Payway: Pioneering Innovations in the Subscriptions Economy
CIOReview, August 2020
Business in the modern day is all about building lasting relationships with customers, rather than doubling down on continuous customer acquisition, one-time transactions, and unidirectional engagements. Subsequently, there has been a plethora of solutions and services flooding the subscription economy, where vendors strive to offer an experience rather than a solution or a service. According to the latest study by the Zuora’s Subscription Economy Index, businesses that rely on the subscription economy have realized a sales growth by more than 300 percent over the last seven years. However, improving subscriber retention remains the primary concern for businesses; consumers today yearn for an enhanced experience from their service providers. At this juncture, smoother and hassle-free payment services open up an eventful avenue for vendors to enhance user experiences.
A Massachusetts-based company—Payway—is at the forefront of such innovations in the payment card industry with its highly secure and user-friendly software-as-a-service (SaaS) solution that offers simplified and accelerated transaction processing functionalities for merchants to manage their recurring business model and improve cash flow efficiently. Started 35 years ago as Edgil to process payment for some of the biggest publishers, the company recently rechristened itself as Payway. “We stared before the internet and were the first in this industry to develop solutions to process a credit card over the phone rather than through a paper-based bill,” states Daniel R. Nadeau, principal and co-owner at Payway. The company developed software as a service framework for its customers long before the introduction of the acronym SaaS-based solution. Bolstered by these continued innovations, Payway also offers modern tools and solutions to address the pain points hindering subscriptions of any kind, be it online, box subscription, or any other. “Our payment solutions, coupled with the consultative approach, help businesses at all levels of the payment ecology, from processing transactions at gateways to addressing issues with the bank accounts,” remarks Nadeau.