Upgrades to Nuvei's suite of seamless Embedded Payments solutions unlocks new growth opportunities for businesses of all sizes
MONTREAL, Sept. 24, 2024 /CNW/ -- Nuvei Corporation ("Nuvei" or the "Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech company, today announced the launch of several new features and enhancements for its Nuvei for Platforms product.
Nuvei for Platforms is designed to accelerate growth and drive revenue for various business models, including marketplaces, commerce platforms, the gig economy, payment facilitators, and independent software vendors (ISVs). Through a single integration, businesses can customize Nuvei's comprehensive suite of payments technology, including merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, and risk management.
Highlights of Nuvei for Platforms' new features and enhancements include:
- Decoupled pay-ins and payouts to provide greater flexibility in managing cash flow, optimize currency conversions, and tailor payment strategies to specific market needs. Businesses can also expand their geographic reach for payment acceptance, choosing from over 700 local and alternative payment methods. Nuvei for Platforms currently supports decoupled pay-ins and payouts in the UK and EU, with global expansion to follow.
- Split Payments: Nuvei's split payments feature streamlines operations by automatically splitting each processed transaction into the platform's commission and the seller's fee, ensuring PSD2 compliance. It also enables seamless multi-seller management and simplifies regulatory compliance by keeping the platform out of the money flow.
- Auto Reconciliation: Nuvei's auto reconciliation capabilities consolidate multiple incoming payment flows into a single payout to the seller or platform, simplifying accounting and operations.
- Balance Management: New features include the ability to transfer funds between marketplace and seller accounts, allowing platforms to charge for corrections or monthly fees.
- Seller Invoicing: Nuvei's seller invoicing feature has been updated to offer enhanced customization and white-label options, allowing businesses to tailor invoices to their brand identity and specific operational needs.
Amidst the digital transformation of the global commerce landscape, the Embedded Payments market is poised for continued rapid growth, translating into substantial revenue opportunities for Nuvei via its Nuvei for Platforms product suite. The market, valued at approximately USD $83bn in 2023, is projected to expand at a compound annual growth rate of greater than 30%, reaching an estimated $730bn by 2032.1
"Our mission is to empower businesses to connect more deeply with their customers through innovative payments solutions. This new functionality is a testament to that commitment," said Philip Fayer, Nuvei's Chair and CEO. "By enhancing the embedded payments capabilities of our platform, we're enabling our customers – from marketplaces and commerce platforms to payment facilitators and software providers – to offer a seamless, customized payments experience that unlocks new growth opportunities."
The growth of marketplace payments
Marketplace payments are experiencing rapid growth, driven by the surge in eCommerce adoption and the international expansion of many of the globe's leading online marketplaces. Marketplaces are now the single largest source of online consumer purchases, with estimates ranging from 40-60% of all consumer payments taking place via a marketplace platform2. The relevance of marketplaces will continue to grow, with Gross Merchandise Value reaching an estimated $3.8tn for the top 100 global marketplaces in 2024.3
By leveraging Nuvei's cutting-edge solutions, businesses can unlock new revenue streams and capitalize on the booming marketplace economy. The flexibility and control provided by the decoupled pay-in and payout processes, along with the availability of localized payment methods, position Nuvei as a key strategic partner in driving marketplace success.
In conjunction with introducing these new product enhancements to its Nuvei for Platforms offering, Nuvei recently acquired marketplace technology provider Payaut and is excited to welcome its expert team that brings even more specialized knowledge to support our ongoing commitment to innovation in the payments space.
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company accelerating the business of clients around the world. Nuvei's modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies and 716 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration.
For more information, visit www.nuvei.com
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