The Battle for eCommerce Payments
Every year, the world’s most important payments, commerce and financial services leaders gather at Money20/20, the annual conference that explores the disruptive ways in which consumers and businesses manage, spend, and borrow money.
Alongside this year’s conference, GLG put on a special series of sessions for our clients. Here are some takeaways from one of this year’s sessions, “The Battle for eCommerce Payments” featuring Ralph Dangelmaier, CEO of BlueSnap and former President, Global Markets and Services at ACI Worldwide.
This session focused on three major payment platforms:
According to Dangelmaier, Stripe has mindshare and a “coolness factor,” but there are also weaknesses in the platform.
- Stripe’s reporting solution and fraud engine need improvement, and this does little to engender loyalty.
- Small companies “graduate from Stripe into more complete solutions like Adyen once Stripe breaks”.
- Stripe does power Shopify’s payments, but Shopify is handling all the support.
- The company needs more customer support and core payments and its only redemption is its solid technology.
Dangelmaier says that Adyen is a stark contrast to Stripe.
- They have true payments expertise alongside great technology.
- They’re bigger players in the marketplace as well, winning most of the RFPs with the omnichannel players (Nike, Gucci, Louis Vuitton).
- Adyen is cheaper for a merchant from a TCO perspective, and that’s a big reason why they are winning accounts.
- The company has dominated B2C Specialty retail but are small in the overall payments landscape.
Historically, Dangelmaier says, PayPal has a nice product in Braintree, but has been stagnant for some time.
- They seem to be fighting too many battles (Apple, Google, Banks, China, Adyen), but in emerging markets PayPal still has a lot of opportunity.
About Ralph Dangelmaier
A 30-year veteran of the payment industry, Ralph Dangelmaier is an industry thought leader with numerous TV appearances and speakerships at both payments and technology conferences worldwide. Most recently, Ralph was named one of the Top 50 SaaS CEOs by The SaaS Report and a finalist in Ernst & Young’s Entrepreneur of the Year program. He has also brought BlueSnap to the forefront of the payments industry as it was recently selected for the Inc. 5000 list of America’s Fastest-Growing Private Companies and named a 2019 Best Place to Work in FinTech by SourceMedia.
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Important Disclaimer: GLG is not affiliated with Money20/20 and there is no express or implied endorsement or sponsorship of GLG or GLG events by Money20/20.