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Fintech: Centralized Payment Data for Merchants

March 31st, 2020


You are a merchant. You have a business. You want your accounting team to be able to streamline their work as much as possible. Their roles are becoming more complicated with the growth of an online business, international business, and the demands of customers wanting to know about their accounts immediately.

Accounts payable managers face new challenges due to technological advances, multiple payment channels, and pressure to reduce costs. This description is a very simplified version of this job, but ultimately, as the business world becomes more complex, so does accounting.

Using an all-in-one payment hub can simplify one aspect of a business. A payment hub programmatically connects merchants through their software to a full-suite of payment services. Simply put, the payment hub connects the merchant to the variety of systems they need to offer payment services to their customers. 

Variety is important. Your business is unique to you. What would work for a mustache boutique would be different from an e-commerce website selling health products. Both need payment options for customers, but you will have various risks, concerns, and obstacles to overcome that are different from other companies.

Offering à la carte options allows merchants to select and pay for the features they need and nothing else. Fraud protection, monthly subscriptions, gateway management, and more are all available options. But the most critical element is a consolidated reporting system. 

Without a payment hub, you may get reports from a bank, a fraud prevention company, a subscription handling company, Visa payment processing, American Express payment processing, and the list goes on. With a payment hub, the reports are from one source. 

Imagine being able to log in and see one dashboard that allows you to create reports based on your particular sorting parameters. If you want to see transactions that occurred on a specific day, you can. You can sort by transaction amount — see if that promotional offer was beneficial. You can sort by a gateway, settlement date, settlement batch, transaction identification number, processed date, and more. You can generate an extensive array of reports, but again, the best part is that they are all in one place, one dashboard, with Nexio.

Not everyone needs to have access to the same information, so you can also create different permissions for different users. If you need to void a transaction, fight a chargeback, settle a batch, you can set permissions for only certain users, but other users could view but not modify the data. Nexio is a payment hub that allows you to manage the chaos of payments. Nexio gives you control. Isn’t it nice knowing that you have control over your payment processing?

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