Business owners need a payment processor to help them be more efficient and make better business decisions through the power of payments — one company is streamlining the approach.
Since 2014, they’ve helped over 22,000 small and large businesses through their only all-in-one paymentsplatform. Formerly known as Fattmerchant, the company has powered over $10 billion in transactions.
Solving a problem
Suneera Madhani, founder and CEO of Stax, started the company with her brother, Sal Rehmetullah, as a family-run business.
“We’re two minority founders from an immigrant family and have operated in small businesses our entire life,” she says. “We didn’t just come out of school to say, ‘I want to be in payments.’ Having personally lived through the challenges faced by business owners, we really wanted to solve their problems.”
When they launched, they knew, “businesses were going to have to accept payments in a multitude of ways, in person, online, over the phone, via text message.” Suneera points out, “Whatever way consumers want to pay, the business has to be able to accept all those payments.”
At that time, there wasn’t a singular platform that was connecting all the ways that consumers wanted to pay. For example, a company had to use Square for their mobile, go to the bank for their terminal, or use QuickBooks for an invoice.
“We created our platform Stax Pay, which is essentially the hub of business management platforms for businesses to accept all payment types, in a single place,” she says.
With traditional processors, businesses have one processor for their website (if they have one) and a separate processor for their brick-and-mortar store. They use different tools to manage invoicing, inventory, data, etc.
But Stax streamlines payment processing for business owners by keeping all processing in one space. Stax Pay is easy to use and offers secure in-person, on-the-go, and online payment processing. The technology was built by business owners for business owners.
“Stax also saves businesses so much money,” says Madhani. “That’s because they’re not having to go to four different processors for four different solutions. It’s a singular subscription for software that solves all your business needs.”
The all-in-one platform has no hidden fees or contracts. They have full payment transparency and have no charges beyond their membership/subscription fee. Stax users save an average of 40 percent on their payment processing costs compared to other processors.
With Stax, businesses can swipe, dip, and tap credit cards to accept contactless payments via customizable cloud-based terminals. They can also accept credit card payments over the phone.
Stax customers can schedule recurring payments, send branded invoices, and send payment reminders, as well as track payments.
Another of their offerings is Stax Connect, a fully managed payments facilitation ecosystem built for SaaS companies. The industry-first product allows software companies to integrate a white-labeled payments experience for a more complete end-to-end software experience, including services like user enrollment and risk management.
Businesses can utilize Stax’s payment data to help them grow. For example, they can store information for transactions and with one click, access business insights through data analytics on payments, deposits, and inventory.
“These are meaningful insights, meaningful data for businesses to understand their customer: how often they return, what they are purchasing, and how can we actually drive more top line, instead of just focusing on taking from a business bottom line,” says Madhani.
She urges businesses to embrace this streamlined technology, noting that during the pandemic, businesses who adopted this new tech, including contactless payments, were the ones that succeeded.
“We grew through the pandemic and it was our biggest growth year that we’ve had, because businesses needed to adopt seamless technology, save dollars and actually grow,” says Madhani. “I think that the future is now.”
To learn how Stax can work for your business, visit fattmerchant.com.