Canadian FinTech company Nuvei has partnered with BigCommerce, an open software-as-a-service (SaaS) eCommerce platform, to provide customizable payment solutions globally that were traditionally limited to large enterprises. Nuvei and BigCommerce partnership covers North America, Europe, and the APAC region, allowing BigCommerce clients to integrate Nuvei’s omnichannel payment solutions through its Nuvei for Platforms service. This integration aims to unify online and physical store payment systems under one processing partner.
For BigCommerce clients, Nuvei delivers extensive transaction processing services, including payment acceptance, pre-authorization, refunds, advanced 3DS2 security technology, multi-currency support, stored card processing, and integrated checkout solutions. Brands and retailers using BigCommerce will gain benefits such as quick, bank-independent settlements, various alternative payment options, centralized payment management, and dedicated support for integrations.
Key Takeaways
- Enhanced Payment Capabilities for All Business Sizes: The Nuvei BigCommerce partnership extends enterprise-grade payment solutions to businesses of all sizes, providing smaller merchants access to tools typically reserved for larger companies.
- Global Payment Flexibility: With support for over 700 payment methods and 40 cryptocurrencies, Nuvei’s integration allows BigCommerce merchants to meet the diverse payment preferences of customers in North America, Europe, and Asia-Pacific.
- Improved Cash Flow and Operational Efficiency: The integration features same-day and next-day settlement options and a bank-agnostic processing system, allowing merchants to reduce bank-related processing delays and improve cash flow.
- Comprehensive Support for eCommerce Growth: By combining advanced security, multi-currency support, and embedded checkout solutions, Nuvei and BigCommerce offer a unified payment infrastructure that enhances the customer experience and simplifies transaction management for eCommerce businesses.
Nuvei and BigCommerce Partnership Advances eCommerce Payment Capabilities Globally
The recent partnership between Nuvei, a Canadian fintech company, and BigCommerce, an open SaaS eCommerce platform, represents a notable development in eCommerce payment solutions. This collaboration, announced on October 22, 2024, is designed to broaden the scope of available payment solutions for eCommerce businesses operating on BigCommerce, a platform that serves both B2C and B2B clients globally.
Nuvei’s “Nuvei for Platforms” solution will be integrated into BigCommerce, providing businesses with a unified, omnichannel payment solution. This approach enables merchants on BigCommerce to streamline transaction processes, accept multiple forms of payment, manage refunds, and leverage additional features such as advanced 3DS2 technology for security, support for multiple currencies, and embedded checkout options.
The payment integration also aims to bridge the gap between online and physical store transactions by offering a centralized payment management system. This solution simplifies operations and ensures quicker access to revenue with options for same-day or next-day settlements. This key feature benefits businesses by improving cash flow​.
Other FinTech collaborations have also led to developing and integrating comprehensive omnichannel payment solutions. For instance, the Revolut Business Payment Gateway was integrated with the BigCommerce platform in August. This enhancement has streamlined payment processing for online businesses and improved customers’ checkout processes.
One of the standout features of this Nuvei BigCommerce partnership is the support for diverse payment methods. Nuvei’s platform offers over 700 alternative payment methods and supports 40 cryptocurrencies, allowing businesses to meet the evolving demands of a global customer base.
This flexibility is particularly relevant as consumer preferences shift toward more varied payment options across markets like North America, Europe, and Asia-Pacific. Nuvei’s bank-agnostic processing system also enables BigCommerce merchants to bypass potential bank-related processing delays, further enhancing operational efficiency​.
Another advantage of the Nuvei-BigCommerce integration is its adaptability for businesses of all sizes, from small to enterprise-level companies. Typically, such comprehensive payment solutions are accessible mainly to larger companies, but this Nuvei BigCommerce partnership aims to bring enterprise-grade payment capabilities to smaller merchants.
By doing so, Nuvei and BigCommerce are positioning themselves as catalysts for business growth, making advanced payment processing tools more widely accessible. This move aligns with Nuvei’s strategy to expand its influence in the eCommerce SaaS sector, which is seeing rapid growth as digital commerce continues to evolve globally​.
Philip Fayer, Nuvei’s CEO, expressed excitement about the partnership with BigCommerce. The goal is to introduce Nuvei for Platforms’ advanced payment solutions to customers worldwide, starting with customers in Europe, North America, and Australia.
This collaboration decisively enhances the connection between businesses and their customers through superior payment solutions. It delivers tailored options specifically designed for eCommerce businesses poised for expansion. By leveraging Nuvei’s expertise in unified payment solutions alongside BigCommerce’s powerful platform, they empower customers with the essential resources to excel in online and offline markets.
Shannon Ingrey, VPt and General Manager, APAC, at BigCommerce, mentioned that their collaboration with Nuvei underscores their dedication to offering customers access to top-tier technology and service providers. Nuvei aligns with its goal to assist brands and retailers in increasing sales and accelerating growth to achieve greater success. They are eager to work together to provide mutual support to their customers.
The Nuvei BigCommerce partnership marks a significant step forward in the eCommerce payments landscape, particularly by equipping BigCommerce merchants with an extensive, customizable payment infrastructure flexible enough to cater to local and global audiences. As eCommerce expands, partnerships are instrumental in making advanced financial tools available to a wider range of businesses, empowering them to confidently navigate a competitive digital marketplace.
In August 2024, Nuvei and Fintech360 introduced a new cashier solution. This collaboration aimed to help forex businesses and their clients enhance productivity using Fintech360’s services.
The launch responded to the financial landscape, where effective payment processing is crucial for success, particularly in the Forex B2B sector. With the growth of digital commerce, organizations are under increased pressure to provide secure and efficient payment methods. Recognizing this need, fintech companies are concentrating on developing this area and providing solutions that help businesses grow and increase their international presence.
Recently, BigCommerce announced a change in its leadership, with Travis Hess stepping in as CEO following Brent Bellm’s departure. The company also reported an 8% increase in its year-over-year earnings for the second quarter of 2024, with revenues nearing $82 million and an adjusted EBITDA of $3 million. It anticipates third-quarter revenues to be between $82 million and $84 million, with full-year revenues expected to range from $330.2 million to $335.2 million.
In light of these announcements, Stifel adjusted its price target for BigCommerce shares to $8.00, maintaining a Buy rating. Other financial institutions such as Needham, Barclays, Oppenheimer, and KeyBanc have also maintained their positive ratings, recognizing the company’s potential for growth despite some challenges.
In addition, BigCommerce has added three new executives to its team: Doug Hollinger, John Huntington, and Ryan Means. These new appointments aim to improve the company’s market strategy, extend global partnerships, and enhance service quality. These efforts are part of BigCommerce’s strategy to stay competitive in the ecommerce platform sector and support growth for its customers and partners.
About Nuvei
Nuvei Corporation offers payment technology solutions to merchants and partners across regions, including North America, the Middle East, Europe, Latin America, Africa, and the Asia Pacific. The company provides a platform that supports customers in making and receiving payments worldwide, irrespective of location, device, or payment preference. Their offerings include an integrated payments engine with extensive processing capabilities, a solution for smooth payment processes, and a comprehensive selection of business intelligence and risk management tools.
Nuvei Corporation promotes and sells its products and services through direct and indirect channels, strategic platform integrations, local sales teams, and partners. Previously known as Pivotal Development Corporation Inc., the company rebranded to Nuvei Corporation in November 2018. Established in 2003, Nuvei Corporation is based in Montreal, Canada.
About BigCommerce
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BigCommerce is a cloud-based eCommerce platform designed for established and expanding businesses. It offers enterprise-level features, open architecture, and access to an extensive app ecosystem, optimizing marketplace performance. The platform helps businesses increase online sales while reducing costs, time, and complexity by 80% compared to traditional on-premise software.
BigCommerce supports B2C and B2B eCommerce for over 60,000 brands, including over 2,000 mid-market companies and 30 Fortune 1000 firms. Notable clients include Ben and Jerry’s, Assurant, Skullcandy, Paul Mitchell, Toyota, and Sony.
Conclusion
The Nuvei and BigCommerce partnership highlights a shift in the eCommerce payment landscape, bringing advanced payment capabilities that were once exclusive to larger enterprises to businesses of all sizes. By integrating Nuvei’s diverse, secure, and flexible payment solutions into BigCommerce’s platform, this collaboration provides merchants with enhanced options to meet global payment demands and streamline operations.
As digital commerce expands, partnerships like this one equip eCommerce businesses with the tools to remain competitive in a fast-paced market, supporting growth and customer satisfaction across multiple regions.
