Finix’s Q3 product update is out, full of updated features, redesigned interfaces, and new capabilities aimed at improving our customers’ lives. You can read the Q3 Product Update Release Notes here, and below, I’ll describe in more detail a few of the features that I think do the most to help our customers save time and money.
Since “reintroducing” Finix in May, one of our top requests has been to make it easier for software platforms to switch from other payments processors—like Stripe or Braintree—to Finix. Switching processors often requires a token migration, which allows platforms to continue charging cardholders’ stored payment details without interruption. Migrating tokens to Finix involves two main steps: 1) export payment card information from the previous processor and 2) import it into Finix as encrypted payment data (aka tokens).
After a few migrations, we noticed a pattern: the card data stored at the previous processor often lacked important address information like a zip code. There’s no requirement to store address information, but generally, running Address Verification Service (AVS) checks can lead to reduced fraud, fewer declinations, and lower interchange fees.
Talking to our customers, we learned that they were paying a blended rate (e.g., 2.9% + 30¢ regardless of the actual transaction cost) to their previous payment processor, so they had little incentive to ask cardholders for address information to lower the cost of the transaction. But now, with Finix’s updated token migration process, they have an opportunity to lower their interchange fees—and therefore the cost they pass on to their customers—by using interchange-plus pricing from Finix (we also offer blended pricing) and passing address information along with each transaction.
We've introduced dozens of navigation, layout, and design tweaks to make the Finix Dashboard more intuitive and user-friendly. The most visible change is a new landing page that summarizes key payment metrics so software platforms can quickly review their payments activity.
We also added new payments reporting capabilities (asynchronous exports and in-dashboard UI changes). One customer shared that these changes reduced the time required to complete their reporting tasks from over an hour to less than ten minutes per day. Others have appreciated the speed at which we’re improving our dashboard:
Buyer Fees are fees charged to a cardholder in addition to the price of the goods/services sold. There are strict rules for applying these types of fees, including caps on fee amounts and required disclosures that can vary by state, but generally, buyer fees are used to offset the cost of payment processing for merchants. Convenience fees, for example, are one type of buyer fee that can be applied when a merchant accepts payments through a channel (often via the internet or over the phone) outside their normal mail or in-person channels.
Check out our documentation to see how you can apply buyer fees to a transaction or talk with one of Finix’s payment specialists about when and how to apply these fees. We like to take a consultative approach with our customers, which includes helping them figure out the best billing and fee configurations for their platform:
Finix has had a lot of great news to share lately (raising an additional $30M and being recognized as one of the top 100 fintech companies of 2022) but I get most excited when we’re able to share new features that make our customers’ lives easier. Thank you to all our customers who provided such great feedback and to every Finixian for their hard work to make this release happen. I can’t wait to share more in Q4!