Dominate Your Competition in Payments

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January 1, 1970

It’s no longer hip to be Square … or Stripe. You can do better than both.

There is no denying the simple fact that the global pandemic has massively accelerated the move to cashless e-commerce payments. In one year, the number of merchants using payment facilitators like Square and Stripe has more than doubled in the U.S., Canada, the U.K., and Australia. From 2015 to today, the number of merchants in these countries that rely on cash transactions has dropped from more than 50% to 30%. The Wall Street Journal reported that e-commerce payments helped Stripe generate $7.4 billion in revenue last year—up 70 percent year-over-year.

If your business expects to enjoy similar growth with e-commerce payments then you need a way to automate your underwriting, KYC, AML, and risk assessment due diligence. Not only that, you need a way to automate that is fully customizable based on your unique appetite for risk and the demands of new markets.

Merchant ScanXpress does all this and more! Payment Facilitators and Integrated Software Vendors now have the tools to automate more risk decisions and increase merchant acquisition velocity. Conduct automated underwriting at scale as your merchant and submerchant business grows. Automating a large portion of the underwriting process allows the underwriting team to spend more time focusing on complex decisions and reviewing simple automated ones rather than finding and interpreting all of the information themselves.

One of the largest PayFacs in the United States, Authorize.Net, processes more than 4,500 merchant apps per month with a team of only three underwriters. This is the power of intelligent automation; and this is why today’s PayFacs require an end-to-end merchant onboarding platform like Merchant ScanXpress if you want to increase your processing volume and grow your bottom line.

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