PALO ALTO, CA--(Marketwire -06/20/12)- WePay, the easiest way to accept payments online, today announced a partnership with Fundable.com to power payments for the company's crowdfunding platform. The WePay API enables companies like Fundable to allow their users to start accepting payments instantly, without requiring users to have a pre-existing merchant account. The Marketplace API provides Fundable with a fully compliant payment solution, without compromising the platform's user experience.
Crowdfunding platforms raised $1.5 billion in 2011 and successfully funded more than one million campaigns. The recently passed JOBS Act (also known as the Crowdfunding Bill), which will allow startup companies to publicly raise money from non-traditional investors, has led to explosive growth in the crowdfunding space.
"As crowdfunding evolves into a legitimate source of funding for small businesses, the technologies used to facilitate transactions must keep the pace," said Bill Clerico, CEO of WePay. "WePay's payment API is uniquely designed to provide the ease-of-use, compliance, and flexibility to support the rapidly growing demand for crowdsourced payments."
"The Crowdfunding Bill signals a massive shift in access to capital by startup companies," said Wil Schroter, Fundable CEO and co-founder. "It is an incredible feeling to contribute and help make someone's startup dream a reality, and we wanted to make sure that the payment experience didn't get in the way of that. The WePay API allows us to focus on the user experience and remove as many obstacles as possible to maximize conversion."
Benefits of the WePay/Fundable Partnership:
- Fundable creates WePay accounts for its entrepreneurs in real time, so they can start accepting payments on Fundable instantly
- The API helps Fundable comply with card network, state, and federal regulations to avoid issues like payment aggregation and money transmission
- Payments are made on Fundable's site without redirecting to WePay
- The WePay API supports split payments (app fees), pre-approved payments, and subscription billing
- WePay provides world-class customer support via live chat, email, and phone
- Fundable's entrepreneurs do not have to deal with paperwork, applications, or frozen accounts
Fundable is one of many companies that have turned to WePay's API for a complete, easy to use, and compliant solution for accepting payments online. Other companies using the API include Rock the Post (www.rockthepost.com), GoFundMe (www.gofundme.com), and Bellstrike (www.bellstrike.com).
WePay is the easiest way to accept payments online. WePay offers a suite of tools that allow merchants and non-profits to start accepting payments online in less than two minutes. WePay was founded in 2008 and is headquartered in Palo Alto, CA. WePay has raised $20 million in venture financing from Ignition Partners, Highland Capital Partners, August Capital. For more information visit https://www.wepay.com or follow us on Twitter or Facebook.
Launched by a team of successful entrepreneurs experienced in connecting businesses with investors, Fundable (http://fundable.com) is a new platform that introduces crowdfunding for serious startups. The first company to launch to support the JOBS Act, Fundable's platform democratizes funding, providing two ways for companies to thank backers: rewards and company equity. With offices in Columbus, Ohio and Santa Monica, California, Fundable is backed by early-stage incubator Virtucon Ventures. Fundable's advisory board includes powerbrokers like 500 Startups founder Dave McClure, Startup Weekend CEO Marc Nager, and Second Market founding team executive Phil Reicherz, as well as other VC firms and entrepreneurs.