Thryv Holdings, Inc., the provider of Thryv® software, the fully integrated, end-to-end customer experience platform for growing small businesses, announces that its payment processing service, ThryvPaySM, has become the largest payment processing option within the Thryv platform, both in volume processed and number of transactions as of May 2021.
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“With five popular payment processing choices available within Thryv’s platform, ThryvPay is favored among users,” says Ryan Cantor, Thryv’s VP of Product and Marketing. “In fact, Thryv customers who have signed up for payment services within the software since the beginning of 2021 have chosen ThryvPay more than half of the time. The other four payment options, combined, make up the remaining.”
“The success of ThryvPay is due in great part to our team’s close working relationships with our clients,” Cantor continues. “Our service-based businesses needed a payments service that works the way they do. They asked for the ability to schedule payments, add tips and offer options to help offset transaction fees, such as transparent, flat-rate credit card fees. We also gave them the ability to utilize ACH to collect payments, which is a huge money saver for them.”
In May, ThryvPay saw $5.5 million in total processed volume. This consistently increasing volume puts ThryvPay on track to deliver a payment processing platform with a $66 million annualized run rate within just over six months after its initial launch. Growth in volume is fueled by both growing new merchant signups, as well as month-over-month processing growth from existing merchants.
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Barry Gabster, CEO of InitiateU, shared that using ThryvPay has been effortless. “It’s easy and centralized being able to run invoices and collecting payments in one place,” he said. “Customers can choose Credit or ACH and I don’t have to worry!”
With ThryvPay, business owners can also offer their customers installment plans, customized payment plans and membership programs. Thanks to ThryvPay’s partnership with Plaid for fraud prevention, users know that funds are available at the point of sale for ACH payments, which means no more returned checks and hefty insufficient funds fees.
On the heels of ThryvPay’s in-platform success, Thryv launched the stand-alone ThryvPay mobile app, free to download on iOS and Android devices. The app allows any small business to utilize the core features within the payment processing service, and provides a better customer experience by adding the ability to collect contactless payments, which today’s consumers prefer.
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