FIS Introduces Worldpay for Platforms, Enabling Software Providers to Enhance SMB Commerce Experiences

Financial technology provider FIS (NYSE: FIS) announced that it is streamlining the way small-to-medium-sized businesses (SMBs) gain access to embedded payments and finance solutions “through software providers with the launch of Worldpay for Platforms.”

This new software-as-a-service (SaaS) solution “combines the power of the global merchant and banking capabilities of FIS with embedded payments technology built on the platform brought to the company through its Payrix™ acquisition.”

Through Worldpay for Platforms, software companies can now “onboard merchants and get them set up quickly to have access to the payment capabilities of one of the world’s largest payment processors in Worldpay from FIS.”

Matt Downs, Group President of Platforms, FIS, said:

“In today’s digital-first, on-demand economy, software companies need to provide broader experiences to their users. These merchants rely on technology providers to power their mission-critical business management and commerce solutions. Early adopters of embedded payments include ride sharing and delivery companies that allowed customers to easily pay for rides; and for drivers to have access to banking through a single app experience. We are powering similar experiences in a broader market.

Downs added:

“Now, these businesses are pushing the advantages of embedded payments and finance even further and are starting to offer flexible financing at the point-of-sale. With Worldpay for Platforms–and the power of the global merchant and banking offerings at FIS–we are digitally enabling software companies to create unique experiences for their users and consumers.”

With Worldpay for Platforms, SMBs of all types will now be able “to accept hundreds of currencies and popular payment methods globally, across online, mobile and point-of-sale transactions, as well as manage subscriptions, billing and invoices.’

SMBs can also easily “send funds and issue refunds, manage chargebacks, create customizable reports and get the tailored support they need to run their business and better compete with larger competitors.”

Additionally, the platform “provides access to customized payment offerings and differentiated pricing, as well as ‘white-glove’ customer support and advisory services to software companies.”

This allows these companies “to harness the advantages of being full payment facilitators without the heavy infrastructure lift.”

Worldpay for Platforms solves “a significant need for software companies that are focused on serving their users with various financial technology tools, while removing many of the go-betweens that come with having multiple software and payments providers.”

For example, the solution can “help eliminate the need for SMBs to pay separate partners to assist with card issuance, cash advances, or faster access to cash flow.” Along with the solutions within the new API-driven developer portal – SMBs “have access to the tool to assist with everything they need for long-term success through their software provider.”

Aaron Press, Research Director, Worldwide Payment Strategies, IDC Insights, remarked:

“Merchants have embraced integrated payments systems because they would rather run their businesses than manage a portfolio of service providers. At the same time, commerce platforms and marketplaces have embraced the opportunity that value-added payment and financial services can provide to them and their merchants. By leveraging the broad set of financial services products offered by FIS, Worldpay for Platforms should be well positioned to serve the market.”

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