As platforms for everything from ticketing to fundraising become increasingly common, companies are striving to stand out in an increasingly crowded space. And eager find an edge, some platform providers are finding it better to partner up than go it alone.
In efforts to offer the most attractive platforms possible to customers, many providers from around the space have recently looked to partner with other companies in order to offer new features and platforms to consumers.
Radial, for example, an omnichannel technology and sales platform provider, recently debuted a new deferred payment option called Buy Now, Pay Later. The new payment feature, the result of a collaboration with European solution provider Klarna, allows customers to spread payments out over the course of six to 36 months. Similarly, fundraising platform Virgin Money Giving and payment processors Worldpay recently collaborated on a new payments system designed to handle the high number of donations that are made in the days and hours leading up to major events such as the London Marathon.
Meanwhile, PayPal looked to improve its platform with a new acquisition. The company announced plans to acquire multichannel bill payment processing and receivables company TIO Networks for a total of $233 million, according to reports. TIO’s processing services currently have more than 14 million consumers, many of whom are “financially underserved,” without access to financial services like banks or credit unions.
While some providers looked to forge new partnerships, Chase Paymentech is hoping to continue the positive results from an existing collaboration. The company announced last month that it would extend its partnership with the Canadian Federation of Independent Business (CFIB) through April 2022. As a result of the extension, CFIB members currently receiving preferred pricing for select merchant services from the Chase platform will continue to receive these benefits.
For this month’s Payments Powering Platforms Tracker™ Feature Story, Gilad Horvav Mendelsohn, head of payments for major event ticketing platform Eventbrite, told PYMNTS that partnerships have become crucial for their business, and many others in the industry, as platforms have become more popular with clients across-the-board.
“We have a huge diversity in the type of events and organizers we see on the platform, and they all have slightly different needs,” he said. “So the ability to open the platform and open APIs to work with partners has allowed us to have a very adaptive platform.”
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About the Tracker
The Payments Powering Platforms Tracker™, powered by WePay, serves as a monthly framework for the space, providing coverage of the most recent news and trends along with a provider directory highlighting the key players contributing across the segments that comprise the payments-integrated platform ecosystem.