Payment platform Paya offers new services to businesses in the nonprofit, faith-based and educational industries with acquisition of payment facilitator Stewardship Technology.
Paya Non-Profit Offerings
For these industries, having a reliable payment platform makes it possible to raise funds and accept payments using today’s mobile devices and connected systems. The solutions Stewardship Technology has in place will be integrated with Paya’s suite of payment-related services and management software to provide customizable offerings for each industry.
Small businesses operating in these segments will now have access to industry leading payment technology for integrated services. This is what Paya President Greg Cohen, pointed out in the press release.
Cohen said, “With this acquisition, Paya will be primed to offer new capabilities and launch into new verticals that will support our continued growth while maintaining our mission to be the best payments technology solution for businesses. We’re thrilled to bring the entire Stewardship Technology team into the Paya family to accelerate growth.”
For his part, Stewardship Technology Founder and CEO Stuart Washington, added, “Paya’s unique set of industry expertise and product capabilities are a perfect fit for us.”
Paya Industry Expertise
Paya is a payment facilitator which gives organizations a secure platform for accepting transactions anywhere and anytime by giving merchants more options.
According to the company, the platform it has created has been designed for easy integration with different industries along scaling capabilities to address the needs of small, large and growing organizations.
Paya offers its payment solutions with Advanced Fraud Protection (AFP) to keep business and customer data secure. The company’s AFP technology completes an automated review and scoring of all authorization attempts that have been submitted.
Using geolocation, IP address identification, and device ID recognition it generates a fraud score to identify real customers and flag fraudulent ones.
Stewardship Technology was established in 2002 with the goal of supporting churches, ministries, and faith-based organizations with leading technology solutions.
It has since grown to address the needs of other industries with the same electronic giving solutions as well as pension and benefits processing for church employees, peer-to-peer fundraising, crowdfunding, data analytics with integration to multiple third-party CRM, and more.
What are Payment Facilitators?
Payment facilitators have been growing at an incredible pace since the introduction of mobile commerce, peer-to-peer payments, and mobile banking.
As the name implies, a payment facilitator allows merchant services to be offered by processing transactions for users and underwriting them. This, in turn, has simplified the way individuals and businesses are able to send and accept payments.
The result is a payment ecosystem with fewer pain points and faster processing across devices and platforms without compatibility issues.
For small businesses, payment facilitators have introduced more ways to generate revenue for their online commerce, pop-up stores, events, and brick and mortar outlets.
Details of the purchase have not been disclosed.
Photo via Shutterstock
More and more payment options are coming out. I hope that there is also a way for customers to be fully educated to use these.