Paysend Pursues SME Crowd with New E-Commerce Solution

London-based fintech firm unveils its no-code Paysend Store.

Fintech company Paysend has UK merchants in its sights with the launch of a no-code e-commerce solution.

London-based Paysend says the free solution, called Paysend Store, enables SMEs in the UK to set up an online store and start selling their products with “no technology development or third-party IT integration required”.

Ashley Mallett, Head of Business at Paysend, says users of Paysend Store “can access payments online in over 38 currencies and from over 190 countries globally, as well as next day settlement, multi-currency accounts and payouts to cards.”

Through Paysend Store, SMEs can create a website, customise their online store and product information, and offer personalised promotions.

The launch is another sign of a company trying to stand out in a competitive payments market in the UK. Other names staying active include Azimo, Braintree (a PayPal service), MoneyGram, Revolut, Small World Financial Services, Token, Western Union, Wise and Zepz.

  • The Damane attraction – read about ‘Paysend Picks Up Fintech Deal with Damane Cash in Morocco’ here

Earlier this month, Chinese cross-border payment service provider LianLian Global brought its platform to the UK to target e-commerce merchants and entrepreneurs.

While in April, fintech startup Saltare powered up in Bristol to offer B2B payments. The firm is a side project of SME finance business Optimum Finance.

That said, the Federation of Small Businesses notes that at the start of 2021 there were 5.5 million small businesses, so there are plenty of opportunities out there.

Paysend was founded in 2017 and has over seven million customers. It has been making progress. Last month, it announced a partnership with Damane Cash to enable money transfers to Morocco.

Prior to that, in June it launched Paysend Business. This allows SMEs to send, hold and receive digital payments via several payment gateways (e.g., Apple Pay and Google Pay) and in over 38 currencies.

SMEs are also able to create a checkout option for their customers through plugin integrations with e-commerce platforms such as WooCommerce.

According to Paysend, it has its own global network of banks and international & local payment systems, and has partnerships with international card networks Visa, Mastercard and China Union Pay as a principal member and certified processor.

Antony Peyton
Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 18 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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