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Total System Extends Pact With SpotOn to Better Serve SMBs
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Total System Services, Inc. has extended its agreement with SpotOn Transact, LLC, which will enable expansion of payment capabilities to merchants. The agreement will allow Total System to better serve the small and medium businesses (SMBs), which form the backbone of the U.S. economy, comprising 99.7% of the business in the United States. However, these SMBs continue to suffer from payment hassles.
With nearly 28.8 million small and medium businesses, this segment provides enough growth opportunity as the prevalent methods of transaction by cash and checks involve risk, delay and inconvenience.
Given the usage of non-digital payment collection, SMBs invest a lot of time and resources in collecting payments. Thus, they face several issues like tracking the status of their payments, keeping cash balances to fund the payment gaps, which cause difficulty in management of cash flows.
With the huge market opportunity to cash upon, many of the companies involved in the payments industry like Visa, Inc. (V - Free Report) and Mastercard Inc. (MA - Free Report) are in a race to provide innovative solutions and services to these small and medium businesses and grab a greater market share.
SpotOn co-founders Matt and Zach have 2018 in sold their earlier venture, Central Payments, to Total System Services.
Total System is on the verge of being acquired by Global payments, Inc. (GPN - Free Report) . The deal is expected to be a win-win for both the entities involved. Total System is a merchant acquirer and credit card issuer and the largest third-party credit-card processor in the United States. It provides banks with credit and debit card portfolios management services which includes card authorization to detect fraud and calculating rewards. Global Payments, in the meanwhile, is the country’s fifth-largest merchant acquirer, helping businesses handle credit and debit card payments.
The deal will provide Total System with a strong and stable partner and a wider presence in the payments industry, which is witnessing consolidation.
Global Payments has a legacy of acquiring companies and successfully integrating them. We believe that the transition for Total System will also be smooth and help create good returns for its shareholders.
Since the announcement of the deal on May 27, the stock of Total System has gained 16% compared with its industry's rise of 8%.
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
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Total System Extends Pact With SpotOn to Better Serve SMBs
Total System Services, Inc. has extended its agreement with SpotOn Transact, LLC, which will enable expansion of payment capabilities to merchants. The agreement will allow Total System to better serve the small and medium businesses (SMBs), which form the backbone of the U.S. economy, comprising 99.7% of the business in the United States. However, these SMBs continue to suffer from payment hassles.
With nearly 28.8 million small and medium businesses, this segment provides enough growth opportunity as the prevalent methods of transaction by cash and checks involve risk, delay and inconvenience.
Given the usage of non-digital payment collection, SMBs invest a lot of time and resources in collecting payments. Thus, they face several issues like tracking the status of their payments, keeping cash balances to fund the payment gaps, which cause difficulty in management of cash flows.
With the huge market opportunity to cash upon, many of the companies involved in the payments industry like Visa, Inc. (V - Free Report) and Mastercard Inc. (MA - Free Report) are in a race to provide innovative solutions and services to these small and medium businesses and grab a greater market share.
SpotOn co-founders Matt and Zach have 2018 in sold their earlier venture, Central Payments, to Total System Services.
Total System is on the verge of being acquired by Global payments, Inc. (GPN - Free Report) . The deal is expected to be a win-win for both the entities involved. Total System is a merchant acquirer and credit card issuer and the largest third-party credit-card processor in the United States. It provides banks with credit and debit card portfolios management services which includes card authorization to detect fraud and calculating rewards. Global Payments, in the meanwhile, is the country’s fifth-largest merchant acquirer, helping businesses handle credit and debit card payments.
The deal will provide Total System with a strong and stable partner and a wider presence in the payments industry, which is witnessing consolidation.
Global Payments has a legacy of acquiring companies and successfully integrating them. We believe that the transition for Total System will also be smooth and help create good returns for its shareholders.
Since the announcement of the deal on May 27, the stock of Total System has gained 16% compared with its industry's rise of 8%.
Total System carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>