ORLANDO, Fla., Nov. 30, 2021 /PRNewswire/ -- Stax, the all-in-one payment technology provider, today announced its acquisition of CardX, an automated surcharging platform, to make surcharging more transparent and easier for U.S. merchants and cardholders. This deal marks Stax's third acquisition of 2021, adding to its momentum in the market and 996 percent growth rate over the last three years.
By acquiring CardX, Stax will give its merchant customers an easy way to accept credit cards at 0 percent cost. CardX's capabilities will enhance Stax's existing surcharging services, specifically helping customers automate surcharging compliance with built-in disclosures, pricing technology to correctly process every card type, and tools for seamless reconciliation and cash application. This eliminates the compliance risks and operational headaches that merchants have often associated with surcharging.
"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 Suneera Madhani, founder and CEO of Stax. "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."
Stax customers can also use CardX's dynamic fee capabilities to ensure cardholders save money based on the cards they're using to make a purchase as well as make it easy for the merchants themselves to implement.
"As surcharging becomes the market norm in the U.S., it's important that merchants choose a partner that enables them to succeed across compliance, ease of use and the cardholder experience," said Jonathan Razi, CEO of CardX. "Just as my original vision for CardX was to eliminate manual adjustments and deliver a frictionless, turnkey solution, this partnership means that businesses will not only be able to reduce costs, but also modernize every aspect of their accounts receivable process. We're thrilled to join the Stax family, merge the best of our capabilities and deliver an outstanding all-in-one value proposition for our clients."
This acquisition gives Stax a new office in Chicago and expands its leadership team to include Razi and current CardX COO Michael Tomko. CardX's 2,600 active customers, representing more than $1 billion in processing volume, will join the Stax network of 22,000 businesses powering more than $23 billion in transactions worldwide. CardX will continue to operate as a stand-alone brand alongside the Stax platform, giving CardX's merchant customers access to a broader portfolio of capabilities to address cardholder payment needs.
"This caps off a tremendously strong year for the Stax team, further illustrating our commitment to a premier customer experience," said Sal Rehmetullah, co-founder and president of Stax. "This partnership allows us to continue to grow our enterprise arm, providing enterprise merchants enhanced capabilities to build up their payments features and better serve cardholders. We're excited to show everyone what we have in store in 2022."
To learn more about how Stax is supporting its customers' payments experience, visit staxpayments.com.
Stax is one of America's fastest-growing fintech companies, recognized by U.S. News and World Report, Inc., and Fortune for its radically simple payment technology. Stax (formerly Fattmerchant) empowers more than 22,000 small businesses, large businesses, and software platforms through the industry's only all-in-one payments API. Stax's platform provides businesses and SaaS platforms the ability to manage their payment ecosystem, analyze data, and simplify their customer experience through fully integrated solutions. With access to everything they need to transact seamlessly, the one-stop tool allows companies to move faster, think smarter, and make better business decisions through the power of payments. Stax has powered more than $23 billion in transactions and expanded globally to international markets outside the U.S.
CardX is the market leader in compliant surcharging. The CardX payment processing platform automates compliance with the card brand rules and state laws that apply to businesses seeking to eliminate their cost of credit card processing through surcharging.
As a fintech company, CardX offers best-in-class solutions for payments in all environments, all while delivering a compelling IT and process automation layer. And, as a regtech company, CardX addresses the staggering complexity of the legal and contractual requirements that apply to credit card surcharging, automating everything from consumer disclosures and card identification to refund proration and receipt management.
This end-to-end, fintech-meets-regtech value proposition has established CardX as the leader in this rapidly growing space and made it the trusted name for category leaders seeking industry-best technology.
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Source: Company press release.