Finix, a payments infrastructure firm based in San Francisco, has officially launched as a payments processor. This transition allows Finix to offer businesses more control over their payment operations, improved availability and uptime, and opportunities for cost reduction. Additionally, Finix plans to provide integrated compliance and PCI tools, streamlined reporting, and enhanced settlement capabilities.
Facts
- Finix has become a payment processor with direct connections to major US card networks, including American Express, Discover, Mastercard, and Visa.
- As a payments processor, Finix aims to provide businesses with increased control, better availability and uptime, and cost-saving opportunities.
- Finix plans to offer integrated compliance and PCI tools, as well as streamlined reporting for settlements.
- By becoming a processor, Finix can reach more businesses and offer enhanced configurability, reliability, and pricing flexibility through a single integration.
- Phil Ricci, the senior vice president of payment solutions at Pathward (Finix’s banking partner), believes that Finix’s tech-forward approach to payments will set them apart as they expand their business model.
- Founded in 2015, Finix initially helped businesses establish their own in-house payment infrastructures and charged a sliding software fee based on transaction volume.
- In August of the previous year, Finix secured $30 million in funding, bringing its total capital raised to $133 million.
