Strengthening Fintech Ecosystems through Strategic Partnerships: CatalystPay x PAYSTRAX
FinTech is an ever growing industry, which compels us as service providers to be at our best every single day. One of the ways we accomplish this at CatalystPay is by creating strong partnerships to help us deliver really intuitive payment solutions that don’t compromise technical efficiency.
This case study showcases the strategic collaboration between us and PAYSTRAX, a financial technology company specializing in cutting-edge solutions for card payment transactions across the UK and Europe.
This collaboration shows the importance of sustainable relationships in FinTech, and how such alliances directly benefit merchants through better service offerings, more competitive pricing, and increased overall operational efficiency.
"Our commitment is to help merchants transition towards a personalized approach in payments. We believe in leveraging our insights and solving our customers’ challenges for real, by leveraging future-proof technology and without sacrificing a people-centric experience for both our merchants and their end customers."
Kevin Hart, CEO at CatalystPay.
Founded in 2018, PAYSTRAX is renowned for its 3rd party solutions in card payment transactions across the UK and Europe. Specializing in tokenization, fraud prevention, and chargeback management, PAYSTRAX makes sure that merchants receive fast, secure, and cost-effective payment solutions.
PAYSTRAX operates through strategic partnerships and a commitment to constant internal innovation, through which it integrates core IT infrastructure with 3rd party solutions to create an offering based on merchants’ pressing needs for operational efficiency and scalability.
PAYSTRAX is one of the first acquirers CatalystPay started working with, and throughout the collaboration they have proven to be cooperative and flexible when it comes to find fast & reliable solutions to merchants’ challenges. On top of this, PAYSTRAX also provides a fast onboarding process, being one of the fastest YTD among all of our existing acquirers.
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Collaboration overview
Together with PAYSTRAX, we have been able to overcome the pressing challenges of merchants and their day-to-day operations. The solid and sustainable relationship between us as a PSP and an acquirer directly benefits customers, which has been the foundation of this partnership.
This partnership comes as a response to the increase in demand in secure and intuitive payment solutions across the UK and EU markets. By working together, we are able to offer merchants competitive transaction fees, better payment settlement terms, and a wide range of payment options, such as APMs like Apple Pay and Google Pay.
Through the multi-acquirer approach we can offer efficiency in operations from continuity, to flexibility and competitive pricing.
Together with PAYSTRAX, we are able to offer our merchants higher settlement flexibility and transaction fees that often prove to be more competitive than a direct solution, to ensure business continuity. On top of this, both of our companies use human, people-centric support that’s fast, reliable and provides personal customer service to cater to our merchants’ unique needs.
Challenges
As an ISO, we are at the frontline when it comes to dealing with merchants’ needs. The first principle under which we operate is that every business is different and has its own set of specific needs and challenges, and our expertise in various verticals allows us to tailor our solution to an approach that would best fit every customer.
In practice, through the partnership with PAYSTRAX, we can onboard both UK and EU merchants. Together we meet merchants' needs from the variety of processing currencies, and local specific settlement currencies such as NOK, SEK, DKK, RON, PLN, alongside the major ones like EUR, GBP, USD.
This collaboration also allows us to help a series of well-represented as well as underserved verticals such as dropshipping, digital goods or subscription-based services, at a competitive pricing thanks to the multi-channel approach, and the various payment methods ranging from the classical card processing to APMs such as Apple Pay and Google Pay.
Execution
Our approach to payments is built on proactively identifying and solving payment challenges and staying on the client’s side, which requires continuous assistance throughout the collaboration to ensure smooth sailing.
This kind of attention starts with onboarding, and consists of constant collaboration with the acquirer – because we are connected to PAYSTRAX through their payment gateway, we can directly ensure the highest security standards and fraud prevention policies, along with features such as routing and cascading.
See how we help an ecommerce business and software distributor achieve 6x processing volume increase.
The Results
The processing volume of our merchants onboarded with PAYSTRAX grew tenfold in 2023 compared to 2022, along with an increase in the number of merchants and acceptance rates.
One clear example of the processing efficiency is the 35% month-to-month increase in sales volume of one merchant who approached us looking to increase their processing efficiency.
Another example is a customer that wanted to increase their acceptance rate and used PAYSTRAX through our solution, along with their existing processor, for which we applied payment routing. Every time a transaction was declined by the merchant’s legacy processor, it was routed to PAYSTRAX, which allowed this merchant to significantly improve the transactions’ acceptance rate through the routing process made possible by this partnership.
Conclusion
The collaboration between us and PAYSTRAX is a great example of leveraging the power of strategic partnerships in the FinTech industry. By combining our expertise and resources, we have improved customer experience and service quality for merchants across the UK and EU. This partnership shows the true value of collaboration and shared values in the payments ecosystem.