TEL AVIV, Israel, June 17, 2014 (GLOBE NEWSWIRE) -- Wix.com Ltd (Nasdaq:WIX), a leading web development platform, announced that as a global company tackling the challenges of processing localized payments, it has developed its own proprietary billing system, enabling it to integrate with any local payment gateway and acquirer in the world. Wix's internally-developed payment solution is key to the company's localization and growth strategy in multiple markets, already executing successful integrations with nine gateways in the US, Europe, Latin America, Russia and Brazil, illustrating the strength of the system.
As companies expand globally, they must tailor their payment solutions to the varying standards and practices of multiple markets. In many countries international credit cards are not commonly used, and the wide range of local payment methods complicates the ability to process recurring payments. Rather than be dependent on gateway integration roadmaps of third party billing systems, Wix decided to develop its own solution, in-house. The proprietary billing solution has reached the highest level of security and is PCI level 1 compliant.
Through its payment solution, Wix's 49 million users in 190 countries are able to upgrade to premium subscriptions, purchase domains and all premium App packages using a payment method that they recognize, trust and can easily access. Supporting multiple localized payment methods through its own billing system has proven successful, as demonstrated by the increase of 70% in the processing success rate for Wix's premium products in the Brazilian market alone.
"We are a technology-driven growth company. A primary vehicle for that growth lies in our ability to further expand globally in target markets, each one posing a new set of challenges," says Nir Zohar, Wix President & COO. "From product through payments to support, we work to localize the Wix experience for our users in every possible way. Not being able to find a solid payment solution for our new markets was slowing us down - something that we could not accept. So we did what we do best: we developed our own technological solution, which is already being successfully used by us and gaining interest from third party partners."
About Wix.com Ltd.:
Wix.com is a leading cloud-based web development platform with over 49 million registered users worldwide. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, professionals and individuals to take their businesses, brands and workflow online. The Wix Editor and highly curated App Market enable users to build and manage a fully integrated and dynamic online presence. Wix's headquarters are in Tel Aviv with offices in San Francisco, New York, Vilnius and Dnepropetrovsk.
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance and may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our ability to grow our user base and premium subscriptions; our ability to maintain and enhance our brand and reputation; our ability to manage the growth of our infrastructure effectively; changes to technologies used in our solutions or in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in our annual report on Form 20-F for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 20, 2014. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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