Most any startup with sights set on success needs the capability to collect payments without hassles. The April Payments Powering Platforms Tracker™ takes a look at how companies are working with platforms to collect payments from consumers around the world.
But it isn’t just startups that need some payment acceptance assistance. Even some of the biggest names have been collaborating to introduce new payment platforms or to expand existing offerings.
A pair of payment providers recently partnered to launch a new B2B platform for companies in Singapore. The platform from Citibank and Visa, called Renepay, is aimed at streamlining complex business purchasing processes and will include suppliers across wide-ranging industries.
Meanwhile, MasterCard announced it would begin to partner with merchants in six countries to expand use of its mobile order ahead and payment platform, Qkr!, with MasterPass. The platform allows merchants, including gas stations, parking lots and other unattended environments, to accept advance payment for purchases. The company also added a new “Open Tab” feature to the platform, designed to help restaurants and bars eliminate problems that come from open tabs (like that stack of credit cards left behind).
Collaborating to Clear the Payment Hurdle for SMB Success
With even the largest companies in the space looking for new ways to accept payments and speed up and simplify transactions, perhaps it shouldn’t come as a surprise that accepting payments is among the most vexing challenges for small businesses. In fact, according to PYMNTS research, less than one third of B2C startups offer online payments, which could spell doom in today’s connected and convenience-driven consumer market.
For the latest Payments Powering Platforms Tracker™ feature story, PYMNTS caught up with Sridhar Nagarajan, general manager and VP of direct business for Ecwid, to discuss how small companies can simplify payment acceptance and make sales quickly.
“Payments is a huge friction point for SMBs that want to get up and running quickly,” Nagarajan told PYMNTS. “When we analyze customer behavior, we find that a lot of merchants struggle to find success as they fail to overcome the hurdles of setting up their payment options. It’s just too complicated.”
Check out the latest Tracker for the full story and find a ranking of the top providers in the space, along with the latest news and headlines.
To download the April edition of the PYMNTS.com Payments Powering Platforms Tracker™, click the button below.
About the Tracker
The Payments Powering Platforms Tracker™, powered by WePay, serves as a monthly framework for the space, providing coverage of the most recent news and trends, along with a provider directory highlighting the key players contributing across the segments that comprise the payments-integrated platform ecosystem.