Hosted Commerce & the Future of Payments
WePay, which Website Magazine featured in its January 2014 E-Commerce Express article on innovative and disruptive payment platforms, has indicated that its hosted checkout option would soon be retired in favor of the company's APIs.
WePay has seen dramatic growth over the past year, but not necessarily in its traditional hosted e-commerce solution (which as you may know is quite the crowded vertical). WePay's CEO and co-founder Bill Clerico indicated that the company is going to double down on its API business - which grew more than 600 percent in 2013.
"When we first started WePay, we wanted to make it easy for individuals to collect money. And over the last four years, we’ve realized that the largest opportunity to empower individuals to accept payments was through empowering platforms that those individuals use. And so, we’ve transitioned from a 'group payments' company to a payment company for platform businesses."
WePay just announced a $15 million Series C financing lead by Phil Purcell of Continental Investors, co-founder of the Discover Card and former CEO of Morgan Stanley.
Will the use of innovative and disruptive payment processing solutions like WePay, provide an alternative to one-size fits (almost) all hosted e-commerce offerings? Let us know what you think by sharing a comment below.