11 2018 | INSIDE PAYSAFE
Paysafe continues to scale in North America
In the past 15 months, Paysafe has significantly expanded its footprint in North America through the acquisition of two key organizations, MCPS and iPayment. As a result, Paysafe is now a top five, non-bank payment processor in the U.S.
Expanded presence in North America
Acquisitions like these, combined with ongoing organic growth, form part of Paysafe's continued commitment to expand its presence in North America in response to significant growth opportunities, particularly in the fast-growing SMB sector. With more than 137,000 merchant customers iPayment was an established leader in the U.S. based payment processing industry and culturally aligned with Paysafe in its vision to offer merchants and partners an unrivalled payments offering. In August, we sunset the iPayment brand; rebranding the company as Paysafe. The iPayment acquisition followed Paysafe's acquisition of MCPS in August 2017. Again, the cultural fit and shared vision made sense with this acquisition too. The resulting Payment Processing organization that has now been established in North America, boasts over 200,000 SMB customers.
More product choice
The integration of iPayment and MCPS into Paysafe brings merchants, partners, developers and end consumers an expanded suite of technologies, products and value-added services including paysafecard, digital wallets, Paysafe POS, Accelerated Funding, Clover®, Paysafe Pay Later™, gateway integrations, GOLO, and more."Being able to draw on the strengths of such talented people, combined with a wider choice of technology and products has established Paysafe as one of the most formidable acquiring businesses in the country. These investments have given us extensive new reach, scale and relevance," said Todd Linden, Paysafe's CEO Payment Processing. "We've already realized enormous benefits for our customers as a result of the integrations and will continue to evaluate ways to further leverage our deep and growing suite of products to deliver a truly unrivalled, one stop shop for payments."
»We are seeing increasing demand across North America for options that allow the possibility to delay or spread the cost of repaying purchases.«
Claire Gates, CEO Paysafe Pay Later
Paysafe recently launched its accelerated funding program where merchants accepting payments in person will no longer have to worry about having the resources critical to their daily business activities including purchasing supplies and inventory, as well as making payroll. Rather, they will be able to start focusing on the growth of the business by choosing a funding option that is best-suited for the merchant and their business. The portfolio comprises of three separate funding options including Express Funding, Same-Day Funding, and Next-Day Funding. Express Funding, in particular, is the quickest option of them all and allows merchants to receive their available funds, via a linked debit card, within just a few hours, including on weekends and holidays - 24/7, 365 days a year.
Paysafe Pay Later™
According to Paysafe's latest research report, Lost in Transaction: The future of payments for SMBs, 73% of US merchants agree that consumers want more innovative ways to get short-term credit, as evidenced by the recent rise of 'Pay Later' style products which give consumers more flexibility. Paysafe, which already offers European merchants its suite of Pay Later products, is also excited about the broad launch of its portfolio in the North American market. This payment innovation will offer both online and instore merchants the option to add installment payments or invoice capabilities seamlessly to their existing payment solutions."According to our data, we are seeing increasing demand from both merchants and consumers across North America for options that allow the possibility to delay or spread the cost of repaying purchases, " explained Claire Gates, CEO of Pay Later solutions at Paysafe. "Based on our business experience in Europe, we are able to offer a product that caters to various industries, all while meeting the specific needs of our merchants. We look forward to the overall potential in the market."