Digital Transactions Authoritative, insightful and timely information for payments professionals
For years, one of the fastest-growing trends in payments has been the idea of weaving transactional capability into business and consumer software. Now, one of the most prominent platforms in that business has launched a network to help connect software firms with payments companies and resources.
“We’re doubling down on software companies. We have a great pipeline [of payments companies] to help to continue to grow software companies,” Todd Ablowitz tells Digital Transactions News. Ablowitz is co-chief executive and co-founder of Infinicept, a Denver-based firm that specializes in so-called embedded payments.
The new network arrives as companies like Stripe Inc. and Shopify Inc., firms Infinicept worked with early on, are taking payments volumes to new heights. The so-called embedded-payments market generally was forecast to reach $15 billion in annual payments volume by 2025, according to research Infinicept commissioned in 2019.
Infinicept’s Payments Network, the company says, is aimed at helping more software firms find open and straightforward deals with payments processors, avoiding what Ablowitz, in a statement, calls, “kick-backs, side-door deals, and an impenetrable fog of misinformation and confusion.”
That approach, he adds, helped the company record an 800% growth rate in processing volume facilitated in 2020. “It’s pretty mind-blowing the amount of volume we see,” he tells Digital Transactions News. Infinicept does not process payments. Rather, it develops services and technology that help software firms work with processors to begin accepting payments through their products. In many cases, these software firms develop into so-called payment facilitators, companies that not only create payments services but also let small merchants and other clients accept payments on the facilitator’s merchant account.
Among the payments providers Infinicept works with are Worldpay, Payroc, Adyen, Fiserv, Merrick Bank, Mastercard, Discover, and Dwolla. The company says it has more than 250 clients, including fintechs and software companies, in some 30 countries.
