The Green Sheet Online Edition
October 10, 2017 • 17:10:02
Full-service payment platform for merchant aggregators
Payrix LLC, established in 2015 and headquartered in Hollywood, Fla., has created a payment facilitation platform designed to enhance, simplify and automate numerous tasks related to merchant account aggregation and acquiring. Company founders Benny Silberstein and Boruch Greenberg saw a need for a strong, agile platform capable of supporting numerous aggregator models and use cases, and thus devised a flexible, scalable framework and technology stack. Payrix uses artificial intelligence and automated technologies to enhance payment processing tasks, from risk assessment and anomaly detection to account on-boarding and regulatory compliance. Embedding payments into intelligent business platforms helps service providers reduce complexity and scale their companies, the company noted.
"Payrix brings white label payfac technology to ISOs and app developers that allows them to stay focused on their products without worrying about payment technology," stated Payrix co-founder Benny Silberstein. "We built it from A to Z without relying on rails or gateways; this enables our partners to integrate with third party service providers without depending on them." "I chose to work with Payrix rather than build my payfac platform from scratch," added Lawrence Pross, Managing Member at Taxi Charge LLC. "It reduced costs and time-to-market, and improved efficiencies by facilitating payments from taxi fleets instead of individual drivers."
Supports all aggregators
The Payrix platform is built to support a variety of business models and use cases. Following are several examples:
- Ecommerce marketplaces: Payrix can simplify new account onboarding for marketplace merchants, while enabling them to share fee income revenue from sub-merchant accounts.
- Integrated Software Vendors (ISVs) and software-as-a-service (SaaS) providers: Payrix can help ISVs and SaaS providers efficiently manage payments by fully integrating commerce into their apps and services.
- Payfac solution providers: Payrix creates a technology backbone for payment facilitators, to help them automate tasks, simplify onboarding and compliance and accelerate their growth.
Multi-tiered resources, support
Payrix provides modern APIs for clients and merchants, and brandable products for payment facilitators. The company's multi-layered support services include the following resources:
- Dedicated relationship managers: Payrix partners receive personalized support from dedicated account specialists who are familiar with their business requirements and can react quickly to requests, calls and emails.
- Business continuity: Cloud-based back-up for integrated solutions creates redundancy and eliminates downtime. The company said that tablet POS systems can be replaced and back in service in minutes.
- Secure portal: Payrix users can manage access to the secure Payrix portal by creating unique log-ins and permission levels for administrators, agents, risk and compliance managers and merchants.
- API library: Programmers and developers can use the Payrix REST API library and test environment to create their own forms and manage payment-related tasks. The APIs support all formats, including XML, SOAP, JSON and FORM. For example, aggregators can use APIs to create embedded payment forms, tokenize payments or board new merchants.
- Tokenization: Developers can tokenize customers' payment information using the Payrix API to create a Token ID to process payments, eliminating the need to re-enter the payment information.
- Embedded payment forms: Optional, embedded payment forms enable developers to securely process payments by keeping cardholder data out of Payment Card Industry Data Security Standard (PCI DSS) scope. Developers can also create their own forms, using the Payrix API.
- Simplified account onboarding: Payrix partners can use Payrix APIs to simultaneously onboard merchant accounts on both their platforms and Payrix, eliminating the need for double entry.
- Risk integrations: Accepting credit cards from multiple businesses could open a company to liability for fraud. Payrix provides a full suite of integrations to manage and minimize risk.
- Level 1 PCI compliance: Payrix is Level 1 PCI (Payment Card Industry) compliant to keep payment card data out of merchant scope.
- Regulatory compliance: Payfacs can use the Payrix compliance admin tools to maintain state and federal banking regulation compliance, including KYC and AML regulations.
Website:www.payrix.com Contact: sales@payrix.com
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
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