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With $40 Million In New Funding WePay Plans To Expand Its Services Globally

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WePay helps crowdfunding platforms, marketplaces and SaaS companies facilitate payments, without the accompanying risk and regulatory overhead. WePay has recently announced $40 million in Series D financing. Below is our interview with Bill Clerico, CEO of WePay:

Bill ClericoQ: WePay allows SaaS companies and marketplaces to seamlessly process payments for their users. Tell us something more about the company?

A: We power payments for online platforms and marketplaces that connect buyers and sellers. These include companies such as Freshbooks, Constant Contact, These platforms want control and flexibility to seamlessly facilitate payments without the risk, regulatory and operational challenges and WePay addresses this need for them in an easy manner.

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Q: What advantage does WePay have over have over its competitors?

A: Unlike many other payments companies, we focus exclusively on meeting the needs of platforms, which need a way to move money between users, rather than a way for users to pay the platform directly. It’s a fine distinction, but we’ve found that platforms trying to build on top of technology from competitors without this focus often have to make a number of compromises. Either they cede a certain amount of control over their user experience to the processor in exchange for protection from fraud and regulatory burdens, or they maintain control but must invest heavily in building their own technology and organizational competency to meet those challenges.

WePay is about not having to make that hard decision. We partner exclusively with platforms to provide payments as a seamless service, collaborating to design, deploy, and maintain an integrated payments infrastructure that is largely invisible to each platform’s users. Our partners get the payments they seek while WePay handles the operational, regulatory risk, and fraud burdens.

WePay Plans To Expand Its Services Globally

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Q: You’ve recently announced $40 Million in new funding, what can we expect from you in the future? What are your plans?

A: WePay has it’s eyes on global expansion, which as you can well imagine is an expensive prospect. Yet at the same time, we want to expand right. We have traditionally resisted going to market internationally until we were sure we working with the right local banks and technology providers to deliver the high degree of safety and reliability our platform partners expect of us. Striking deals with foreign regulators and banks is an ongoing process, one this new capital will give us the room to manage. We are also very pleased with the caliber of investors that put their faith in us for this round. We believe FTV’s payment experience and Rakuten’s marketplace expertise will be invaluable as we continue our international expansion.

As phones rapidly replace PCs, platforms must scale and meet the demands of mobile users. This transition to mobile introduces unique opportunities for commerce. We believe that the world is rapidly approaching a point where e-commerce will cease to exist as a separate category. In its place will be converged commerce, the idea that consumers will be able to pay for anything, online or off, using the same simple services and devices. The winners in this new paradigm will be online platforms who are able to successfully move into what is today offline commerce, and those retailers who are able to seize the opportunity posed by dramatically decreased friction between their online and offline businesses. WePay is committed to helping to make this transition a reality.

payments for platforms

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Q: What can you do for startups? How would you convince the reader to start using WePay?

A: Payments is becoming a more complicated space than ever before. From the emergence of new technologies like Apple Pay to the pressures of adapting to an ever-shifting regulatory environment as exemplified by recent changes to the PCI standard, to the continued threat of fraud from increasingly sophisticated global criminal organizations, there’s never been more for a potential payments company to manage. WePay wants to be the company that cuts through all that complexity — we provide a simple, unified product that lets platforms process payments for their users without needing to worry about fraud, regulation, or the burden of adapting to support new technologies.

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