Collaboration between the two payment-innovation focused platforms to offer both straight-through processing and a contingent payments flow is a market-first
Shieldpay, the market leading fintech solving complex B2B payments, has today announced its partnership with Checkout.com, the global payments platform, to support customers that need more than just straight-through-processing.
This partnership will allow Checkout.com to leverage Shieldpay’s unique payment engine and digital escrow capabilities to address the payment challenges customers are facing around security, trust and transparency in high value transactions online.
Shieldpay’s digital escrow offering will allow Checkout.com customers to hold funds in safeguarded accounts (which are PSR, Art. 23 compliant) until both buyer and seller are satisfied that the conditions of the transaction have been met. Monies are then paid out of the account to verified merchants or the marketplace customers. In addition to this, Shieldpay is also able to help marketplaces disburse funds to submerchants where needed – previously a challenge in the process.
Checkout.com and Shieldpay have been collaborating over the past 12 months to service online marketplace customers and emerging fintech companies to manage complex payments. Together, they provide the payment flow for KodyPay, a fast-growing in-person digital payment acceptance company. Checkout.com act as the acquirer, provide a payment gateway facility to accept payments in, and Shieldpay support with seller verification and disbursement. The collaboration of these payments companies enable fast, safe and trustworthy transactions between merchants and customers.
Following the initial successes of their offering to clients, such as KodyPay, the payments companies have now formally partnered. Going forward, Checkout.com and Shieldpay will jointly support the payments needs of high value, B2B marketplaces and professional services industries with the view to expand across their customer bases.
Today’s announcement marks the start of a shared mission to empower online trade through reducing the key transactional risks to both buyers and sellers, in a bid to move the digital payments industry forward.
Daniel Dunne, Head of Partnerships at Shieldpay commented:
“We’re thrilled to formally announce our partnership with Checkout.com. We are both on a similar mission as payments innovators and the services that our platforms offer to the market work in perfect harmony. With these key drivers aligned, we are looking forward to the future of this partnership and growing together, and we are now envisioning new opportunities to further collaborate.”
Miyesa Hussain, Strategic Partnerships at Checkout.com commented:
“Together with Shieldpay, we’re bringing our merchants even more value and flexibility for their B2B transactions. Shieldpay's digital escrow technology is truly innovative and further enhances the payout process for our customers. We’re excited to see where this partnership takes us.”