Digital Transactions Authoritative, insightful and timely information for payments professionals
ProPay, a unit of Total System Services Inc. (TSYS), announced the debut of the ProPay Payment Network Wednesday. The service targets software-as-a-service providers and aims to make it easier for them to make payments among merchants, marketplaces, affiliates, consultants, and partners.
TSYS says it does that through a single point of integration, enabling user flexibility in how they fund their submerchants. Customization of the network also is available.
The ProPay Payment Network enables users to pay affiliates in a variety of ways, such a global electronic funds transfer, wire, or debit or prepaid card. Available in 130 currencies in 180 nations, the service also enables consumers to pay for goods in their preferred currency. On the backend, the service also enables the ability to transfer money to vendors or suppliers in real time, and provides customized branding and a Web portal with a white-label option.
“The ProPay Payment Network helps platforms and merchants capitalize on the movement of funds amongst participants,” Mike Cottrell, senior vice president of ProPay, said in a press release. “You work with one company to bring funds into the platform through our acquiring processing; then using a set of sophisticated [application programming interfaces], we enable our partners to disburse funds to the appropriate party.”
For example, the network, in the case of a direct-sales company, could be used to move funds from a corporate account to those of its distributors for commissions and bonuses.
