Visa recently announced the launch of the Visa Ready Creator Commerce program, a global initiative to help creator-centric platforms embed financial tools.
Visa Wants Creators to Get Paid Faster
The company believes that online content creators are driving a revolution in digital commerce and culture by producing content that entertains, engages and educates. They want to serve this growing category of small business by providing them with faster and easier ways to receive payments from their viewers and subscribers.
More Flexible Payouts for Creators
The creator-centric platforms mentioned by Visa include social commerce and video gaming companies, as well as many other small business models. The Visa Ready Creator Commerce program will help them embed financial tools to provide faster and more flexible payouts through Visa Direct, primarily with regard to tipping and donations.
This is great news for creators and small businesses who include such payouts among their revenue streams, with an easier payment option encouraging more viewers to tip and donate.
Reshaping the Small Business Ecosystem
The Senior Vice President and Global Head of Innovation and Digital Partnerships at Visa, Vanessa Colella, said: “Creators are reshaping and expanding the small business ecosystem. We want to harness the scale and reach of our network to help this community thrive. With the Visa Ready Creator Commerce program, we’re building a connective layer – bringing platforms and technology enablers together to deliver modern financial tools for the creator economy.”
On the Visa website, the company also explained why the new program is so important, saying: “The creator economy is one of the fastest-growing categories of small business, with more than 50 million artists, musicians and creators publishing content as a full or part-time source of income. Social commerce, which includes creator-driven work, is expected to reach $1.2 trillion by 2025.
“For many small businesses, cash flow is a persistent challenge. Creators need to move capital quickly to build momentum and gain a following. In fact, 69% of creators surveyed by Visa say that waiting for payouts slows their momentum and 88% would engage more with a platform that offers instant payouts. Immediate access to earnings can help creators capitalize on viral moments, opening further opportunities for advertising and brand and partnerships. Through the Visa Ready Creator Commerce program, creator platforms can get connected to Visa Direct, enabling creators to access their funds in near real time.
“The ability to receive gifts, tips, and donations from fans and followers is another vital tool for creators in monetizing their work and growing their business. Through the Visa Ready program, qualifying platforms can enable tipping and subscriptions, and unlock new income streams for creators globally.”
What is Visa Ready?
Visa Ready is a long-standing partner program with more than 11 product verticals, more than 500 partners and 160 solutions. The program helps businesses build and launch payment solutions, so long as they meet Visa’s global security and functionality standards.
Ultimately, Visa Ready is a platform for payments innovators to promote their solutions to the market, and where clients can seek out solutions that address their payments needs.
Image: Depositphotos
