A global payments system allows companies and marketplaces around the world to make and receive payments in multiple, certified international currencies. Although currencies may vary between payment services.
The definition of a payment system is ‘any system used to settle financial transactions through the transfer of monetary value. This includes the institutions, instruments, people, rules, procedures, standards, and technologies that make its exchanges possible’ The ‘global’ element comes into play when the sole supplier, vendor, company, or marketplace has a bank account in a different country to the one in which the business is based in.
Global payments system acts as the intermediary between the buyer and the seller, upholding the integrity and confidentiality of:
A global payments system is classed as a SaaS (Software as a Service), offering a relatively cheap option for vendors to carry out their business without having to dedicate a lot of time or resources to develop their own payment processing system. Operating as a SaaS, such systems usually price depending on the rate of transactions being actioned, business type, and industry.
Transactions and payments can happen physically with credit or debit cards on a card reader, or through online transactions via a bank or private vendor using a virtual payment system to facilitate and secure payments. Reports of transaction amounts, who the vendor and buyer were, the geographical location of where the transactions took place, and any fraud attempts are kept on behalf of the Payment Service. However, they can be retrieved by the vendor, company, or business. This offers full transparency, earning insights and the peace of mind that the transaction history can be retrieved if needed.
In the case that something was to go wrong; such as a transaction fails, a fraud attempt is detected, or something unforeseen happens. In line with sector standards surrounding global payments, the exact cause of what went wrong can be identified by local and online support teams, which is typically offered as part of the SaaS package.
Usage and popularity of global payments have steadily been growing year upon year, so without a secure and efficient global payments method to facilitate these transactions, businesses would cease to function.
2020 just saw the highest number of new companies created since 2011, even with the pandemic affecting businesses and online marketplaces in all industries on a global scale. This provides factual evidence that even with the state of the world, global payments are an essential piece of the puzzle that ensure online payments and cross border transactions can take place.
Imburse provides businesses with the freedom to grow, and establish new and empowering partnerships. We supply the flexibility to add any payment provider, within minutes, in a straightforward manner. For secure and easy global payments, get in touch with our team today.