Staitment: The ULTIMATE AI Tool for Finding Cheaper Payment Processing
Michael Seaman, CEO, SwipeSum
In episode 82 of The Payments Show Podcast, I spoke to Michael Seaman who is the CEO of SwipeSum.
SwipeSum a technology company that helps businesses find the most cost-effective merchant services and payments solutions through it’s AI solution called Staitment. Staitment helps merchants to find the best solutions in seconds compared to manual audits which can take many weeks or months.
AUDIO VERSION: thepayments.show
Evaluating 5,000 Payment Companies in the USA … FAST!
With any merchant services deal, you can always focus on cost savings. But that's not what you should start off with. People really need to find the best solution first. E.g Does it support mobile apps? Do they offer offline terminals? Is customer support a really big issue for you? Do you have a lot of different locations that have different business management software, so you have to have different providers?
Most of the noise is really people trying to evaluate the 5,000+ payment companies in North America alone to figure out who's the best. You actually have to know the industry really well to be able to target the ideal solution right off the bat. And I think that's the most powerful thing that Staitment does.
AI Analysis for SMEs or Large Enterprises
We built Staitment for our clients to be able to audit all of their monthly statements. This could be a company as big as BP with 50,000 locations and perform an instant audit of every location. Or it could be a small business like you mentioned that saved $100,000 in a year.
Payments Are Still Not Seamless
You have to offer the payment solutions that your customers want to pay with. Which seems really basic, but oftentimes that's just not the case. Even for trade shows and events, we still get printed off invoices that they want us to write our card numbers down or send a check. Or going to a coffee shop and you want to use Tap2Pay on a mobile solution, but they don't have that. The terminal might have a piece of tape over where you dip your card or something! Rarely do you see seamless payments executed perfectly everywhere.