WePay, founded in 2008, works with more than 30 crowdfunding sites, such as online fundraising site GoFundMe.com and honeymoon registry Honeyfund.com, says Bill Clerico, WePay co-founder and chief executive. As WePay considered its strategy, Clerico says he and other executives decided it was easier to make WePay a payment services provider than to build a payment platform for each vertical it might be interested in.
Adopting that strategy makes sense, says Todd Ablowitz, president of Littleton, Colo.-based Double Diamond Group. “One of the holy grails in starting a new payments company is to find a niche that is growing like crazy and becoming the best at it,” Ablowitz says. That can lead to tremendous growth in a high-margin business, he says. “Focusing on crowdfunding is their way to become very strong in a new and fast-growing market.”
Providing an API gives WePay additional capabilities and flexibilities, Ablowitz says. “This business is no longer about just taking a credit card,” he says. “It’s about integrating payment acceptance into new companies, new business models, and new marketplaces.”
Digital Transactions, October 30, 2013
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