SwipeSum, a processor-agnostic credit card processing marketplace, launched Staitment, a software solution that uses artificial intelligence to analyze merchant statements. Designed to identify related fees and pricing structures, the software can create instant proposals.
Merchant level salespeople (MLSs) and service providers can use the solution to demonstrate cost comparisons at critical moments during sales calls. These comparisons demystify related pricing structures for credit card processing, ecommerce, POS and banking solutions, stated Michael Seaman, CEO at SwipeSum.
"The current process for reading statements is archaic," Seaman said. "ISOs and resellers are spending too much time poring over statements and proposals. Staitment automates statement reading and proposal creation, allowing professionals to spend more time serving their valued customers."
ISOs, MLSs and third-party service providers can save time and money by fully automating their statement reading processes with Staitment; the software can read processing statements and instantly complete the entire analysis and proposal process, Seaman stated.
The AI-powered software can identify if fees are negotiable, which enables users to manually categorize fees as interchange or processor markups. The software can also flag variable pricing structures, calculate effective rates and negotiable fees, and create customized processing proposals based on a prospect's monthly fees and buy rates.
The company listed further features and benefits of the solution as follows:
Traditional statement analysis can take between three and 21 days to complete, Seaman stated. Staitment provides immediate analysis and can generate customized proposals on the fly. These capabilities have reportedly eliminated human error and shortened sales cycles at select financial institutions that have been using the system, he added.
Staitment can also help payments companies and banks automate statement reading and proposal creation, Seaman noted. He expects the product to transform traditional approaches to payment processing analysis.
Seaman further noted that SwipeSum is a not a credit card processor. The independent consultancy advises payments industry stakeholders about a range of products and services, including payment card processing, POS technologies, compliance and security. The team created Staitment to replace slow-moving merchant acquiring systems with real-time analytics and AI-powered tools, he stated.
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