Adding this option opens a lot of doors for SMBs. A contractor using ThryPay, for example, can offer a financing option on the home remodeling project they’re trying to close.
ThryvPay has also added Apple Pay and Google Pay as payment options.
Thryv’s CPO notes that offering a financing option is a great upselling tool for its small business customers. Thryv’s almost 50,000 SaaS customers include many home services pros.
“The market has embraced ThryvPay. And this is another opportunity for small businesses to take further control of how and when they get paid,” said Thryv Chief Product Officer Ryan Cantor.
“At the same time, Thryv users can provide their customers with more purchasing power while increasing their bottom line. On average, small businesses can expect to see upwards of a 20% increase in the average ticket when offering convenient financing options.”
Partnering with Home Services Platforms
San Francisco-based Wisetack helps in-person businesses offer financing to consumers. The company uses APIs to embed financing options into software platforms that businesses are already using in their day-to-day operations.
So Thryv’s all-in-one-business automation SaaS seems like a perfect fit for what Wisetack offers.
Wisetack has partnerships with other companies addressing the local service pro market, including Broadly, Signpost, SmartServ, and others.
There are hints of buy now, pay later in Wisetack’s offering. Here’s how it describes its partnership with Broadly. “Broadly leveraged Wisetack’s simple API to integrate a differentiated consumer lending experience and rolled out a new feature called Pay Over Time.”
In a December article in PYMNTS.com, Co-founder Bobby Tzekin talked about how Wisetack fits into the broader BNPL trend.
“We’re at the intersection of two big trends,” he told PYMNTS. “The realization by consumers that today there are better options for how they can borrow. [And] the adoption of buy now, pay later in eCommerce over the last five, six, seven years [showing] how big the need is by consumers.”
Big SaaS Ambitions
ThryvPay is a key initiative for Thryv, which is pushing hard to make SaaS the dominant component of its revenue and customer base. Adding a lending component to its payments solution is a pretty significant move.
Since it went live 18 months ago, ThryvPay has seen 235% year-over-year total processing volume growth. It has a $150 million annual run rate.
In April, Thryv laid out a plan essentially to flip its revenue mix in five years.
Thryv closed out 2021 with $170.5 million in SaaS revenue. Its marketing services business, which is essentially the company’s print and online Yellow Pages business, pulled down $797.5 million.
Thryv’s leaders said its SaaS business will reach $1 billion by 2027, and $4 billion by 2032.
Thryv ended 2021 with 46,000 SaaS customers. By 2027, Thryv says that number will be 150,000. And it expects that figure to top 500,000 by 2032.