Intro

Recently, we looked into Finix, a B2B payment processor for accepting payments and receiving money. Finix was founded in 2015 and according to the website is “on a mission to create the most accessible financial services ecosystem in history.”

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Product

While Finix offers a variety of payment features and solutions on their website, this review will focus mostly on what they provide in connection to payment processing. Through Finix, businesses can integrate both in-person and online methods for accepting payments, including debit and credit cards, HSA/FSA cards, Apple and Google Pay, as well as ACH.They also offer solutions for pay-outs: real-time payments to Visa and Mastercard debit cards 24-7, 365 days a year and next-day ACH payments to bank accounts. 

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Creativity

Finix is obviously not the first fintech to enter the world of payment processing, but we think a few things stand out with this company. First, in a world that has historically been dominated by traditional payment networks and more recently by large companies like Square or Stripe, we appreciate that Finix is bringing more options and competition to the table. At face value, their solutions are pretty comparable to the other ones out there, but we like having the option of being able to shop around.

Second, we like how customizable Finix’s solutions are. Finix claims that they help companies become their own payment processor by offering hundreds of different configurations for their platform(s).

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Website

Overall Finix’s website is easy to navigate and very informative. We especially appreciated that there’s a cost breakdown on the website that is easy to locate (which is not true for other payment processors). For example, we could quickly find that using Finix to process a Visa, Mastercard, or Discover payment *costs 2.75% + $0.30. 

Finix also has a very active Resource section on their website with helpful guides, access to webinars, and regular blog posts about relevant topics, which we liked. 

*versus Square and Stripe costing ~2.9% + $0.30

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User Experience

Until recently, Finix was only available in the U.S. but now has expanded to Canada as well. This could obviously be a limiting factor for businesses, however, if they have an existing global presence or hope to have one in the near future. 

Although we didn’t actually try out Finix’s services, we were able to try out their developer sandbox and overall really liked the experience. We found that the developer dashboard felt a bit too crowded, but there was a very helpful Quickstart to get going, an informative “Developer” section in their docs, and a very straightforward chart about their payment lifecycle. 

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Overall Recommendation

From what we were able to research and experience of Finix, this startup seems like a decent option to consider when making decisions about how to integrate payments into your business’s infrastructure, as long as you primarily process payments within the U.S.