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RapidPay nabs BNPL platform
RapidPay, a provider of online payment solutions for legal practitioners, has acquired a buy now, pay later platform as it looks to build out its offering to the profession.
Emma Musgrave
RapidPay, backed by ATI Global, has confirmed its acquisition of QuickaPay this month, which will see the latter merge its team and technology into the former, thereby creating one seamless offering for users.
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RapidPay’s buy now, pay later (BNPL) product will be non-recourse to law firms and will work seamlessly with RapidPay’s other payment services and the law firm’s practice management platform. It will be available to select clients through its exclusive integration with LEAP in the first half of 2022, with a full Australian launch of BNPL anticipated later in 2022.
The combination comes after RapidPay recently surveyed its law firm clients to gain sentiment surrounding BNPL services. The survey, according to RapidPay, indicated strong demand from the sector.
RapidPay’s newly appointed chief executive David Wills said the acquisition would enable law firms using RapidPay to get paid faster by offering BNPL to their clients. It would also enable the ability for law firms to take on more clients while reducing cash tied up in receivables, he said.
“I am very excited about the combination of RapidPay and QuickaPay to deliver a dedicated payment and BNPL offering to the legal market,” Mr Wills said.
“We’ve listened to feedback from law firms who want to offer BNPL to support their clients and improve cash flow. Customer expectations around payments and funding options are changing quickly and we want to continue to offer the most suitable products to our legal and conveyancing client base.”
The acquisition sees QuickaPay founders Nathan Carroll and Nick Glynn continue in an executive capacity within RapidPay, alongside Wills and Ferdi Chavez, RapidPay’s general manager.
On the move, Mr Carroll and Mr Glynn said: “It was clear from our first interaction with RapidPay that we share a common mission to solve cash flow stress for small businesses. We as founders, and the QuickaPay team, are excited about joining RapidPay and ATI Global. We see a big opportunity to reduce friction in legal payments.”
