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Empowering Your Business with Stax Bill: A Comprehensive Guide to Billing Platforms

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In this article, we’ll explore the significance of billing platforms in contemporary business, delve into the features that set Stax Bill apart, and guide you through the process of selecting the right billing solution for your unique needs. said Suneera Madhani, founder and CEO of Stax. “The

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How to Maintain Anti-Money Laundering Compliance as a PayFac

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The US, therefore, requires financial institutions as well as financial services firms to have anti-money laundering (or AML) compliance programs in place. In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Non-compliance can have major implications.

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What is a Payment Management System?

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Look for a PMS that can serve as an all-in-one platform for payment processing, integrates with other technologies, offers appropriate POS equipment, and prioritizes security compliance. Your PMS is a central hub to manage payment requests and store banking information (like your routing and bank account number for ACH payments ).

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Payment Facilitator vs Payment Gateway: Key Differences and Similarities

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The acquiring bank (or issuing bank or acquirer) is the financial institution that enables merchants to accept payments, transferring funds from customers to the merchant’s account. The payment gateway acts as a virtual bridge, securely transmitting payment information between the merchant, customer, and acquiring bank.

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Demystifying Credit Card Interchange Fees: What You Need to Know [2024 Rates and Updates]

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Set rate processing Subscription rate processing TL;DR Interchange fees are not collected by your payment processor or bank; they go directly to the card-issuing banks. Interchange fees vary significantly depending on the card issuer, the issuing bank, type of transaction and/or merchant type.

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Recurring Payments: Definition and Implementation Best Practices

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For subscription businesses, the customer’s account should also include options for subscription management where they can adjust the frequency of deliveries, pause or cancel the subscription, update card information or bank account information, and more. Ensuring security and compliance Security is paramount in recurring payments.

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Understanding Credit Card Processing Fees for Merchants: How Much Does Processing Credit Cards Cost?

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For a merchant to accept credit cards, they need to pay both credit card processing fees to the banks involved and for the soft and hardware required to process cards. Acquiring Bank (Merchant Bank): The financial institution that establishes and maintains the merchant’s account, enabling them to accept credit card payments.