Total System Services, Inc. (TYSYS), a Columbus, Ga.-based processing company has been busy advancing its payments solutions this month.
TYSYS has been working with both American Express and MasterCard to develop new payment options for customers. With American Express. Tysys American Express OptBlue for small businesses. This option will enable small businesses to accept American Express payments just as they would any other credit card payment at a 2 percent rate over AmEx’s current 3.5 percent.
This will benefit the merchant by simplifying and speeding up the process of reconciliation, improving cash flow and include an “easy-to-read” statement for card activity. According to Craig Ludwig, Head of Product for TSYS’ Merchant Services segment,: “The streamlined back-end processes and servicing allow merchants to spend more time concentrating on growing their business.”
In addition to their work with American Express, TSYS’ company ProPay has been working with MasterCard to include MasterPay as an online option for payment. MasterPay allows users to use any enrolled card on any device from any location. MasterPass is a place to store one’s MasterCard information along with other branded credit cards along with store credit and loyalty cards plus shipping addresses all in one place, simplifying the checkout process drastically.
This is expected to lessen the amount of online shopping cart abandonment. Business Insider reports a rate of as much as 74 percent of online items are abandoned in shopping carts worth up to $4 million. With the addition of MasterCard MasterPass, ProPay now offers more than 10 ways of payment to be made on any device, anywhere, anytime.