Nuvei Works With Solutions By Text for Embedded Bill Pay And Gains a Footprint in China

Solutions by Text is adding embedded bill-payment capabilities to its FinText messaging and payments platform. Consumers will now be able to pay bills through the FinText platform without leaving the platform’s Web site or mobile app, which creates a more convenient payment experience, the company says.

Transactions will be processed by Nuvei Corp., which serves consumers in many of the same markets within the consumer finance space as Software By Text.

Enabling embedded bill payment through the FinText platform is expected to speed payments for consumers and billers, reduce the costs of processing bill payments manually, and reduce the risk of error during manual bill processing, Solutions By Text chief executive Dave Baxter says by email.

Nearly nine out of 10 accounts-payable professionals say manual systems are a cause of payment errors, according to Solutions by Text. “Digitizing payments removes this risk, not only making it easier for your borrower, but for your team as well and increasing your likelihood of collecting,” Baxter says.

Text messaging is an increasingly popular communication channel among consumers of all ages. More than half of older generations and at least 70% of younger generations prefer to talk about their bills through text messages, according to Datos. At the same time, consumers of all ages expect access to mobile payment solutions, Datos says.

As a result, it is becoming important for businesses to adapt consumer payment and technology preferences to the texting medium. A recent study from BNY Mellon and Datos reveals that 77% of survey respondents agree that real-time payments significantly enhance the customer experience, while 54% see them as ideal for urgent past-due payments, and 32% believe they simplify cash-flow management.

“We firmly believe that by embracing embedded payments over text, we are not only meeting but exceeding the evolving expectations of our customers and their consumers, delivering an experience that drives results for customers and sets us on a path to continued growth and success in this dynamic market,” Baxter says in a statement.

At the same time, Montreal-based Nuvei announced the opening of an office in China as part of its ongoing expansion in the Asia Pacific region. Nuvei provides cross-border payment services to many Chinese businesses, including Geekbuying, Vakatrip, and Cupshe.

“E-commerce businesses rely on payments partners with global reach as well as local market expertise when they scale internationally. Our increased presence will enable businesses in APAC to enter new markets as we build on our existing regional expertise,” Nuvei chief executive and chairman Philip Fayer says in a statement. “We’re thrilled to add an office in China to our global footprint as we continue to build our services in the [Asia-Pacific region].”