Weave wanted to add payment capabilities to its hardware and software solution to create a seamless, all-in-one platform for its customers and their businesses. Weave’s ideal solution would enable its digital and in-person payments roadmap and let it launch outside the US market and healthcare verticals. Weave needed a partner with the right blend of features, functionality, price, and ongoing innovation to help it turn payments into a valuable offering and new revenue stream.
Weave had engaged a payment consulting firm and was well on its way to becoming a payment facilitator—or PayFac—before realizing the process was more complex and expensive than it had first scoped. It decided Stripe would be a better option to help them build their payments platform, monetize payments, and meet its main objectives with one partner.
Stripe provided the fully integrated solution Weave needed to build online and in-person payments and grow its new payments business. With Stripe, Weave was able to get its payment solution to market significantly faster and with fewer development and operational resources.
Discovering the complexity of payfac
Weave wanted to bring branded payments capabilities to its platform as a valuable new feature for its customers’ toolbox, and a new revenue stream for Weave. Weave hired a payments consultant who advised that it should register and operate as a PayFac. For the next six months, Weave talked to numerous tokenizers, gateways, processors, fraud tool providers, and terminal distributors and resellers. The scoping and build consisted of: new databases to be setup outside its existing systems, audits for PCI compliance certifications, and integrating or building new internal systems to support KYC checks, tokenization, payment gateways, fraud tools, hardware, and reporting. The Weave team realized that the PayFac option was far more complex, time consuming, and resource-intensive than it wanted. It circled back to see if Stripe had a solution that could meet its objectives.
Bringing payments on platform
Weave had already used Stripe as the processing foundation of its innovative Text to Pay feature in early 2019 and wanted to provide a solution that would also allow its customers to accept in-person payments. Weave was interested in understanding if Stripe could support digital, in-person, and eventually mobile payments, delivering the Weave Payments solution it envisioned. Weave chose to use Stripe Connect and Terminal (Verifone P400), helping it provide Text to Pay and other digital payment methods, as well as in-person payments and overall payments management to its customers. Since adding payments to their software offering, Weave has realized significant benefits to its payments business, including a payment customer growth of 13% month over month. Processing volume has also grown at an average of 37% month over month.
When we first started our payments journey, we were against one provider powering everything on our payment platform, but partnering with Stripe ended up being the best choice for us and our customers. We launched our flagship Text to Pay feature in February 2019 after months of beta testing, Terminal in November of 2019, and our virtual terminal at the beginning of 2020. We’ve only scratched the surface with what we can do utilizing Stripe, and there is still so much more runway for growth.