Coming to agreement and collecting signatures is often just the first step for many businesses such as property management services, insurance agencies and contractors. The next step is getting paid.
Seeing a massive opportunity to add value for its more than 250,000 business clients, DocuSign is beta testing an integrated payment capability it plans to officially launch next year.
DocuSign currently allows its clients to send, sign and otherwise manage agreements digitally. While the payment capability will be integrated into DocuSign’s existing document signing process, the company has opted to partner with Stripe to power the payment capability.
“We wanted to focus on what we are great at – Digital Transaction Management – and partner with industry leaders who can navigate the complexity of payments,” said Woody Levin, VP of Growth at DocuSign. “There is no need for us to recreate the wheel when we have partners who have already solved the security, privacy, and money transfer problems associated with taking payments.”
At launch, users will be able to pay with Apple Pay, Android Pay or a major credit card. The company said it plans to add PayPal, Authorize.net and other options, such as ACH, down the road.
Many of DocuSign’s customers have told the company that collecting payments represents a significant challenge. According to Levin, 65% have reported delays or even failures in receiving payments.
“We know there are multiple payment options available for almost all forms of purchases,” he said. “And we wanted to make that same fast, easy, secure all-digital experience available whenever you electronically sign an agreement.”
DocuSign customers who wish to accept payments will undergo a one-time setup process. After they have set it up, they will simply add a payment tag within any agreement in which they wish to ask for payment, similar to the current process of adding a signature tag.
“The use cases for DocuSign Payments are practically limitless,” Levin said. “We saw a lot of excitement around DocuSign Payments from SMB and commercial customers initially; however, we also have been approached by our enterprise customers as well since the announcement.”
Levin said that the company is looking for feedback on ways to optimize the process and the user experience during its beta period.