WePay, a provider of payments for platforms, introduced announced on Wednesday (October 8th) its latest product, WePay Clear, which allows platforms to facilitate payments while WePay manages fraud, risk and compliance from behind the scenes.
CEO of WePay, Bill Clerico shared,“Most online platforms have an excellent user experience, but when it comes to enabling users to accept payments, they fall flat. The problem is they are forced to share their users with payment providers and rely on someone else’s interface. The alternative is to build a payment offering themselves, which can be expensive, complex, and risky.”
WePay Clear provides platforms – crowdfunding sites, online marketplaces, and business software – with all of the tools they need to enable their users to accept payments, including merchant on boarding, credit card processing, and payouts. Yet, unlike most payment providers, WePay Clear is transparent to the end user. Platforms can seamlessly integrate WePay Clear with their websites or apps, and process payments under their own brand without compromising on user experience.
Leveraging WePay’s patent-pending Veda Risk Engine, WePay Clear shields platforms from all risk arising from chargebacks and credit fraud, which collectively cost U.S. retailers $3 billion each year. WePay Clear is currently being piloted by FreshBooks, a cloud accounting solution for small businesses, for its new payments feature.
Co-Founder and CEO of FreshBooks, Mike McDerment added, “Making payments simple and easy-to-use is an important part of our customer experience. WePay Clear removes the complexity of payment processing which enables us to design a payments experience that is purpose-built for service-based small business owners.”