We’re excited to share our latest evolution at Stitch. Today we launched two new pay-in methods - Card and Debit Order - and our payments orchestration and reconciliation system, PayOS. Combined with our existing pay-in methods and Payouts, Stitch has now expanded to become a full, end-to-end Payments Service Provider.

Why a PSP?

Stitch is a client-first business. We work closely with client teams as more than a payments provider; we act as a thought partner, helping them to optimise the way they run their payments environments. Over time, our clients have started asking us to support them with even more solutions. This evolution is in large part a response to that demand, and an effort to fill gaps we still see in the market across the payments stack.

Today, the Stitch payments suite is designed specifically for businesses with complex payments needs, offering a high level of flexibility and customisation.

Through a single API integration, now Stitch clients can:

• accept payments across methods including Instant EFT, Debit + Credit Card, Direct Deposit, Debit Order and Cash; 
• track, manage and reconcile payments received across multiple methods, providers and geographies with PayOS; 
• and easily disburse funds with Payouts.  
   

New pay-in methods

Today Stitch launched pay-ins via Debit + Credit Card. Stitch Card:

• Allows clients to own their own network tokens: This means clients are not locked into a single provider; they can choose to move processors seamlessly and take their tokens with them
• Lowers risk of failed payments: We can reduce failed payments by automatically updating expired or lost cards 
• Offers direct integrations with multiple banks: This offers redundancy, higher uptime and higher acceptance rates 
• Enables a digitised chargeback system: Stitch removes the need for manual chargeback management by enabling clients to view and respond to chargebacks via their dashboard
   

Clients can also now accept Debit Orders or Debicheck payments through Stitch with:

• An optimised user experience: Stitch provides pre-built, optimised hosted flows to significantly improve the UX when placing a debit order
• Optimised collections + smart routing: Clients can see which dates are best for collections based on real-time account balance data. Debit Order can also be combined with tokenised card or bank accounts to enable a seamless collections process by choosing the method that works for a particular customer 
• Lower fraud thanks to built-in account holder verification

Introducing payments management system, PayOS

Clients that use multiple PSPs for pay-ins struggle with reconciliation across banks and providers, as well as with the large engineering lift required to enable and maintain these integrations. PayOS is a SaaS solution - the first of its kind in the market - that enables clients to integrate directly into multiple PSPs and manage payments across methods, providers and geographies, all through a single integration.

PayOS offers more freedom when it comes to the way clients manage and orchestrate their payments because it allows them the flexibility to maintain existing commercial agreements, and set their own rules based on which methods and providers work best for particular customers in particular instances.

Thanks to these direct integrations, we can aggregate and standardise data from across providers into a single source of truth, simplifying the reconciliation process and making finance and payments teams much more efficient. 

Completing the payments cycle with Payouts

Clients can easily send refunds and withdrawals, and disburse funds via Payouts, in real-time over API. We help clients manage float and ensure payouts are settled into verified recipient accounts.

For existing Stitch clients, additional development work required to enable these new solutions is minimal. For new Stitch customers, all payment methods can easily be combined via a single integration, and managed via PayOS.