Aurora Payments, a prominent name in the fintech sector, has recently unveiled ARISE, an innovative payment platform tailored expressly for the needs of small and medium-sized businesses (SMBs). This launch could significantly impact a wide range of service-oriented businesses such as nail salons, hair salons, child care centers, and more, providing them with a versatile tool to handle financial transactions efficiently.

The significance of this development lies in the substantial economic footprint of SMBs, which account for about 44% of the GDP in the United States. These businesses also make up nearly half of the employment and a significant portion of tech spending. As the trend moves away from cash in favor of credit cards and digital payments, the necessity for streamlined and secure payment systems grows. Aurora Payments, with its robust experience and extensive merchant portfolio, aims to address the complex needs of these businesses through ARISE.

ARISE stands out due to its cloud-based, payment-agnostic nature, offering a multitude of features through a single platform. These include real-time reporting, secure transaction processing, and the capacity to handle various payment methods including EMV, NFC, and ACH transactions. The platform’s adaptability is especially highlighted by its ability to function both in environments where the card is present and those where it is not.

The platform’s capacity for fast onboarding is a key feature, promising activation and go-live readiness shortly after submission of the necessary merchant processing application. This rapid deployment capability is enhanced by the simplicity of setting up the ARISE Payment Terminal, which can start accepting payments in less than 60 seconds.

Furthermore, the ARISE platform offers the option for zero-cost processing, allowing merchants to avoid the fees typically associated with card transactions through methods like cash discounting and customer surcharging. This feature alone could provide significant cost savings for SMBs, making it an attractive proposition for business owners.

Security is another critical aspect, especially in the digital payment domain. The ARISE Payment Terminal fulfills high industry standards, meeting PCI PTS5.0 Security Standards and obtaining EMV Certification. Such certifications ensure that SMBs using the platform can guarantee their customers safe and reliable transactions.

Another innovative aspect of ARISE is its utility in real-time data tracking and advanced error reporting. This allows merchants to view and manage transactions effectively, providing them with enhanced control over financial operations. The dual network and Wi-Fi connectivity ensure that transaction processing is not only smooth but also swift, which is essential in fast-paced business environments.

With the backing of Corsair, a leading private equity firm, and its strategic position in Las Vegas, Aurora Payments is well-positioned to expand its influence in the fintech market through the ARISE platform. This innovative solution is set to empower SMBs with technological capabilities that were previously available only to larger entities, leveling the playing field and potentially transforming how smaller enterprises manage their finances in an increasingly digital economy.