Stitch, a South African financial technology startup, has announced the integration of card and debit order pay-ins, as well as a payments management system called PayOS, for the purpose of payments orchestration and reconciliation.
The startup has evolved into a full-fledged payments service provider as a result of the introduction of new products or services (PSP, a third party that lets businesses to accept digital payments, manage those payments, and send those payments via a variety of different methods).
Junaid Dadan, President of Stitch, elaborates on the company’s most recent product introduction.
“At Stitch, we’re delighted to introduce our next evolution.
We released two new payment options today, Card and Debit Order, as well as PayOS, our payments orchestration and reconciliation system. Stitch has now evolved to become a full, end-to-end Payments Service Provider by combining our existing pay-in methods with Payouts.”
Read also: Customers can now make direct deposit payments on Stitch
It announced its first pay-in mechanism, Fast EFT, late in 2021.
They transitioned from a single-method supplier to a multi-method service with the introduction of Direct Deposit in November 2022 and CashPay in February 2023, in addition to Payouts.
As a result of its most recent offers, Stitch has evolved into a full-service PSP.
Stitch’s Reason for PSP
Stitch is a company that puts its customers first. In addition to acting as a payments provider, they collaborate closely with client teams in the role of thinking partners, assisting them in improving the efficiency with which they manage their payment environments. Its customers have, throughout the course of time, begun requesting that they provide them with an even greater variety of solutions. This development is an effort to bridge holes that is perceived in the market across the payments stack, and it is largely a response to the desire that was expressed earlier.
The payments suite offered by Stitch is now created exclusively for enterprises that have complex payment requirements, and it offers a high level of flexibility as well as the ability to be customised.
How the Operation of Stitch changes
Due to a centralised API integration, its customers can accept payments with several methods including; Instant EFT, Debit + Credit Card, Debit Order, Direct Deposit and Cash; effortlessly disburse cash with Payouts; track, manage and reconcile payments received across multiple methods, providers and geographies with PayOS.
Recently, Stitch began accepting payments with credit and debit cards. With Stitch Card, clients are granted the ability to possess their own network tokens. Because of this, customers are not bound to a single service provider; rather, they have the freedom to switch processors at any time while still retaining possession of their tokens.
The startup is able to reduce the number of payments that are declined by automatically updating cards when they are lost or expired. It provides direct interfaces with a number of different banks. This provides redundancy, which in turn leads to higher uptime and acceptance rates.
They are able to eliminate the need for manual chargeback management by giving customers the ability to view and respond to chargebacks directly from within their dashboard.
Moreover, customers can now accept payments made with debit orders or debit checks through Stitch by:
A user experience that has been optimised: While making a debit order, the user experience can be considerably improved by utilising Stitch’s pre-built, optimised, and hosted processes.
Optimised collections in conjunction with intelligent routing: Customers are able to view, based on data reflecting their accounts in real-time, the dates that work best for collections. It is also possible to combine Debit Orders with tokenized cards or bank accounts in order to enable a seamless collecting procedure. This is done by selecting the technique that is most suitable for the individual consumer.
Reduced risk of fraudulent activity as a result of integrated account holder verification. The full payment option has enabled Stitch to serve its customers better.