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article imageGlobalOnePay optimizes digital payment processing

By Tim Sandle     Aug 3, 2017 in Business
A more seamless means to invoice and make payments online is being launched online. As an example of advances with technology, GlobalOnePay is offering global omni-channel payment processing technologies and merchant services.
For small businesses, one-stop-shop solutions can help to save time and money. The integration of digital invoicing and payments systems is a potent example of the advantages offered by digital technology. In the third article from Digital Journal looking at the digital transformation of small businesses an innovation in the field is reviewed. In the first article, an overview of digital transformation for small businesses was outlined; in the second article, the opportunities for growth an competitive advantages offered by mobile payment technology was presented.
The move by GlobalOnePay is to offer a new approach to mini-channel payment processing technologies and merchant services, available worldwide. GlobalOnePay is a division of Pivotal Payments, an e-commerce site, which is itself a subsidiary of Chicago based BMO Harris Bank (which in turn is a subsidiary of the Canadian multinational Bank of Montreal, a series of business links that highlights the complexity of the global financial structure).
READ MORE: Why small businesses need to consider digital transformation
The new development involves partnering with InvoiceASAP. Part of the development involves offering a fully integrated mobile and web invoicing platform. The invoicing software allows all invoices, estimates, customers and items to be synchronized with the QuickBooks software package. Photographs and signatures can also be attached to invoices. The second part is the integration of GlobalOnePay's payment facilitator technology. Part of the offering includes the provision of an "instant on" payments capability,. provided with just one click. and obviating the need for business owners to complete a lengthy merchant application and then wait, what can often be, hours or days for approval.
The offering means that U.S. and Canadian business owners will be able to turn on credit card processing with the push of a button. Hence the target base is for the integrated invoicing and payment solution is small and midsize businesses. This is a key offering since more and more small businesses are becoming 'cashless' and moving all of their payments online, as part of a digital transformation initiative.
READ MORE: Small businesses adopting mobile payment technology
One driver, according to the website Total Processing, for this is changing consumer behaviors, with the majority of consumer transactions happening online. There is also a growth with “tap-and-go” mobile payments speed up the checkout process. Consequently, for small businesses, the customer is expecting accessible and quick transaction processes. A second factor is the global demand for electronic invoicing being expected to grow from $3.9 billion to $19 billion in 2024.
The digital invoicing and payments synergy is a specific example of the digital transformation of the sector. For an overview of the how small businesses are adapting to digital changes, see Digital Journal's overview piece "Small businesses are engaging with digital transformation."
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