Imagine an all-in-one payment platform that provides everything you need to accept and process payments –whether you sell on your website, through a mobile app, on a marketplace, by subscription, over the phone or in a brick and mortar store. Sounds too good to be true, right? It actually isn’t—it’s BlueSnap.
RewardExpert recently chatted with BlueSnap’s Vice President of Marketing, Estelle Mense, about the company’s easy-to-use product and how it’s helping small- to mid-sized businesses boost sales and cut costs.
One of America’s Fastest-Growing Private Companies
BlueSnap was founded in 2001 in Israel as a payment platform to facilitate Israeli digital commerce. The company’s headquarters moved to the U.S. in 2011 when BlueSnap was purchased by a private equity firm.
BlueSnap’s vision is to simplify the complexities of payments for small- to mid-sized organizations, enabling them to expand their business both domestically and globally. Pursuing this mission has resulted in company growth of more than 100 percent year-over-year. BlueSnap now employs more than 150 professionals across its offices in the U.S., U.K. and Israel.
BlueSnap’s current CEO, Ralph Dangelmaier, is a 25-year veteran of the payment industry and has brought the company to the forefront as one of Inc. 5000’s America’s Fastest-Growing Private Companies.
A Supremely Versatile All-In-One Payment Platform
BlueSnap’s flagship product is its all-in-one payment platform. The platform integrates multiple global acquirers into a single merchant account with one underwriting and payout. This means that BlueSnap simplifies payments through a single connection, enabling its customers to accept and process transactions via multiple sales channels and payment methods.
“BlueSnap will help you accept more types of payments,” Mense explained. This is important for B2B and B2C businesses selling in multiple channels. “You can have a checkout experience that works for desktop as well as mobile,” she continued. “Additionally, a lot of B2B and B2C customers operate on a subscription model. We’ve built a subscription engine into the platform so that you don’t need another solution.”
BlueSnap’s platform also supports invoice, virtual terminal and marketplace (or multi-vendor) business models
How does BlueSnap help customers boost sales? In addition to intelligent payment routing, which automatically routes cross-border transactions to an appropriate bank to improve e-commerce payment processing success rates, BlueSnap enables you to offer your own customers more payment choices as well as local payment methods and currencies.
“When shopping globally, we’ve found that consumers really want to see prices in the currency of their country,” Mense added. “BlueSnap makes this possible. If the consumer is in Europe, the price can be shown in euros, for example. This helps in converting sales. We enable 100 different shopper currencies and pay out in 14 different currencies.”
The company also helps its customers boost revenue by protecting against fraud. “We’ve embedded fraud prevention and risk management tools as well as chargeback management,” Mense said. “They’re provided by third-parties but built into our platform.”
Finally, BlueSnap cuts costs for its customers by saving them time. “We’ve built a data reporting dashboard that delivers all this functionality in one place,” Mense explained. “On average, we have found that mid-market businesses use between four and five different payment providers. The person on their team who does reconciliation usually has to spend a lot of time looking at all these different platforms for reporting. With BlueSnap, they just have to look at one.”
Solutions for B2B and B2C Businesses
BlueSnap’s clients include a wide range of B2B and B2C organizations including e-commerce retailers, business services and SaaS providers, independent software vendors, non-profit organizations, schools and more.
Unlike many of the payment processors that dominate the space and cater to either very large or very small businesses, BlueSnap’s target audience is growing small businesses that are struggling with payment systems and trying to offer new, improved checkout experiences for their customers.
“There are a few commonalities among our customers,” Mense said. “Many started out using PayPal or Stripe for their online payments but then realized, as they grew, that those solutions aren’t able to scale with them. They come to us because we’re able to provide the payment expertise needed to find a solution that is appropriate for their mid-market business.”
BlueSnap’s all-in-one payment platform offers the same simplicity and ease of use as Stripe but the scalability benefits of Adyen, making its products perfect for clients in the middle market.
Pricing for BlueSnap’s platform depends on the method of payment and global region in which the payments originate. Within the U.S., debit card payment processing fees are 2 percent plus $0.30, while Visa/Mastercard consumer credit card processing fees are 2.7 percent plus $0.30. You can view further pricing details here. The company even offers custom pricing plans for high-volume merchants and non-profit organizations.
Mense said the BlueSnap team plans to roll out a number of product enhancements and new products in 2019 including auto-onboarding for new BlueSnap customers, a POS solution, greater reporting functionality, and even more alternative payment methods—including Google Pay and WeChat.
Learn more about BlueSnap and follow the company’s new developments at home.bluesnap.com.