The new platform leverages artificial intelligence (AI) to analyse datasets including merchant and processor metrics, industry-specific requirements, and payment processor capabilities to ultimately match business owners with payment processors. As outlined in the official press release, this data-driven approach is expected to provide tailored matches.
What does the new offering entail?
The platform was developed as a response to a pain point in the market – as businesses often face challenges when it comes to accepting payments. Therefore, PayBlox aims to tackle this issue businesses face by providing them with a platform designed to help them find a suitable merchant account, regardless of their business model and strategy.
One key feature of the offering has to do with the transparency that it seeks to extend. In this regard, PayBox reportedly offers merchants impartial access to payment processors, thus allowing them to make informed decisions.
As per the press release, PayBlox does not support paid placements and, thus, does not promote specific processors. The service is offered at no cost for new businesses.
Another feature of the platform is the fact that it makes the selection of a payment processor easy for merchants – as it presents them with a shortlist of the options that best fit their needs, according to the AI-based matching algorithm.
PayBlox purportedly offers a monthly rebate programme that gives 10% of its processing revenue back to business owners who get their accounts via the platform.
More about PayBlox
PayBlox is an online marketplace that connects business owners with multiple payment processors, thus helping businesses find a suitable merchant account. When it comes to its reach, the solution is addressed to retail and ecommerce businesses. The platform offers accounts for brick-and-mortar, online business, or both.
The newly launched company has been developed by specialists in the payment industry with experience in advising low-risk retail and ecommerce businesses as well as high-risk businesses ranging from credit repair, alcohol and tobacco to cannabis dispensaries.
Up to this point, PayBlox has reportedly helped process over USD 500 million and it has assisted more than 15,000 merchants develop a payments ecosystem.
