Payment Methods

ProPay Expands Reach With UnionPay Partnership

ProPay, a unit of payment solutions provider TSYS, announced Tuesday (Feb. 20) that it had expanded its global disbursement funds and commission platform to include UnionPay cardholders residing in mainland China.

According to a press release, ProPay, which makes it easy for U.S. companies to distribute funds to consumers in the country, is using payment processor UnionPay International’s MoneyExpress program.

“For companies that operate on a global scale, dealing with exchange rates, cross-border fees and other financial hurdles can result in increased costs and frustration,” said Dave Duncan, president of ProPay. “Unlike our competitors, ProPay has the ability to remove these roadblocks by offering a convenient, cost-effective approach. Our clients who conduct business in mainland China can now get their distributors paid quickly, and no hidden fees are incurred.”

The enhancements to ProPay’s global disbursements and commissions platform offer customers different capabilities for disbursing funds to UnionPay cardholders in China. Enhancements include disbursement of funds in near real time, the removal of the need for funding recipients to file government registrations, allowing for immediate access to funds and no fees on inbound deposits, among others. In addition, recipients can see the amount being deposited into their account at the time of the transaction.  

“Retaining great consultants and distributors is the lifeblood of direct selling companies, and ensuring they’re paid quickly is vital to maintaining their loyalty,” said Mike Cottrell, ProPay vice president. “We’re proud to offer our business customers a solution that ensures their distributors are getting paid on time and without hassle.”

The enhancement comes as ProPay is expanding into new territory. The company said it had launched in Australia in October 2017, bringing small- and medium-sized businesses (SMBs) there to its merchant acquiring payment network and enabling them to efficiently accept card payments. The solution is built for direct-selling companies, micromerchants, distributors and payment facilitators.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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