flow of funds between customers and businesses. For example, Stax has several useful API integrations to leading CRM tools, such as Hubspot, Xero, Wave and more.
For example, you can leverage ArtificialIntelligence (AI), machinelearning algorithms, and predictive analytics to improve decision-making, efficiency, and user experience for both service providers and customers. Stax Connect ticks all of these boxes.
In addition, they also ensure the privacy of business data and compliance with laws and regulations. StaxStax is a payments processing service that caters to all types of businesses, large or small. Unlike other card processing companies, Stax doesn’t add any extra fees to the interchange.
We suggest implementing advanced technology systems like AI and machinelearning to optimize your software. That way, your platform can provide more intelligent and automated solutions, and help firms enhance the efficiency and effectiveness of legal practices. This is where Stax Connect comes in.
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. Online marketplaces like Amazon and eBay have used the PayFac model with astounding levels of success.
Dynamic pricing is calculated through the use of data collection and machinelearning algorithms to analyze market conditions and make appropriate pricing decisions. This is thanks to advances in automation and data analytics, making it possible for businesses to adjust real-time pricing.
SaaSOptics automates your expense and revenue recognition , helping you keep your data clean and making audits a breeze. Its robust suite of integrations empowers your team to manage every step of your order-to-cash process seamlessly and without fear of inaccurate data. Stax prides itself on being more than just an invoicing platform.
For this, you might require data from government sources, international regulators, and law enforcement agencies. The good news is, with a solution like Stax Connect , you can not only start facilitating payments and also onboard sub-merchants quickly while managing risk. Q: How can technology aid in better AML compliance?
Cloud hosting and accessibility Cloud-based technology allows both vertical and horizontal SaaS platforms to scale seamlessly and offer users access to their applications via the internet, meaning they can use multiple devices and access data on the go. Contact us to learn more about Stax Connect.
The PSP will first send the incoming payment data to the acquiring bank, which is a financial institution that accepts and verifies transactions on behalf of merchants. Payment gateways exclusively handle the secure transfer of information from the data entry point to the PSP and back.
Look for integrations with key CRM software like HubSpot and Salesforce to keep customer data in one place and build SMS and email workflows. Customizable subscription plans and pricing models SaaS businesses need plenty of flexibility and space to switch gears and adjust subscriptions in response to data. Customer sign-ups.
Its fraud detection system uses machinelearning to flag suspicious transactions, minimizing risks. Compliant with PCI DSS, Stripe ensures secure data transmission and storage. These features help businesses protect sensitive data and maintain customer trust. Offers competitive exchange rates with no hidden fees.
For small business owners, harnessing the power of a CRM system means having a comprehensive view of customer interactions, tracking every sale and service request, and implementing strategic data-driven decisions. Additionally, these insights highlight areas for improvement, empowering you to make data-driven decisions that drive growth.
As anISV, Stax works with a number of software partners to give sub-merchants total control over how they operate their businesses. API-based integrations allow companies to automate workflows, enhance data accuracy, and improve overall efficiency. How does an ISV integration work? Whats the value of an API?
The payment processor : this is the payment services provider that handles the verification and transfer of data and funds between the financial institutions involved in that transaction. Some payment gateways use tokenization to secure sensitive customer details.
Current data suggests that global chargeback requests may cost retailers as much as $117.47 Work with a Payment Processor that Offers Credit Card Chargeback Protection Some payment processing platforms (including Stax) offer features that help businesses avoid chargebacks.
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