Shieldpay and Checkout.com partner to support B2B transactions
By Gloria Methri
B2B digital payments provider Shieldpay has teamed up with Checkout.com, the global payments platform, to offer both straight-through processing and a contingent payments flow to its customers.
This partnership will allow Checkout.com to leverage Shieldpay’s payment engine and digital escrow capabilities to address the payment challenges customers face around security, trust, and transparency in high-value transactions online.
Shieldpay’s digital escrow offering will allow Checkout.com customers to hold funds in safeguarded accounts (which are PSR, Art. 23 compliant) until both buyer and seller are satisfied that the conditions of the transaction have been met.
Monies are then transferred out of the account to verified merchants or marketplace customers. In addition to this, Shieldpay helps marketplaces disburse funds to submerchants where needed.
Miyesa Hussain, Strategic Partnerships at Checkout.com said, “Together with Shieldpay, we are bringing our merchants even more value and flexibility for their B2B transactions. Shieldpay’s digital escrow technology is truly innovative and further enhances the payout process for our customers.”
Checkout.com and Shieldpay have been collaborating over the past 12 months to service online marketplace customers and emerging FinTech companies to manage complex payments. Checkout.com act as the acquirer provides a payment gateway facility to accept payments, and Shieldpay supports seller verification and disbursement.
Following the initial successes of their offering to clients, such as KodyPay, the payments companies have now formally partnered.
Daniel Dunne, Head of Partnerships at Shieldpay said, “We are thrilled to formally announce our partnership with Checkout.com. We are both on a similar mission as payment innovators and the services that our platforms offer to the market work in perfect harmony. With these key drivers aligned, we are looking forward to the future of this partnership and growing together, and we are now envisioning new opportunities to further collaborate.”
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