The Future of Fintech and the importance of payments to a SaaS business: WePay's Week in Payments
Scanning the news in the payments world this week was an interesting exercise because the two standout themes are very much aligned with what we do here at WePay and with the future of digital payments. The first theme is around the future of Fintech and where the nascent industry is headed and the second is around the huge impact of delivering payments as a an integrated part of a solution rather than as an afterthought.
First up, Fintech. The influential political blog, The Hill, has an extensive piece about what Fintech is and what the US Government is and should be considering around supporting and regulating the industry. It’s written by Allan Grody, President of Financial InterGroup Advisors. He argues strongly that “a comprehensive industry/government partnership is needed to guide the country and to lead the world in rewiring the financial system.”
There’s still time to for the industry and regulators to get out ahead of the issues, however. Our own CEO and co-founder, Bill Clerico, was interviewed on the Twenty Minute VC podcast and he argues that we are still in the very early days for Fintech. He also touches on creating a successful startup, pivoting, corporate culture and more.
David Dunn, of Braintree Europe, has a piece in ITProPortal about why payments are more than plumbing. It’s a good piece and makes a great case for integrating payments. He says that you can help your business by making it easier for your customers to get to a checkout and by making it easier to scale. We would argue that a SaaS business can go even further by using payments to better retain existing customers and help them grow, better adding new customers by scaling as Dunn mentions and also by optimizing revenue for the platform itself. The way to achieve these goals is via white-label payments. Our co-founder, Rich Aberman, talked to PYMNTS.com about why white-label payments are so important and also addressed the challenges they can bring. On the same topic we held a webinar about integrating white-label payments and how one of our customers, Ecwid, did it with great success.
In other payments industry news, Signifyd raised $65 million to build solutions for the e-commerce chargeback problem and Sage Group of the UK is putting its US payments unit up for sale.