Citing the burgeoning opportunity for payment facilitators, another company is setting its sights on serving this market with a dedicated payment facilitator platform.
GlobalOnePay has launched an ecommerce platform that enables payment processing for payment facilitators, marketplaces, SaaS companies and ISVs.
The new platform provides the framework needed to process transactions for submerchants and delivers frictionless onboarding and underwriting capabilities, the company said.
GlobalOnePay Marketing Director Louis Georgakakis called the platform a “natural evolution” that provides more services to choose from.
“First, it allows payment facilitators to be compliant with bank card and industry regulations for aggregating payments, while speeding up time to market,” he told PaymentFacilitator.com. “GlobalOnePay offers both bank sponsorship assistance, plus risk and underwriting expertise, to ensure compliance and a frictionless experience for both Payfacs and their clients.”
“Further, enabling payments is just one part of the equation. Another is being able to add a host of value added merchant services, à la carte, such as auto account updater, multi-currency pricing, tokenization and smart transaction routing. It’s a modular, scalable platform, so switching on these services is simple and quick,” Georgakakis said.
Research by consulting firm Double Diamond Group has estimated that the payment facilitator market will generate $4.4 billion in net revenue within five years.
“Today’s payment facilitator transaction volume is a fraction of its potential,” John Hughes, general manager of GlobalOnePay, said in a press release. “We’re opening up the addressable payments market in a major way with our program. It’s exciting to have more prospective partners showing interest in integrating with our platform every day.”
GlobalOnePay is a division of payments technology provider Pivotal Payments.