SwipeSum, the first online marketplace for credit card processing, has announced the release of its new product STAITMENT, an AI-powered processing statement reading technology.

The new software uses artificial intelligence to read uploaded processing statements and outline the fees and pricing structures contained within. Additionally, the software can help credit card processing, e-commerce, point of sale, banking, and payments professionals create sales cost-comparison proposals instantaneously.

“There is a massive need for STAITMENT in this industry,” commented SwipeSum CEO Michael Seaman. “The current process for reading statements is archaic. ISOs and resellers are spending too much time poring over statements and proposals. STAITMENT automates the statement reading and proposal creation processes and allows professionals to spend more time serving their valued customers. Not only will STAITMENT accurately read statements and remove human error, but it will drastically shorten sales cycles.”

In addition to its primary processing statement reading function, STAITMENT offers the following features:

• Determines whether listed fees are negotiable.
• Allows users to manually categorize fees as interchange or processor markups.
• Identifies varying pricing structures including cost-plus, flat-rate, and tiered pricing.
• Calculates effective rates and total negotiable fees.
• Creates processing proposals based on the user’s own inputs including buy rates, monthly fees, and target residuals.

STAITMENT is currently in use by select banks and will become publicly available in January 2020. To receive further updates on STAITMENT, visit www.staitment.com