Built In Chicago: “CardX Is Harnessing Technology to Solve Compliance Problems in the Payments Space. Here’s How.”

“When the credit card surcharging rules were introduced in 2013, allowing credit card fees to be passed onto consumers in most of the country, Razi had two theses: ‘I knew interchange fees were going to continue to be very costly, and I knew that businesses were not going to be able to navigate these rules on their own.’

That’s where CardX, a compliance technology company, comes in.

Allowing businesses to accept credit card payments at 0% cost, CardX provides them with automatic compliance with all of the requirements for surcharging. At the time of purchase, CardX also informs the customer of the fee amount and reminds them of the option to pay with a no-fee method. At the heart of the model, Razi said, is customer choice — a mission that only looks more prescient in the current economic climate.

CardX is currently serving 94% of the country by population — or 46 states — but Razi said they’re working to bring it to 100% by helping businesses understand ‘the right way’ to comply with the rules. Recently, Razi worked with Oklahoma State Senator Michael Brooks to overturn a legacy ban on surcharging in the state in 2019. In addition to its current regulatory-focused initiatives, CardX is hard at work launching new products like Lightbox, an e-commerce surcharging solution for merchants that aims to make it seamless for them to accept online payments.”

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