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PromisePay is the world’s most sophisticated, fully managed payments engine built just for online marketplaces and platforms. Up and running in a single day with no extra operational overheads or costs, PromisePay powers fast, flexible and frictionless payments so marketplaces and platforms can build trust, improve user experience, and drive revenue.
Today, over 200,000 users from across 150 countries use PromisePay to transact on U.S., Australian and New Zealand marketplaces. The company is headquartered in Melbourne, Australia with offices in San Francisco, CA, and St. Louis, MO. Kima Ventures, SixThirty, Mark Harbottle (99designs, Flippa, Sitepoint), Cultivation Capital, Rampersand, and Reinventure (Westpac Bank) have provided $3.5 million in VC funding.
PromisePay offers payment and identity products that allows marketplaces to grow revenue through transaction fees and referral opportunities, offer choice and convenience to users, and provide a seamless payments user experience. In addition, marketplaces can avoid hiring fraud and support teams to manage payments, build trust and safety between users, and mprove user stickiness and site traffic
PromisePay handles risk, fraud, and chargeback protection, end user payments support, onsite seller onboarding, multiple payment types, customizable fees, dispute resolution and refunds, automated email and text notifications, invoices, receipts, and reporting, employ stringent security measures, and remain compliant with authorities in the U.S. and Australia.
Previously service providers, PromisePay’s founders deeply understood the problems buyers and sellers face when transacting online. Also at the time, the sharing, on-demand, and collaborative economies were really beginning to take shape and find momentum. The marketplaces supporting these communities also faced the same difficulties, yet were using adapted and reappropriated legacy payments technologies as there was no true solution built specifically for marketplaces and their unique needs. PromisePay was born in 2013.
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PromisePay believes that, by outsourcing the payment process, its service can save marketplaces a sizable amount of money, while also improving and and simplifying the customer service experience.
By offering escrow payment services and fraud detection, PromisePay can bring payments on to online marketplaces, closing the sales loop, which can allow markets to sell more products.
PromisePlay aims to eliminate distrust and disputes between buyers and sellers by providing marketplaces with a platform to manage the entire transaction from start to finish.
The raise has allowed the company to expand from six to fifteen employees over the past three months. Lee says he hopes to grow the team to around 30 in the next year.
We see a lot of payments over time will be controlled by marketplaces in specific verticals, and we think this is a great opportunity to be a core provider of payments services to those marketplaces.
PromisePay’s solution allows marketplaces to renounce an in-house payment solution, essentially outsourcing the entire process.
As the most complete solution for marketplaces, and a rapidly growing footprint across the U.S. and Australia, PromisePay has a disruptive offering and an exciting future.
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