Swipesum, a processor-agnostic credit card processing marketplace, enhanced Staitment, an AI-powered technology platform designed to analyze merchant statements, identify related fees and pricing structures, and create proposals on the fly, the company stated.
"We are determined to build the most powerful sales tool for merchant services," said Amy LoVecchio, director of product at Swipesum and Staitment. "Companies using Staitment will generate more leads and turn around sales proposals faster than the competition."
LoVecchio pointed out that Staitment's lead generation and automation capabilities enable merchant level salespeople (MLSs) to quickly source new customers and upload merchant statements without manually entering data. These tools accelerate the sales cycle, she added.
Statement analysis is an extremely convoluted space, and its analysis and cost comparisons can be prone to high error rates, hours of data entry and expensive overhead, LoVecchio stated. Pointing out that using arbitrary line items to define multiple scenarios is a common practice, she noted that Staitment tools leverage artificial intelligence and machine learning to identify true effective rates, helping MLSs and service providers improve agility, efficiency and accuracy.
"Our software extracts all data from a statement and transfers it to an AI document, saving hours of data entry and manual reviews," LoVecchio said. "The platform quickly analyzes the data and creates cost-comparison sales proposals on the spot. The entire sales process is streamlined, freeing up time to bring in more business opportunities."
LoVecchio went on to say that Staitment offers two packages, professional and premium, and can white label most software features. By engineering the platform for payments organizations that currently review statements manually, Staitment accelerates workflows and drives continuous process improvement, she noted, adding that experts' jaws drop when they see a software demo and realize how much the platform can do for them.
"Staitment can be custom-tailored to meet the needs of acquiring giants, to a small ISO," LoVecchio said. "If you have statement reading experts, Staitment will improve their performance. Our self-service option allows payments companies to outsource the entire statement analysis process at a price point better than doing it in house."
In addition to delivering instant analysis and proposals, Staitment is easy to use and includes an easy-to-navigate interface, LoVecchio stated. After uploading a statement, users can identify overall effective rates, pricing structures, fees, volume per card type, number of transactions, interchange fees, and total monthly processing fees without manually entering any data. This unique merchant data will flow into a powerful sales proposal generator for digital or downloadable cost-comparison sales proposals, she added.
LoVecchio also pointed out that the AI-powered platform provides ISOs, MLSs and sales channel partners with a revenue generator that increases the number of inbound leads they receive from their website and partners. Staitment's suite of digital tools enables users to quickly identify and size opportunities and analyze statements in front of their clients and prospects, she noted, adding that with these capabilities, Staitment partners can verify interchange rates and build beautiful digital sales proposals on the spot.
Following a short presentation by LoVecchio, Swipesum's Staitment won second place in the 2022 Catapult competition at the annual Northeast Acquirers Association conference.
The company is celebrating the win with an additional offer for Green Sheet readers. "We'd like to offer The Green Sheet subscribers an opportunity to test our product at no cost with free credits to upload statements," she said. "This way, you can see for yourself what all the hype is about. Visit us at www.staitment.com/greensheet for this special offer."
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