In an ever-evolving digital landscape, payment technology companies are at the forefront of transforming how businesses handle transactions. This article explores six innovative companies that are revolutionizing the payments technology sector.
Mesh Payments: Simplifying Enterprise Expense Management
Mesh Payments, founded in 2018 and headquartered in Tel Aviv, has taken the lead in automating travel and expense management for enterprises. Their platform provides businesses with comprehensive control over staff expenses, including travel, procurement, and SaaS spending.
One standout feature is the virtual card, seamlessly connected to a physical Visa card for tracking both online and offline expenses. Analytics tools offer in-depth insights into spending, with customizable alerts via email, SMS, or Slack. Mesh Payments also streamline receipt generation, saving valuable time for employees.
What’s more, Mesh Payments offers a free platform, with the added benefit of 1% cashback for a minimum monthly spend of $50,000.
Moov: Empowering Developers with Payment Solutions
Moov, established in 2018, focuses on facilitating payment integration into software applications. Their open-source platform allows developers to tailor payment setups to their specific business needs. With Moov, users can issue, accept, store, and disburse money through a single API, enhancing payment flexibility.
The Moov Drops tool enables customization of the user interface to align with branding, while automatic compliance measures, such as anti-money laundering (AML) and know-your-customer (KYC) checks, enhance security.
Compatibility with major payment cards and banks, along with an open-source library for cloud-native operations, makes Moov a versatile choice. Businesses can explore APIs for free to determine the best fit, with pricing tailored to individual requirements. The platform’s recent availability on the Google Cloud Marketplace further expands its accessibility.
Paddle: Streamlined Digital Billing and Profit Tracking
Paddle, a London-based fintech established in 2012, offers a comprehensive suite of payment tools, invoicing, and subscription management services. With real-time financial analytics and global tax compliance features, Paddle caters primarily to software companies.
One standout tool is “ProfitWell Metrics,” compatible with various payment stacks, including Recurly, Braintree and Stripe. Paddle empowers businesses to build their payment infrastructure, offering flexibility with gateways, payment methods, and subscription models.
Paddle provides two pricing options: a pay-as-you-go model with a transaction fee of 5% plus 50 cents per checkout, or custom pricing tailored to specific needs.
Ravelin: Advanced Fraud Detection for Business Payments
Founded in London in 2014, Ravelin specializes in fraud detection and prevention for business payments. With the rise of online fraud, Ravelin leverages machine learning to monitor billions of transactions, predicting potential threats before they materialize.
The “Connect” feature, driven by graph network technology, analyzes links and patterns to preemptively identify risks such as account security breaches, policy abuse, and marketplace fraud. Customizable fraud detection rules reduce false positives, enhancing security without hindering legitimate transactions.
Enterprises can explore Ravelin through a free trial, with full-paid versions starting at $1,300 per month.
Stripe: The All-in-One Payment Solution
Stripe, founded in 2010, has become an Irish-American success story. Offering a comprehensive suite of payment APIs, and virtual and physical cards, Stripe serves online businesses worldwide. Its versatility caters to online and in-person retailers, subscription-based businesses, software platforms, and marketplaces.
The Stripe dashboard simplifies payment and refund management, along with dispute resolution. The platform also incorporates revenue and finance automation, covering billing, invoicing, and taxes. Fraud protection is built-in, utilizing machine learning for behavioural monitoring and reporting, known as “Radar.”
Pricing varies based on specific product features, with a standard platform fee totalling 1.5% + 20p for UK users and 2.5% + 20p for EU customers. Custom domain editions of Billing, Checkout, and Payment Links are available for $10 per month.
Wise: Simplifying Cross-Border Payments
Formerly known as TransferWise, Wise, founded in the UK in 2011, specializes in cross-border payment transfers. Customers receive both physical and virtual debit cards, ideal for sending and receiving money and covering employee expenses.
Wise offers three products: Account, Business, and Platform. Business customers can set up local account details for over nine currencies, streamlining international payments and payroll. Customizable spending limits and guardrails enhance security, and the platform integrates seamlessly with third-party business apps like FreeAgent, QuickBooks and Xero, simplifying bookkeeping and expense management.
While there is a £45 account registration fee, outgoing transaction fees start at 0.43%. Additionally, businesses with Wise Business accounts registered in the UK can enjoy a 0.5% cashback on eligible transactions, making Wise an attractive option for global enterprises.
