Payment Facilitators Drive Progress and Shopify Reports BFCM Success
In the thick of one of the most commerce-driven times of the year – the holiday season – the payment facilitator model continues to grow in prestige, popularity and credibility.
As PFs around the world continue to enhance their functionality and maximize their product offerings, it’s becoming much more effective and efficient for small businesses to integrate payment acceptance through the PF model.
In the news this week, we have two PFs that continue to revolutionize the payments ecosystem and one that claims a significant impact on this season’s holiday commerce.
PF BlueSnap and JotForm have joined forces to simplify form payments acceptance. Via BlueSnap’s subscription engine, recurring card payments can now be collected directly through a pre-selected and customized JotForm. This applies to membership payments, customer orders and donations and targets small businesses, clubs and non-profit organizations.
Mumbai-based PF Mswipe just received $11 million in funding from tech fund B Capital. Specializing in POS hardware and services that enable electronic payment acceptance, Mswipe raised a total of $41 million with its series-D fundraising initiative. The contribution from B Capital (owned and operated by Facebook co-founder Eduardo Saverin) serves as a milestone marker for the company.
According to Mswipe founder and CEO Manish Patel, via The Times of India, “B Capital’s expertise in the sector and its exceptional network in Asia will be an important ingredient as we [Mswipe] shift orbit and execute our next phase of growth.”
During this holiday season’s Black Friday Cyber Monday (BFCM) shopping event, more than 400,000 shoppers checked out three times faster thanks to Shopify Pay, according to Shopify’s recent post.
The commerce platform says its feature combats cart abandonment – every online merchant’s pain point – by streamlining the checkout process. It removes the fields of customer shipping information and replaces them with a 6-digit verification code that can be sent directly to the customer’s mobile device.
Once the customer’s shipping information has been initially saved, each additional purchase (at participating Shopify Pay merchant storefronts) will only require the six-digit code to populate the shipping information – even for first-time purchases.
As the PF model continues to gain traction in the marketplace, merchants continue to benefit from its ease in onboarding and efficiency with payment acceptance. And as you can see, the momentum doesn’t seem to be slowing down anytime soon.