Website builder is also getting into the payments business.
Wix (NASDAQ: WIX) released Q3 2018 earnings yesterday.
Revenue hit $155.6 million, up 40% year-over-year. The company added 177,000 paying subscribers during the quarter, bringing its total to 3.8 million. 5.5 million users registered with Wix during the quarter. Wix converts some of these registered users into paid subscribers over time.
Collections were $163 million. That’s up 36% year-over-year but just slightly from Q1 and Q2 2018.
Wix also announced the launch of Wix Payments. It has been trialing it in Brazil and will bring it to the United States next year. I suspect adding payments became necessary after payments processor Square (NYSE: SQ) bought Weebly, one of Wix’s competitors.
Here’s a Wix website builder review from my personal experience.