Finix is designed for forward-thinking SaaS companies who are serious about growth and using payments as a lever to achieve it. There are countless options software organizations can choose from to implement payments into their software, so it's natural to have questions about how Finix specifically, works. Below we cover key features available and how they work to get payments up and running on your vertical SaaS platform. Beyond the overview provided here, our Finix Professional Services and Sales teams are available to answer specific payments questions. They offer expert guidance every step of the way to getting Flex set up on your platform.

We've simplified the process of getting merchants onboarded to your platform into three easy steps.

STEP ONE: Complete the merchant application

The hosted merchant boarding forms include all the information required to create a merchant identity on the Finix platform. The online form captures the following information, including but not limited to:

• Legal business name

• DBA

• Tax ID/ EN

• Business address

• Payments information, including but not limited to:

• Type of services provided

• Annual gross revenue

• Average transaction size

• Payment instrument information including the bank account to be paid into

STEP TWO: Submit the merchant application

Application submission is a part of the underwriting process. Once submitted, webhooks are configured that communicate the application's status change as it moves through the underwriting process. Notifications are generated and sent to the Flex customer at the following stages:

1. When the merchant identity and payment instrument are created

2. When the payment instrument is created on the Platform

3. When the merchant is underwritten and approved, and verification status is updated

4. When the merchant provisioning onboarding state is updated

STEP THREE: Underwrite the merchant application

The final step of onboarding new merchants to your platform is merchant underwriting. Once Finix and Worldpay approve the application, they are assigned a merchant identity on the Dashboard and a merchant ID (MID) on Worldpay.

In the case of rejected merchant application, Flex customers can work with their Customer Success Manager to review the rejected application and submit it for reconsideration. If Worldpay denies the merchant application, a reason code will appear on the Dashboard in the merchant record. Flex customers can work with Finix to get a merchant application reconsidered for approval with Worldpay.

See a term here you need more clarification on? Check out our payments glossary!

Fees are one of the key ways Flex helps software companies become payments companies. With Flex, you're in the driver's seat to create your ideal merchant's buyer experience. As a Flex customer, you can generate fee-based revenue by establishing fee profiles for your merchants. The fee profile represents a pricing scheme that automatically applies fees to each transaction. The fee profile only impacts the pricing for the merchant under the Flex customer. When a new Flex customer is onboarded, a fee profile is created as part of the solutioning process. With endless possibilities for different fee configurations, you can fine-tune your profitability margin for one merchant or many merchants all in one step.

When money moves from one place (a card holder's account) to another (a different account), that action represents funds flow or what's generally known as a transfer. A settlement is a batch of these kinds of transfers intended to be paid out to a specific merchant. Reviewing settlements on the Flex platform is as simple as reviewing via the Flex API or your user Dashboard. With Flex's Intuitive Review UI, you can check individual transactions, fees, and holistically understand your merchant's operations.

Flex customers receive daily net settlements. During this process, fees are collected, ordered, and itemized into an operating account. The operating account collects money that can be used for various actions such as disputes and fee disbursement. A merchant’s net revenue minus Flex platform costs are paid out daily. Finix and Flex customers are paid out monthly. This includes Flex platform costs as well as Flex customer fee revenue.

Have a question about Flex you don't see covered here? Get your question answered.

The Flex Dispute page is designed to allow users to easily track dispute status, view and upload supporting evidence, and review transfers and payment instruments associated with chargebacks. Finix also provides API support to automate the process, which is critical for managing high-chargeback merchants. When you need to complete audit views, you can see all pertinent information on one screen. To handle disputes, a Flex customer simply needs to access our APIs and Dashboard. Once submitted, the dispute state is updated for asynchronous feedback throughout the process.

• PENDING: There is a response pending from either party. There is no resolution to the case.

• INQUIRY: The issuer requests evidence from the transaction from the sub-merchant. The inquiry state seeks to resolve the dispute before engaging in the chargeback process.

• WON: The sub-merchant has provided sufficient evidence to fight the dispute.

• LOST: The sub-merchant has not provided sufficient evidence to fight the dispute.

Flex lowers the barrier to entry for a wide range of software companies who are ready to enable payments on their vertical SaaS platforms to increase revenue and market share and delight customers. Beyond being an accessible and straightforward product to set up, we've cultivated a team of people passionate about payments and helping our customers prepare for success long into the future. Get started on the flexible path to payments ownership by learning more about Finix Flex.