This company brings integrated Fintech solutions to a variety of industries – Fidelity National Info (NYSE:FIS), JPMorgan Chase (NYSE:JPM)
It is hard to imagine what was a simple reality less than 40 years ago: business without the Internet.
The US saw $537 billion in e-commerce in 2020, with millions making purchases typically online. E-commerce is possible in part because of the simplifications the financial industry has made in the processes involved in checkout and overall digital consumption.
Breakthroughs in the financial technology market have made this internet revolution possible, and the driving force is towards an increasingly seamlessly integrated financial experience. One of the companies leading the way in the fintech space is Texas-based Usio Inc. USIO.
Usio is a cloud-based, integrated electronic payment provider that offers a range of payment solutions to a wide range of customers, including merchants, banks, non-profit organizations and government agencies. Two of Usio’s most important services are payment acceptance through their Payment Facilitation platform, and financing payments through their card issuing platform, Akimbo.
The tools of an online economy: Payment authorization
Usio offers a range of tools that can be customized to best offer payment acceptance solutions across multiple industries.
Payment arrangement
Payment facilitation (PayFac) is a purchasing service where a company’s credit, debit and ACH payments are processed by a financial institution. Becoming your own payment facilitator can be financially burdensome and time-consuming, so Usio offers a frictionless, fully integrated PayFac platform that allows integrated software vendors (ISVs) to incorporate their own software to process payments through their applications.
With Usio providing the infrastructure, plus an automated approval process that takes less than 10 seconds, and onboarding processes that take less than 30 minutes, Usio sees itself as one of the most efficient fintechs offering this service.
Automated Clearing House (ACH)
ACH network allows people to make seamless bank-to-bank transfers of funds. Usio offers an elegantly simple ACH service, often processing payments the same day at a very reasonable price. Usio is also proud of its National Automated Clearing House Association (NACHA) Third-Party Sender Certification, a voluntary certification that ensures the highest levels of processing compliance and professionalism, of which Usio is one of the longest standing.
The company also offers several other payment authorization products, including remote payment presentation (which allows customers to pay through a banking network), remotely created checks that can be processed online, and point-of-sale credit.
The tools of an online economy: Fund payout
Usio also offers a variety of fund payout options that meet different industry needs.
ACH
Usio prides itself on its simple, turnkey solutions when it comes to disbursing funds. One solution is ACH, which allows customers to deposit funds directly into the recipient’s bank. The company also provides customers with a number of other choices, including direct debit, check or card.
Prepaid cards
Prepaid cards act as debit cards that can be used by businesses, charities and government agencies to easily disburse and manage funds to customers and employees. Usio offers a prepaid card network through its Akimbo platform. Akimbo offers both physical and virtual cards, and businesses can adapt the platform to meet their different payout needs.
Usio recently showed off an example of its prepaid cards in collaboration with Mastercard Inc. MA to distribute prepaid cards as part of a New York City COVID relief program.
Usio works in fintech payment solutions, integrating a range of financial services. Other companies involved in PayFac: Fidelity National Information Services Inc. FIS through Payrix and JPMorgan Chase & Co. JPM through subsidiary Chase Paymentech, while in ACH they include Block Inc. SQ and National treatment.
To learn more about Usio, visit the website.
This post contains sponsored advertising content. This content is for informational purposes only and is not intended as investment advice.
Featured image by rupixen.com on Unsplash
