Boosting the Payment Prospects in a Versatile Set of Business Environments

Nuvei Corporation has officially announced the launch of several new features and enhancements for its Nuvei for Platforms product. In case you weren’t aware, Nuvei for Platforms is designed to accelerate growth and drive revenue for various business models, such as marketplaces, commerce platforms, the gig economy, payment facilitators, and independent software vendors (ISVs). You see, through a single integration, businesses can seamlessly customize Nuvei’s comprehensive suite of payments technology, including merchant onboarding, pay-ins and payouts, optimization, orchestration, fraud prevention, and risk management.

Anyway, talk about the newly-introduced features on a slightly deeper level, we begin from the promise of decoupled pay-ins and payouts that will help provide greater flexibility in managing cash flow, optimizing currency conversions, and tailoring payment strategies to specific market needs. Furthermore, businesses using Nuvei for Platforms can leverage this feature to expand their geographic reach for payment acceptance, with there being a facility to choose from over 700 local and alternative payment methods.

Next up, we must acknowledge an option to split payments, an option which should streamline operations by automatically splitting each processed transaction into the platform’s commission and the seller’s fee, ensuring PSD2 compliance. Not just that, it will also enable seamless multi-seller management, and at the same time, simplify regulatory compliance by keeping the platform out of the money flow.

Joining that is the promise of auto reconciliation. Here, users can basically bank upon the function to consolidate multiple incoming payment flows into a single payout to the seller or platform, thus streamlining accounting and operations.

“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, Chair and CEO of Nuvei Corporation. “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.”

Among other things, Nuvei introduced balance management capabilities that allow for users to transfer funds between marketplace and seller accounts. Such a feature also empowers platforms to charge for corrections or monthly fees.

Finally, our last piece of highlight comes from Nuvei for Platforms improved seller invoicing feature, which is now updated to offer enhanced customization and white-label options, letting businesses tailor invoices to their brand identity and specific operational needs.

The development in question delivers a rather interesting follow-up to all the growth projections that currently surround the Embedded Payments market. To put it in a more concrete sense, the stated market, which was valued at approximately $83 billion in 2023, is expected to expand at a compound annual growth rate of greater than 30%, reaching an estimated $730 billion by 2032.

Beyond Embedded Payments, marketplace payments are also experiencing rapid growth, driven by the surge in eCommerce adoption and the international expansion of many of the globe’s leading online marketplaces. In fact, 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 platform. In 2024, Gross Merchandise Value has already reached an estimated $3.8 trillion for the top 100 global marketplaces.

Apart from wider market trends, these new features also follow-up on Nuvei’s recent acquisition of marketplace technology provider Payaut, an acquisition which will help the company further fine-tune its payments technology.

Founded in 2003, Nuvei’s rise up the ranks stems from accelerating the business of clients around the world through modular, flexible and scalable technology, which allows leading companies to accept next-gen payments, offer all payout options, as well as access bleeding-edge card issuing, banking, risk and fraud management services. The company’s excellence in what it does can also be understood once you consider it connects businesses to their customers in more than 200 markets, with local acquiring in 50 markets, 150 currencies, and 716 alternative payment methods.