FundRazr Goes Mobile With WePay

FundRazr is a global crowdfunding platform that manages donations to over 40,000 campaigns, totaling over $50M to date. As they look to grow their business, they will continue to rely on payment providers to help them expand their offerings and simplify the user experience. In late 2013, WePay partnered with FundRazr to help improve payment processing across the platform. 

In the crowdfunding industry, growth increasingly means tailoring your site to the mobile audience. FundRazr is working to do just that from every angle. They have made improvements in their payment process and have put a serious focus on responsive design. However, the company credits WePay for the success of their mobile payments. The partnership with WePay drastically simplified the payment process on mobile devices, resulting in a 73% increase in successful mobile payments since launching WePay last year.  

“WePay has allowed us to significantly increase our conversion rates, simply by partnering with them,” said Bret Conkin, Chief Marketing Officer at FundRazr. “Our relationship with the WePay team has been vital thus far and we will continue to rely on them for campaign payment processing going forward.”

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So far this year, WePay has 10% more successful payments than other payment providers on the FundRazr site. This is critical, particularly as FundRazr looks to break into the business crowdfunding landscape later this year with a suite of solutions designed for startup, idea-stage companies and others in the business community. The company is developing ‘white-label crowdfunding’ where FundRazr software can be integrated into other websites to turn them into a crowdfunding portal. And, they’re working towards partnering with corporations to provide them a platform to donate to campaigns of charities they support, start their own, or donate rewards or fees to existing campaigns. 

We couldn’t be more excited about FundRazr’s plan for growth—or pleased they see us as a critical ally to help them get there.

Making Sense of the Payments Landscape at Commercism 2014

Bill (WePay’s CEO) spoke today at Commercism, a conference focused on the cutting edge of E-commerce. Bill shared his take on the hidden infrastructure that supports online payments and how this infrastructure affects decisions that platforms and marketplaces have to make when choosing a payments provider.

The payments landscape can be difficult to make sense of, so Bill also shared a list of payment terms (a glossary) that people might find helpful. We’ve attached that here!

What Is An Aggregator?

At WePay, we often talk about ‘aggregation.’ Most often, we’re selling WePay against the idea of aggregation - against a potential partner setting up their own internal payments operation and aggregating funds into a single account. That’s not necessarily an easy concept to understand, though. Here, WePay’s General Counsel, Susan Dunn, takes a closer look at what exactly defines an aggregator.

Payments is a highly regulated industry. Not every flow of funds that is possible as a technical matter complies with applicable laws and regulations.

Take the ability to accept credit cards as an example. These days almost anyone can get a merchant account and accept credit cards as payment. If you read the fine print, however, you’ll discover that the card networks (Visa, MasterCard, and Discover) impose significant restrictions on how a merchant account can be used. Violate those restrictions, and you can incur thousands of dollars of fines and have your merchant account revoked.

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Marketplaces and Money Transmitter Licenses

*This post is an abridged version of a presentation given at the Law Seminars International “Mobile Payments Law” conference on November 22, 2013.

An “online marketplace” is a website that facilitates transactions between third party buyers and sellers, rather than between customers and the website itself. eBay was an early pioneer in this business, followed by Amazon Marketplace, Etsy, and a host of others.

Marketplaces occupy an ambiguous place in the supply chain for goods and services. Marketplaces connect buyers and sellers. They differ from online stores, which buy and sell in their own names. Some marketplaces maintain their distance from the supply chain and provide little more than passive hosting services for online advertisements. Other marketplaces curate buyers and sellers, deliver digital goods, or guarantee buyer satisfaction. Many marketplaces provide payment services so that buyers can pay sellers on the website.