Wix, the Israel-based website creation platform, has announced a strategic partnership with Elavon, a payment processor owned by U.S. Bank, aimed at improving payment solutions for small businesses. This collaboration, unveiled on July 7, seeks to augment Elavon's recently launched Elavon Business Solutions (EBS) platform by merging its payment processing capabilities with Wix's advanced website creation and unified commerce technology. The partnership is designed to empower small business owners by providing them with a comprehensive platform that simplifies payment management while enhancing their digital presence.
Elavon's global chief product officer, Pari Sawant, emphasized the company's commitment to supporting small businesses at every stage of their growth. The EBS platform integrates payments and industry-specific software, allowing business owners to manage operations across multiple channels with greater efficiency and visibility. By incorporating Wix's solutions, businesses can establish a cohesive digital presence that integrates both online and in-person sales, streamlining their operations and reducing complexity.
Anthony Scaglione, Wix's executive vice president of global sales, highlighted the goal of making advanced digital tools accessible to all businesses. The partnership aims to deliver a tiered platform that combines commerce, payments, and digital presence, enabling small businesses to select the tools that best fit their current needs while also preparing for future growth. This flexible offering caters to businesses at various stages, providing essential resources for new entrants as well as sophisticated solutions for those looking to expand.
In a broader context, this partnership reflects a growing trend where traditional banks face increasing competition from FinTech companies in the small business payments space. Recent research indicates that while banks remain the primary providers for international payments, FinTech firms are gaining traction by offering faster, more user-friendly digital experiences tailored to the needs of small- to medium-sized enterprises engaged in global trade. As businesses increasingly adopt diverse payment solutions, the collaboration between Wix and Elavon positions them favorably in a rapidly evolving market.
Elavon's global chief product officer, Pari Sawant, emphasized the company's commitment to supporting small businesses at every stage of their growth. The EBS platform integrates payments and industry-specific software, allowing business owners to manage operations across multiple channels with greater efficiency and visibility. By incorporating Wix's solutions, businesses can establish a cohesive digital presence that integrates both online and in-person sales, streamlining their operations and reducing complexity.
Anthony Scaglione, Wix's executive vice president of global sales, highlighted the goal of making advanced digital tools accessible to all businesses. The partnership aims to deliver a tiered platform that combines commerce, payments, and digital presence, enabling small businesses to select the tools that best fit their current needs while also preparing for future growth. This flexible offering caters to businesses at various stages, providing essential resources for new entrants as well as sophisticated solutions for those looking to expand.
In a broader context, this partnership reflects a growing trend where traditional banks face increasing competition from FinTech companies in the small business payments space. Recent research indicates that while banks remain the primary providers for international payments, FinTech firms are gaining traction by offering faster, more user-friendly digital experiences tailored to the needs of small- to medium-sized enterprises engaged in global trade. As businesses increasingly adopt diverse payment solutions, the collaboration between Wix and Elavon positions them favorably in a rapidly evolving market.
Source: PYMNTS
