PayPal and Stripe aren’t the only games in town when it comes to payment processing and payment distribution online.
Today, we’d like to introduce you to a new company called Spreedly, that is giving online merchants the ability to send credit card data to payment gateway and non-gateway endpoints. It’s Payment Method Distribution feature help online merchants quickly expand to new distribution channels
Spreedly, the independent credit card vault for e-commerce, fintech and SaaS billing platforms, announces Payment Method Distribution, functionality that empowers online merchants, affiliates and resellers with the ability to rapidly create and manage their own, secure non-gateway endpoints — ensuring a payments implementation that drives revenue. The company also reports that one year post-pivot, the Durham-based startup now serves more than 170 customers and 3,500 merchants.
“There’s a world of possibility in payments, but there’s also a lot of real and manufactured lock in with payment-related silos,” says Justin Benson, CEO of Spreedly. “At Spreedly, we’re focused on removing friction by allowing our customers to work with the broadest range of payment endpoints possible.”
Spreedly is the industry’s only independent credit card vault that provides a single gateway experience across more than 60 gateways in 70 countries. Yet many customers wanted to take their securely stored credit cards and run them against non-payment gateway endpoints (industry APIs in travel, ticketing, food and beverage, etc.). Today, with the announcement of Payment Method Distribution, Spreedly customers can create and manage those endpoints themselves with only a small amount of work on the Spreedly side. This means even faster time to market to securely pass critical card data to new distribution channels.
“We’ve been wanting to build this feature for years. Until Spreedly, there was no way we could do it without going through the hassle and expense of PCI-compliance,” says Eric Waller, CTO for SeatGeek. “We had our first integration up in a matter of days, rather than the months it would’ve taken to build and certify our own vault.”
“The challenge for online merchant developers to meet consumers’ expectations around speed, ease and security only grows as the number of devices and use cases grows. Now consumers and merchants want those transactions to happen automatically and in the background,” says James Wester, research director for IDC Financial Insights’ global payments practice. “In order for developers to stop worrying about payment issues and get on with the work of building applications, they’ll need to turn to tools that make integrating payments simple and flexible.”
In March 2014, just 13 months after launch, Spreedly passed one million successful credit card transactions. Also during March, the startup set a new record whereby 25 million dollars was processed on the Spreedly platform in a single month.
Spreedly pricing plans target the fast-growing direct merchant, the fintech startup and the cloud-based platform working with a large number of merchants. Pricing starts at 50 dollars per month.