Digital Transactions Authoritative, insightful and timely information for payments professionals
The promise of lower credit and debit card processing fees is a big attraction for merchants to switch merchant providers. Statement reviews are a key part of that process and now PayBlox, a merchant services referral site, has enlisted artificial intelligence to help.
With the debut of its Statement Spy service, PayBlox, which is based in Cape Cod, Mass., is incorporating AI and its statement review process. These algorithms can help identify transaction types and their fees, breakdown rates and charges, providing better data for recommendations.
Founder Brett Husak says Statement Spy is included in PayBlox’s free statement review service. To use PayBlox, merchants complete a form detailing basic information about their business. They can upload a merchant processing statement for review. Then processors can bid on their business.
While there are many merchant referral sites, Husak says PayBlox is distinguished not only by its use of AI with Statement Spy but it does not rely on paid placement. “The challenge in the industry is lead generation is traditionally dominated, in my opinion, by a lot of Google pay-per-view affiliate sites,” Husak tells Digital Transactions News. Many of these sites have advertising disclosures that declare the rankings may be determined by a payment option, he says.
PayBlox charges no fee to the merchant nor to the processor to pitch its services to matching merchants. It is paid only when a merchant accepts an offer and moves forward to the application, Husak says. This helps lower the cost of acquisition for the merchant services company and provides businesses with real-time offers, he adds.
In related news, Colleen AI Inc., a Daytona Beach, Fla.-based generative AI provider, released Colleen Voice, a tool to help multifamily property management companies interact with residents for rent payments and lease renewals.
