PYMNTS: “Stax Buys Automated Surcharge Platform CardX”
“Stax, an all-in-one payment technology provider, has acquired automated surcharging platform CardX, with the intention to streamline and boost transparency in surcharging, according to a press release.
The deal will give Stax merchants a better way to accept cards with 0% cost, the release stated. It will also help Stax beef up its surcharging services, and it will help customers automate compliance for it with built-in disclosures, pricing tech to help accuracy and better reconciliation and cash application tools.
The anticipated effect will be to do away with risks and various operational issues merchants experience, according to the release. In addition, Stax customers will be able to make use of CardX to make sure cardholders can save money.
‘We have a passion for making the payments experience easier and more effective for our customers, and the same values define the CardX team,’ said Stax Founder and CEO Suneera Madhani in the release. ‘As payments become more complex, businesses are looking for a trusted partner to guide them. That’s where we come in — we’re actively working to eliminate friction between businesses and the customers they serve. Now, with CardX, we’re able to more easily help businesses navigate surcharging and be more transparent with cardholders.’
Meanwhile, CardX CEO Jonathan Razi said in the release there’s more acceptance of surcharging these days, so merchants will need partners to help them with compliance and ease of use.
He said the original idea behind the company was ‘to eliminate manual adjustments and deliver a frictionless, turnkey solution,’ and the acquisition will help businesses modernize accounts receivable, per the release.”