E-commerce is rising exponentially day by day; in turn, the need for online payment platforms is rising with it. However, this platform needs to be feasible and reliable too. WePay is one of the online payment service providers that enabled payment solutions that are integrated and customizable. As well, feasible and reliable to the customers. The company, however, provides an API based payment platform for marketplaces, crowdfunding sites, and small software companies. The best thing about WePay that it offers fraud-free payment solutions. Rich Aberman and Bill Clerico set up the company back in 2008. However, it headquartered in Redwood city of California.
About WePay
It is a trustworthy payment solution platform for its secure, frictionless, and customized service in this field. As the company is incorporated with several third-party vendors, risk and fraud protection is possible through the WePay payment platform. However, for detecting fraud and other user security issues, the company uses several techniques. Includes, machine learning algorithms, social data connections and many more.
According to the founders of WePay, the company’s corporate values are core to what it is and how it operates each and every day. Also, WePay base on the belief that a company’s success is the measure of its customer success.
The Backstory
Every company has some background and reasons after its establishment and here with the WePay too. The story begins during the Rich Abreman’s brother’s bachelor party arrangement. For that, he was collecting funds from friends which were spread across the US. At that time, he faced so many difficulties to collect money from various sources that are completely different. Like some were offering cash, some offered checks while some of them offered PayPal Money transfer. He found all this process much time consuming as well as burdensome. Eventually, after so much struggle party goes well, but Abreman studied and understood the PayPal weaknesses. After this, he asked Clerico to assist him in setting up WePay.
Thus, in 2008, they founded WePay in Boston. However, it was the time when social media and smartphones were popped.
WePay Growth and Involvement
After one year, the company attracted interest from third-party developers. Especially those who were looking for an API to facilitate a simple payments approach on their platforms. In 2010, WePay introduced the first platform API that supports as well as monetize payments. Soon company collaborated with GoFundMe a crowdfunding platform. With it, WePay initiated the development of better UX. Also, the company enabled Embedded payments in 2012. To prevent and identify merchant fraud, WePay took the next step and introduced an intelligent risk engine. Additionally, the company introduced mobile card readers that are pre-certified.
As per the mission and vision of the company, it continually improves its payment platform and growing impeccably. JP Morgan Chase acquired the company in 2017.
Masterminds behind WePay
Bill Clerico
He is the Co-founder & WePay CEO. His policies helped WePay a lot in its growth. Apart from that, Bill is an angel investor of WePay. Before that, he was an advisor plus investor at Insight Data Science. Also, he served as a part-time partner at Y Combinator. Coming to the educational background, Bill attended Boston College to study Computer Science. Clerico also went to the High Technology High School to study pre-Engineering, Math, Science as well as Cisco Networking.
Rich Aberman
The company is the result of Rich’s idea and will to enable an easier payment solution platform. He is the WePay co-founders and presently serving as a CSO of the company. Aberman is the person behind popularizing the WePay product strategy. As well, he is the frequent speaker at fintech conference where he mostly spoke on payments and innovations. However, he holds a degree in Bachelor of Arts. For that, he went to Boston College and studied Political science, Economics, and Philosophy.
Other Social Works of WePay
Apart from enabling fraud and risk-free payment platforms, the company works for many social clauses. The company supported fundraising efforts for many disaster relief campaigns as well as several humanitarian causes. For example, WePay assisted the campaigns that are related to Hurricane Sandy, the Sandy Hook Elementary School shooting, Earthquakes in Nepal, etc.
Bottom Line
They believe in the quality of work and working to deliver excellent service since its foundation. Recently, the company announced a product line of Link, Clear, and Core. So that the integrated payments use cases can be solved. Also, it adds key JPMorgan Chase services for the incremental value.
Jayshri is an Electronics Engineer, but her passion towards writing made her to be in this field. Apart from content writing, she loves reading, writing and surfing on various topics. In her free time, she likes to watch TV series and news. Sherlock Holmes is her all time favorite show. Jayshri loves cooking various Indian-western dishes.