WePay is known for its payment services for marketplaces, crowdfunding platforms and other websites to enable online transactions. The company now has launched a white-label, API-based service called WePay Clear. The new service works similar to Stripe and also offers a no-fraud guarantee.
WePay Clear works both on the desktop web as well as in mobile apps. The service is already live in the U.S. and is being rolled out in Canada. It is also being tested in other markets like Europe and Australia. Freshbooks, known for its cloud-based accounting solution, is the launch partner for WePay Clear. WePay Clear offers core payment processing features like merchant onboarding, credit card processing and payment settlements. Its risk management feature takes care of the issues around chargebacks which many traditional payment processors face.
WePay Clear can be considered an upgrade to WePay Connect, another API-based product which the company had launched back in 2011. The Connect product also offered a no-fraud guarantee and has signed up 1200 platforms as customers with $1 billion in processed transactions to date. Clear, as a white-label solution, offers two key features keeping up with the latest trends. Firstly, it offers payment integration into apps and secondly, it offers a customized brand experience.
Clear is highlighting its unique selling proposition as a service offering with both a payment engine as well as fraud detection. Being a white-label service, it is ideal for companies who wish to offer payments under their own brand but don’t want to manage risks related to fraud. Also, companies do not need to specifically create WePay accounts in order to avail the service. The biggest challenge that Clear addresses is payment systems not being central to websites.
The charges for WePay Clear are $0.30 per transaction plus 2.9% of the transaction amount. WePay has gained $1 billion plus in payment volumes mainly through partners in the crowdfunding space. Through such recent initiatives, WePay will look forward to expanding into other marketplaces and accelerate into other types of business software.
WePay is not alone in the field of enabling payments on platforms and is competing with big brands like Klarna, Alipay and PayPal. In early 2014, WePay discontinued its consumer-facing brands such as its P2P payments platform. WePay has moved out of such competitive businesses to focus more on its partners and that has brought more growth and revenues to the company. With this new service launched, WePay will establish more prominent partnerships and attract the attention of other players in the market as a stronger competitor.