Global Paytech Ventures (GPT) announced its recent investment in PeachPay whose technology enhances the customer checkout experience and helps merchants overcome cart abandonment.
Cart abandonment is a significant problem for eCommerce businesses. According to Baymard Institute, the average rate of cart abandonment is approximately 69%. PeachPay aims to significantly reduce this by providing shoppers with a frictionless, one-click checkout experience.
For first-time users, PeachPay’s plugin generates a simple checkout form solely for one-time use. The next time shoppers come across PeachPay, no matter which WooCommerce site they are on, they can purchase with a single click.
“GPT is excited to invest in PeachPay because they offer a cutting edge, best-in-class user experience. Plus, their ability to scale through WordPress presents tremendous value,” said Javier Perez, GPT’s Founder and Managing Partner.
PeachPay launched in January 2021 and by April the startup signed a partnership with WooCommerce, the e-commerce provider for WordPress-powered sites. WooCommerce and WordPress.com are both owned by Automattic, valued at $7.5 billion in 2021.
“We’re starting out with WooCommerce not just because it’s the biggest eCommerce platform by market share, but because we’ve been members of the community for years and there is [close] alignment between our mission and the WooCommerce team’s mission [to democratize commerce],” said Aaryaman Anerao, CEO of PeachPay.
Anerao added, “It’s really important to us to get things right, and we want to get to a point where installing PeachPay is a no-brainer for each and every WooCommerce store owner.”
Businesses interested in implementing PeachPay can sign up at https://peachpay.app/get
PeachPay was cofounded by Chief Growth Officer David Mainayar, CEO Aaryaman Anerao and Chief Technology Officer John Jago. After a cumbersome checkout experience on a small retailer’s new online store and further eCommerce research, the team identified a common problem — manually entering payment and shipping details at checkout was a primary reason why shoppers weren’t completing their purchases.
“We landed on something we can execute and something that we’re actually well-qualified to do, which was targeting WooCommerce stores with a one-click-checkout solution,” Mainayar said.
Already live with more than 400 merchants, Peachpay’s integration with WooCommerce will allow their technology to reach millions of prospective merchant customers.
Mainayar believes the PeachPay team is in the right place at the right time — “It’s time for something new, and it’s time for something simpler,” Mainayar said. “And it’s long overdue, frankly.”
