Creators are driving a revolution in digital commerce and culture – producing content that engages and educates online communities in powerful ways. To serve this growing category of small business, Visa announced the launch of the Visa Ready Creator Commerce program.
What is the motive behind the initiative?
The initiative will help creator-centric platforms, like social-commerce and video gaming firms, embed financial tools – like faster and more flexible payouts through Visa Direct and tipping.
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 a 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. To help bring these solutions to the forefront, Visa is planning solutions with companies like Linktree, Marqeta, Rutter & SamCart.
What were the executives’ thoughts on the program?
“Providing creators with new tools, resources and avenues to make money from their work online is more important than ever. Linktree is proud to join forces with Visa to help creators unlock greater potential and opportunity and to empower all creators to curate, grow and monetize their world,” said Alex Zaccaria, Chief Executive Officer and Co-Founder, Linktree.
“The world is shifting, and for many, the traditional two-week pay cycle is becoming increasingly outdated – especially with the rise of the creator economy and social commerce,” commented Simon Khalaf, Chief Product Officer at Marqeta.
“Being able to access faster payouts has the potential to make a significant difference for creative businesses, and we’re proud to support Visa on the Visa Ready Creator Commerce program. Through Marqeta’s modern card issuing platform, we’re enabling instant issuance and digital payments that we believe sets up the creator economy for continued growth.”
“With the proliferation of e-commerce channels and tools, creators have to make sure their technology stack is integrated,” commented Peter Zhou, Chief Executive Officer at Rutter.
“Rutter is quickly becoming the connective tissue across all tools, making it easier for creators to get started and leverage the tools they need. Turning on capabilities through Visa Ready Creator Commerce helps Rutter connect these tools for creators,” Zhou further said.
“Visa’s solutions with SamCart will help creators get paid faster, which gives them the ability to reinvest in their business,” said Brian Moran, Co-founder & Chief Strategy Officer, SamCart.
“SamCart is a eCommerce platform built for creators, by creators. Our 40,000+ creators have collectively earned over $2.8bn with us. With this new Visa program, we will be able to help creators get access to those funds within minutes by simply using their Visa debit cards.”
“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,” said Vanessa Colella, SVP and Global Head of Innovation and Digital Partnerships at Visa.
The Visa Ready Creator Commerce program expands on Visa’s commitment to educating, empowering and enabling the entrepreneurs. Earlier this year, Visa launched the Visa Creator Program, a one-year immersion experience to help creators navigate the tech behind NFTs and better understand how they can monetize their creativity using these new technologies.
For more information on the Visa Ready Creator Commerce program, visit our webpage.