With the launch of a new user experience, PactSafe is poised to push the emerging $15B category forward
PactSafe, a clickwrap transaction platform that helps enterprises securely grow their volume of online transactions, announced inclusion as the emerging provider of Clickwrap Transaction Platforms, a new category identified by Aragon Research, Inc. in its latest report, “The Rise of Clickwrap Transaction Platforms: Act Now or Lose the Battle for Secure eCommerce”. To aid in the adoption of Clickwrap Transaction Platforms (CTPs), PactSafe also announced the launch of a new user experience for customers to create, present, and track clickwrap transactions.
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The Clickwrap Transaction Platform (CTP) category extends beyond the original concept of Digital Transaction Management (DTM), which was identified by Aragon in 2014, to more of a complete online and native digital approach. CTPs assist enterprises with the challenges of managing the legal terms and conditions associated with online terms, online e-commerce processes, and standardized agreements like non-disclosure agreements. According to Aragon, “CTPs combine the ability to create, deliver, manage, track and archive all the online terms and conditions that consumers and businesses agree to with a specified entity.”
E-commerce is one of the most prevalent use cases for CTPs, as companies can handle a high volume of transactions—millions per day—and automatically generate agreements for purchases with detailed records of each transaction. With e-commerce growth being accelerated by five years due to the pandemic, CTPs have become increasingly vital to help enterprises implement more native, digital experiences for customers and partners. Aragon Research predicts the market for CTPs to grow from $1.5 billion in 2019 to $15 billion by 2025.
“The explosion of e-commerce this year has put pressure on enterprises to adjust to better handle the increased demand of online transactions,” said Jim Lundy, CEO and Lead Analyst of Aragon Research. “Clickwrap Transaction Platforms like PactSafe are purpose-built to handle the demand enterprises are facing as their online business grows.”
PactSafe is the only comprehensive CTP provider on the market. As a pioneer in the space, PactSafe enables high-volume transactions to be done with confidence for companies like Wayfair, DoorDash, Extra Space Storage, and HomeAdvisor. The PactSafe platform offers the key elements of a CTP including Snapshots, which captures an image of the screen at the time an agreement is signed, a flexible API, automated version control, and full web content management capabilities for legal terms and agreements.
“So many business models are stifled by legacy approaches to contracts. We believe that this new category is affirmation that using clickwrap agreements can help enterprises overcome those challenges and evolve in the process,” said PactSafe co-founder and Chief Product Officer, Eric Prugh. “The new PactSafe user experience was built to ensure enterprises can easily adapt their approach to legal agreements, terms and conditions, and more as they navigate through this unprecedented shift to online transactions.”
The new user experience will provide PactSafe customers a centralized, streamlined approach to creating and managing clickwrap agreements, a simpler user experience, and inline best practices and developer tools to make integration simpler. New and updated features and capabilities include clickwrap setup and configuration, “no code” clickwrap transaction configuration, legal web content management, simplified electronic signature workflows, and integrations to help manage signer and contract data.
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