“Credit as a Service” debuted today from payments company MSTS to let online sellers provide their own branded lines of credit to buyers.
Payment and credit services provider MSTS today introduced a cloud-based service designed to let companies offer on-the-spot credit lines to online buyers that satisfy credit risk requirements. MSTS, a subsidiary of World Fuel Services Corp., has operated for decades in the payment and credit services industry. It handles about $5 billion in volume and provides clients with credit underwriting and risk management services in more than 190 countries.
MSTS took its business to another level today with the launch of Credit as a Service, or CaaS, a cloud-based system that connects to credit rating services, payment networks and e-commerce platforms. CaaS was designed to cost its client sellers between 1% and 1.75% of value per transaction, says president Brandon Spear. By comparison, credit cards typically charge transaction fees within a range 2% to 3%.
MSTS designed CaaS for companies involved in trucking fleet management, manufacturing, e-commerce, and retailers that sell to corporate clients.
Read the full article on Digital Commerce 360.
In the Press
Multi-Service Technology Solutions (MSTS) was founded in 1978 by a former trucking company owner who wanted to automate payments for trucking services.
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