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The most common challenges associated with vertical SaaS are competing for adoption against popular legacy or traditional SaaS solutions, a smaller lead pool that may soon exhaust, and managing the expectations of consumer-like SMB customers. Integration with other software.
Most businesses use dozens of web applications and software to manage daily operations. Solutions to manage finances, communication tools, project management apps and many other solutions are used daily to keep your business in business. This eliminates the need for manual entry and enhances data accuracy.
TL;DR SaaS platforms are cloud-based software solutions that offer ready-to-use tools over the internet, enabling businesses to scale operations, improve efficiency, and integrate with other applications without managing infrastructure. SaaS operates on a subscription model, making it easier to manage cash flow and reduce upfront expenses.
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 machine learning are creating efficiencies in fraud prevention by leveraging consolidated, high-quality data across payment lifecycles.
Payment gateway – A secure system that transmits encrypted transaction data between your website or terminal and your processor. Features like same-day or next-day deposits can make a major difference when it comes to managing payroll, inventory, and day-to-day expenses. When your payments flow smoothly, your business can, too.
The main difference between Quicken and QuickBooks is that Quicken is primarily a personal finance management software while QuickBooks is a full-featured small business accounting software. Users can view banking information, track monthly bills, track investments, manage credit card accounts, and much more.
Payouts and reporting: Ensuring funds reach the merchants bank account and offering tools to track and manage transactions. Value-added services Offer extras like fraud protection or chargeback management to increase revenue per customer. It can also make it easier to manage compliance, automate reporting, and scale operations.
Whether you’re running a small eCommerce shop or managing a high-risk industry venture, understanding merchant underwriting can help you navigate the approval process and maintain a strong partnership with your payment service provider. Managing false positives: Another challenge?
If youre using a payments platform like Stax, you can watch these metrics there – particularly if you integrate it with your customer relationship management platform. For high-value customers, assigning customer success managers to check in periodically can be highly effective.
Enhanced securitytokenization and two-factor authentication reduces the risk of data breaches As we mentioned earlier, Click to Pay uses a data security approach called tokenization to protect sensitive financial data from malevolent actors. The original sensitive data is still secured and hidden in an external data bank.
Card networks must maintain them properly and pay for fraud prevention tech (data encryption, tokenization, real-time tracking, etc.). How Businesses Can Manage and Reduce Interchange Fees Interchange fees can often make up about 90% of your credit and debit card transaction processing costs. Contact us
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.
A good system plays a vital role in managing cash flow, alleviating fraud risk, and enhancing customer satisfaction. Payment processor – The company managing the transaction process. A payment gateway securely transmits customer data to the payment processor. But selecting a good payment solution can be overwhelming.
Industry data shows that 70% of consumers say the availability of their preferred payment method is very or extremely influential when choosing an online store. A payment gateway is a technology that authorizes and processes payments between buyers and sellers by securely transmitting payment data.
As anISV, Stax works with a number of software partners to give sub-merchants total control over how they operate their businesses. Companies can integrate specialized features, such as: CRM and ERP systems to streamline customer and business management. Payment gateways for seamless online transactions.
It adapts as you grow, offering the tools you need to manage payments, support new business models, and ensure secure, efficient payment processing. Healthcare practices expanding locations or services From dental clinics to virtual care, providers need to securely manage patient data while processing payments across multiple channels.
Industry data shows that when it comes to marketing spending, 82% of companies agree that it’s cheaper to invest in retention than acquisition. Security vulnerabilities may go unpatched, exposing sensitive user data. It should also be easy for you to track conversions and manage your payments.
An outsourced payment support team with expertise in handling security concerns can help ensure that businesses stay compliant with regulations while offering the best possible security to their customers to protect their transaction data. How do you protect payment data? Phone, email, chat, etc.? If so, which ones?
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.
The purpose of interchange fees is to compensate the issuing banks for the risks and costs associated with processing and managing credit card transactions. These fees cover the costs associated with securely transmitting payment data, verifying the transaction, and settling funds into the merchant’s account.
All of these steps are made easy by a surcharge-compliant credit card processor like CardX by Stax. Security and compliance: Verify that the provider adheres to industry standards, such as Payment Card Industry Data Security Standard (PCI DSS) compliance, to protect sensitive customer data and minimize the risk of data breaches.
Stax Stripe Square PayPal Banks Contract Required No No No No Yes Early Termination Fees No No No No Yes Card Present Processing Pricing $99/month + 8¢ per transaction + interchange 2.9% + 30¢ per transaction (includes interchange) 2.6% + 10¢ per transaction (includes interchange) 2.7% With Stax, your payment processing statement is simple.
This flexibility makes it easier to offer consistent service and collect customer data across multiple sales channels, improving your operations and marketing insights. Check out Stax to find the ultimate all-in-one mobile payment solution. Ask: What are the transaction fees for each payment method? Request a Quote
The way a typical ACH transfer works is as follows: You will initiate the transaction as the originator by sending a Nacha formatted data file containing information about the desired payment to your bank which is called the ODFI (Originating Depository Financial Institution).
Key Actions During the Demo and Trial: Test core features such as the ease of processing transactions, managing refunds, issuing invoices, and handling recurring billing if applicable. Verify that the provider is PCI-DSS compliant to ensure that your customers’ data is protected according to industry standards.
The data is then submitted to a payment processor, which directs the payment to a credit card interchange. The payment provider is responsible for hosting and managing the gateway. Implement SSL (Secure Sockets Layer) encryption to ensure secure data transmission between your website and payment gateway.
Theyre more than just business toolsthey help you manage inventory, track sales, streamline customer interactions, and even get valuable business insights. Cloud-based POS systems store data on cloud servers and can be accessed remotely from any device with an internet connection. Today, POS systems have evolved.
TL;DR An ISO (Independent Sales Organization) is a third-party company authorized to manage merchant accounts and provide payment processing services on behalf of acquiring banks. Independent Sales Organizations play a key role in handling sensitive financial data and ensuring smooth payment processing for businesses.
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.
Types of credit card processing companies There are two general types of payment processors: Direct processors (like Stax) offer businesses a dedicated merchant account, with more control and often lower costs at scale. Do they help with PCI compliance and dispute management? How quickly do they respond to questions?
Stax, Payment Depot, and CardX are three of the very best providers in the industry. These processes are facilitated by a network of financial institutions and technologies that work together to ensure the seamless and secure transfer of data and funds. The payment could also be made via digital means.
Its role is to encrypt and securely transfer your customers payment data to your payment processor. It will use magnetic secure transmission (MST) to transmit the relevant data when the smartphone is held at close range (a few centimeters usually) or tapped to your card reader. However, cryptocurrencies arent without their drawbacks.
Meanwhile, a payment gateway is the technology that authorizes and processes payments between a buyer and seller by securely transmitting payment data. They comply with the latest industry and security standards to ensure that you and your customers data remain safe from any threats.
Managing Mastercard and Visa cards is the responsibility of financial institutions, such as banks or credit unions. From small business credit cards to large-scale corporate expense management solutions, these card networks provide the infrastructure that financial institutions use to serve business customers. Corporate cards.
Neiconi brings more than 15 years of experience in risk and fraud management leadership to his new role, with a deep background in developing fraud risk solutions, risk data collection and analysis, and compliance. Stay Payments , a leading payment technology provider, has appointed Valentin Neiconi as Chief Risk Officer.
Whether you’re a freelance service provider, a cafe owner, or a retailer, card payments are king, and your credit card processing account is where you hold power to manage and control your fees. Online processing eCommerce businesses can set up payment processing with Authorize.Net, First Data Global Gateway, or eProcessing Network.
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?
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
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. However, setting up and managing a payment system can be complex and overwhelming. Let’s dive deeper into risk management practices for PayFacs.
Encryption techniques ensure that payment data is transmitted securely between parties, making it difficult for unauthorized individuals to intercept or access sensitive information. For consumers, digital receipts and transaction histories are easily accessible online, reducing clutter and simplifying budget management.
Today, data is as important as currency and should be safeguarded as such. In 2022, there were 1802 instances of data compromise in America which affected 422 million people. Moreover, companies need to follow data privacy and compliance requirements to stay in business. Let’s get started.
SMB owners wear many hats, managing everything from staff to sales. Adding to the already tough job of managing a small or medium business is the complex task of understanding how payment processing works, including managing the fees, equipment, accounts payable and more. Learn More What is a Payment Management System?
Data cited by Statista shows that the software as service is expected to hit $299 billion by the end of 2025. Whichever route you take, remember to run A/B testing so you can make data-informed decisions in order to fully engage your SaaS operations. Adding payments will scale your SaaS operations and increase growth substantially.
In the new, digital era of payment management and shopping, protecting customer data is a top priority. While the news may bring breaking headlines about stolen or lost data from large corporations, every business can take the steps necessary to secure sensitive data. That’s where Stax comes in.
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