What's Happening?
Coastal Pay has launched a new platform called SignUp Link, designed to streamline the merchant onboarding process for retail and e-commerce businesses. This platform allows merchants to complete a full application in under two minutes, eliminating the need
for PDFs and extensive paperwork. Key features include instant boarding, a frictionless user experience, social sign-on options, and Plaid integration for secure bank account linking. The platform is available as an API or white-label widget, making it adaptable for software platforms. Coastal Pay, headquartered in Carlsbad, California, processes significant annual volumes across various sectors.
Why It's Important?
The introduction of SignUp Link addresses a significant bottleneck in the merchant onboarding process, which often leads to high abandonment rates. By simplifying and accelerating the application process, Coastal Pay aims to reduce abandonment and enable merchants to start processing transactions more quickly. This innovation is particularly beneficial for independent software vendors (ISVs) and payment providers, as it enhances their service offerings and potentially increases merchant retention. The platform's integration capabilities and compliance features further strengthen its appeal to businesses seeking efficient and secure onboarding solutions.
What's Next?
SignUp Link is currently available for U.S. merchants and select referral partners. Coastal Pay plans to expand its reach by offering sandbox access and documentation to ISVs and marketplaces interested in integrating the platform into their systems. As the platform gains traction, it may influence other payment processing companies to adopt similar technologies, potentially reshaping the merchant onboarding landscape. Coastal Pay's continued focus on innovation and customer-centric solutions positions it as a competitive player in the fintech industry.
