While consumer purchasing patterns continue to change, both retailers and consumers alike are forced to adapt and adjust. The number of additional payment methods as well as and new financing options can be overwhelming, to say the least.
The rapid growth in the digital payment scene can now be recognized in all areas of business. For the past few years, e-commerce and digital payments have been on an upward trend and have also prepared the digitization of B2B payments. 2021 has undeniably put a great deal of pressure on businesses to digitalize the B2B billing landscape, ultimately forcing end-users to demand the same high level of service for day-to-day business transactions.
2021 was undoubtedly a successful one for EveryPay. Despite the global pandemic, we managed to grow and improve our payment platform whilst reflecting and learning from our mistakes.
EveryPay success in numbers
Compared to 2020, the total number of transactions in the EveryPay payment environment increased by 68%, with a total of more than 20 million transactions made in 2021.
Almost 1000 new e-shops adapted our modern digital payment solutions in 2021. Compared to 2020 the increase was almost 35%.
Open Banking payments increased in popularity and started to grow at an astounding rate, and as of December, the number of open banking transactions increased to 1.3 million transactions per month. In total, more than 10 million transactions have already been made within the year.
EveryPay’s payment solution LinkPay, a payment link that allows you to receive online payments with just one simple link, grew by more than 90% compared to last year!
As EveryPay’s prime customers are directly linked to banks and financial institutions, the number of merchants using our payment gateway platform has been on a steady growth trend since 2015, growing by almost 50% yearly.
The turnover on successful payments has increased by 100% since 2015 when EveryPay initially started operating as a payment gateway platform. In 2020 the turnover of successful transactions was just under 200 million euros, whereas in 2021 the turnover increased to 805 million euros.
The cloud-based payment platform we created was named the best new payment solution provider in Central Europe by Global Banking & Finance Review in 2021, as well as being a finalist at the PayTech Awards 2021.
8000+ hours spent on new developments
However, it is important to recognize that these impressive numbers are a result of a lot of hard work. In order to better our payment gateway, we added more than 40 new features to the EveryPay platform. The most important of these are COOP OpenBanking support, Open Banking, the ability to return payments and add an automatic reference number, the Open Banking Acquiring service, credit card transactions, etc.
However, some lessons were learned the hard way – in 2021, we also identified and corrected 13 critical errors on our platform that could have seriously hampered and affected payment processing. However, compared to 2020, we made 45% fewer mistakes.
In addition to adding new features and capabilities, we also made sure that our services were easily accessible to everyone. The most significant integrations 2021 were:
Technology is undeniably changing the face of the financial sector. It is more crucial than ever to make sure all financial services are first and foremost accessible, with the focus also shifting to bettering these services to be more practical, secure as well as user-friendly.
Based on the above and keeping in mind the preferences of the end-user and th fast-changing financial market, we believe EveryPay will grow even more in the upcoming year, as the digitalization of financial services is expected to progress at an even faster pace.