Blackbaud ( BLKB Quick Quote BLKB - Free Report) recently announced that customers of the Blackbaud Merchant Services will now be able to accept payments through PayPal and Venmo for select Blackbaud products across the United States. The company plans to make these two options available internationally in 2022.
Blackbaud’s Merchant Services is a comprehensive payment processing solution (includes point of sale, donation and credit card processing software for fundraising) designed for social good organizations to help them manage transactions easily.
Blackbaud added that PayPal and Venmo options are available within Blackbaud Online ExpressÔ, Blackbaud Church ManagementÔ Blackbaud Raiser's Edge NXTÒ, Blackbaud eTapestryÒ, Blackbaud Luminate OnlineÒ through the integration with Blackbaud Merchant Services.
Blackbaud stated that PayPal integration will help Blackbaud clients to gain access to a wider audience of donors with PayPal's more than 426 million active consumer accounts.
The integrations with PayPal and Venmo will enable social good organizations to create a safe and seamless checkout experience for registration, donations, cart and membership forms, added Blackbaud.
Promising Prospects for Blackbaud
Blackbaud provides cloud-based and on-premise software solutions and related services mainly for social good organizations. The company’s solution includes fundraising, eMarketing, corporate social responsibility ("CSR"), advocacy, constituent relationship management (“CRM”), financial management, payment solutions, analytics and other such vertical-specific solutions.
Blackbaud’s is gaining from strength in recurring revenues and bookings growth led by the rapid migration of enterprises to the cloud amid pandemic-induced digitalization taking place globally. The robust uptick in JustGiving, Raiser's Edge NXT and Financial Edge NXT is a tailwind. The expansion of product portfolio, frequent product launches and strategic collaborations bode well.
In January 2022, Blackbaud purchased EVERFI in a cash and stock deal worth $750 million. EVERFI provides Impact-as-a-Service (“IaaS”) solution and digital educational content, which is used by 45 million learners worldwide.
EVERFI expands Blackbaud’s total addressable market or TAM to more than $20 billion. Half of the company’s TAM now represents the lucrative corporate sector, added Blackbaud. The acquisition also provides cross-selling and upselling opportunities with Blackbaud’s YourCause solution
However, Blackbaud’s performance is likely to be affected by evolving coronavirus-situation, which might affect demand across small- and medium-sized businesses. Stiff competition in the cloud space and a leveraged balance sheet are other concerns.
Blackbaud currently has a Zacks Rank #3 (Hold). Shares of BLKB have lost 15.1% against the
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