|Tristan Jordan MasterCard Worldwide 1-914-249-5724|
First Data Offers MasterCard Payment Gateway to Seamlessly Route Payments Between Buyers, Suppliers and Their Banks
MasterCard first introduced the MasterCard Payment Gateway earlier this month. It is an enterprise-wide payment processing platform for routing commercial payments between buyers, suppliers and their financial institutions. The MasterCard Payment Gateway will give First Data customers a streamlined electronic solution designed to increase productivity and profits, while enhancing security and simplifying the entire payments process. The MasterCard Payment Gateway can manage multiple payment types, including card and electronic funds transfer (EFT) and is part of MasterCard’s continuing effort to improve the payments process for businesses of all sizes, and revolutionize an industry traditionally dominated by check payments and wire transfers.
"First Data can deliver the benefits of the MasterCard Payment Gateway to more merchants, helping ensure that customers will have access to a robust, secure and cost-effective B2B processing network,” said Art Kranzley, executive vice president and group executive, Advanced Payments, MasterCard Worldwide. “This is a major step toward easing the pains that banks, buyers and suppliers expressed to us throughout the extensive research process that drove this platform’s development."
First Data's merchants will be invited to participate in the MasterCard Payment Gateway program by their corporate purchasing buyers. Once invited, a merchant simply contacts MasterCard to complete the program registration. First Data will perform the authorization and settlement of funds to the merchants’ business checking accounts of buyer-approved card transactions through the MasterCard Payment Gateway.
"The MasterCard Payment Gateway will bring added value to our merchants by speeding up the process in which they are paid," said Barry McCarthy, president, Product and Business Development, First Data. "Not only will it help them better manage their cost of payments, but also enhance their efficiencies in receiving and processing payments."
The MasterCard Payment Gateway is a comprehensive, end-to-end, modular solution that offers several key features, including buyer-initiated Purchasing Card straight through processing, which significantly enhances security and control for corporate users. Other features include:
- Single interface (“one stop shop”) for all payment processing needs
- User Interface/Web Portal for payment status reporting
- End-User Integration (with current ERP/AP systems)
- Payment Rules Engine
- Supplier Directory
- Enhanced Remittance Information regardless of payment type
Suppliers that process payments with the MasterCard Payment Gateway enjoy automated payments with straight through processing, decreased paper check processing costs, automated reconciliation via enhanced remittance information for common payment types and preference among buyers that pay electronically.
Buyers that rely on MasterCard Payment Gateway drive efficiencies by streamlining their payment options, integrating with existing accounts payable processes and can save money by enabling one connection. Through this method/gateway, buyers can have one streamlined total payables solution that can help them increase productivity, enhance security and increase profits.
The modular nature of the MasterCard Payment Gateway provides financial institutions with an enterprise-wide electronic solution that they can re-brand and make available to their corporate customers, or integrate into their current product offerings to enhance their functionality and efficiency. This can enable them to increase payment volumes without building infrastructure, potentially grow profits with additional fees, deepen customer relationships and differentiate from the competition.
For more information about the MasterCard Payment Gateway go to www.mastercardpaymentgateway.com.
MasterCard Worldwide advances global commerce by providing a critical economic link between financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes close to 18 billion payments each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard Worldwide serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercardworldwide.com.
About First Data
First Data Corp. is a leading provider of electronic commerce and payment solutions for businesses worldwide. With operations in 38 countries, First Data serves over 5 million merchant locations, 1,900 card issuers and their customers. We power the global economy by making it easy, fast and secure for people and businesses around the world to buy goods and services using virtually any form of payment. The company's portfolio of services and solutions includes merchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; receivables management solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company's STAR Network offers PIN-secured debit acceptance at 2 million ATM and retail locations. For more information, visit www.firstdata.com.