Reepay has been acquired by PSG Equity 🎉

Today is a big day for us. Reepay has been acquired by PSG Equity and now billwerk has become our sister company. The combination of Reepay and billwerk is expected to create a scalable subscription management and payment software product suitable to service businesses of all sizes, ranging from SMBs, SMEs to global enterprise stage companies all over Europe. Read the full article on Business Wire.

It is important for us to tell you that this news is not going to affect either our customers or partners. The entire Reepay team will continue working in Reepay including our founders Ole and Robert. We will also strive to continue to be the agile company that we are today. In a few words, business as usual.

Who is billwerk?

billwerk was founded in 2015 by Dr. Ricco Deutscher and his Co-Founders. With its subscription management platform, billwerk reliably provides a significant part of the digital value chain for recurring business models. 

billwerk employs 67 employees across its headquarters in Frankfurt, Germany, and offices in Minsk, Belarus, and Gdansk, Poland. Its subscription management platform is currently used by several hundred midsize and enterprise customers as well as fast-expanding start-ups across Germany, Switzerland, and France, with a growing presence in other European regions including the Nordics and Benelux.
To learn more about billwerk, visit https://billwerk.io/.

Who is PSG?

PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams.

Having backed more than 85 companies and facilitated over 325 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City, and London. To learn more about PSG, visit www.psgequity.com.

Payment method reference

When creating a charge, recurring or subscription session it is now possible to define a payment_method_reference parameter. The payment method reference is stored on saved payment methods (e.g. card) if the session results in a saved payment method.

The payment method reference is returned in the customer_payment_method_added webhook, allowing to link the webhook to a specific session/order. 

If the payment_method_reference is not defined, the session id will be used as default.

Cheers, Reepay

API TLS upgrade

If you have an API integration to Reepay, this information might be important to you.

To keep your API integration with Reepay secure, we have planned to phase out support for old technologies: SHA-1, TLS 1.0, and TLS 1.1. (These protocols and TLS 1.2 power the 'Secure' in 'HTTPS'.)

Why

SHA-1 is one of the algorithms you can use to authenticate who you’re talking to. It’s now considered dangerously weak, and might allow an adversary to spoof their identity. This is why all modern browsers have stopped accepting SHA-1 certificates.

TLS 1.0 and 1.1 ensure that your communications stay private. In order to do this, they generate a series of random bytes used to encrypt your connection. TLS 1.0 provides two ways of doing this (CBC and RC4), but several vulnerabilities have been discovered in both of them (including BEAST and the RC4 biases). If you kept using old versions of TLS, someone could theoretically sniff your connection.

As a result the internet is moving towards SHA-2 and TLS 1.2. These technologies have few known attacks and were subject to more rigorous security design than their predecessors.

What this means to you

The upgrade process will be seamless for most users. Most frameworks and operating systems support TLS 1.2 out of the box without any changes required, but older clients might be affected, e.g. Java 6. To test if your client supports TLS 1.2, you can make a test HTTPS GET request for the following url:

https://sandbox.reepay.com/api/helloworld

If your client supports TLS 1.2 you will receive the a text response with content Hello world. Otherwise an error will be raised by the client.

If your client does not support TLS 1.2, you will need to make the necessary upgrades to your environment.

Don't hesitate to contact us at support@reepay.com if you have any questions.

Timeline

Reepay will only support TLS 1.2 by the 7th of May 2020

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