South African fintech Stitch has introduced the addition of card and debit order pay-ins, in addition to a payments administration system PayOS, for payments orchestration and reconciliation.
Through the addition of the new services, Stitch turns into an end-to-end Payments Service Provider (or PSP, outlined as a 3rd occasion that allows companies to simply accept, handle and ship digital payments by quite a lot of strategies).
According to a press release by Stitch, its purchasers can now:
- settle for payments through Instant EFT, Debit + Credit Card, Direct Deposit, Debit Order, and Cash;
- monitor, handle, and reconcile payments obtained throughout a number of strategies, suppliers and geographies through PayOS;
- and simply disburse funds through Payouts
“We’re really excited to fully serve our clients end-to-end, and meet more of their payments needs,” stated Stitch president Junaid Dadan. “We operate as a client-first business and have found that clients see us as a thought partner in the way they run their payments environments. Over time they’ve started asking us to support them with more solutions. This progression is in response to that demand, and an effort to fill gaps we see in the market across the payments stack.”
Stitch launched its first pay-in methodology, Instant EFT, in late 2021. They moved from a single-method provider towards a multi-method providing with the launch of Direct Deposit in November 2022, and CashPay in February 2023, along with Payouts. With the newest launches, Stitch has turn into a full-service PSP.
According to the fintech startup, the evolution was largely a response to requests obtained from current purchasers to assist resolve extra of their cost wants.
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