Online payments platform and PayPal competitor WePay is adding a key new feature to its easy-to-use technology—Invoicing.
For background, WePay is a Y Combinator backed startup that launched in 2009 to take the hassle out of group paying. Unlike some of its competitors, the service is a dead simple way to collect, manage and spend money for groups. The company has since evolved into a broader offering, allowing any merchant or user a simple way to accept payments beyond just the group model.
Founder Bill Clerico tells me that the new tool was designed to match the simplicity of the payments product. Users can set up an account and start sending invoices in under a minute. Basically, users register with WePay, send invoices via email (for free) and collect payments.
Currently WePay has a ‘Bills’ feature which has been used by individuals, groups and organizations for things like membership dues and shared expenses. But the invoicing tool takes this a step further by offering a more compelling service catered toward merchants and contractors. Users can customize color schemes, add company logos, add late fees, invoice multiple recipients at once, set up recurring invoices, overdue reminders and more. WePay will charge a 3.5 percent service fee for the actual payments.
As Clerico tells us, WePay’s sweet spot has been small merchants, service providers and freelancers, who will find this feature useful.
WePay recently revealed that it exited 2011 at a multi-million dollar revenue run rate and a compounded monthly growth rate of 30 percent since launch. The company also plans to launch mobile apps in the coming year and perhaps raise another funding round.