Payments processor Stax said last week that it acquired CardX, the company that has made a name for itself beating back state bans on merchant surcharges.
Orlando-based Stax will add CardX’s software for managing transaction surcharges and related compliance to its portfolio of payments tools offered to merchants.
The purchase will combine Stax’s 22,000 business clients with CardX’s 2,600 customers, with the latter keeping its brand name and Chicago offices, the Nov. 30 press release said.
The acquisition “will certainly help bring greater exposure to CardX and their services via Stax’s existing merchant base, but merchant’s willingness to adopt the capability is yet to be seen in full,” Strawhecker Group Project Manager Zach Spellman said by email.
“Stax is attempting to grow their omnichannel payment offering through the addition of surcharging capabilities, which is still a relatively new and growing practice within the U.S,” Spellman said.
Stax, founded in 2014, is led by co-founder and CEO Suneera Madhani and has about 130 employees, according to the company’s website. The company, which was formerly known as Fattmerchant before a rebranding in April, has raised about $200 million.