What is GlobalPay?
GlobalPay is payment processing the way it should be. It’s a payment platform offering streamlined payment processing, reduced payment costs, error prevention and improved cash and risk management tools, GlobalPay allows you to spend less time managing your payments and more time managing your business.
What are the benefits of GlobalPay?
Streamlined payment processing
Many companies have to contend with multiple banking systems when making payments or receiving funds based on the type of payment and its payment destination resulting in multiple payment interfaces with multiple logins.
With GlobalPay, all payments – urgent and non-urgent, incoming and outgoing, domestic and international, are processed via a single online system, eliminating the need for multiple logins as well as the difficulties associated with handling many multiple currency accounts.
GlobalPay can also be integrated into your own front end accounting or ERP system so that it becomes part of your workflow, so you can upload payment instructions from your accounting package directly into our payment system.
Reconciliation is streamlined as your reference numbers stay with the payment from beginning to end.
Reduced payment costs and automatic error protection
Payment errors lead to unnecessary costs and wasted time. That’s why we’ve introduced some error prevention tools. “Find a Bank,” for example is a feature within GlobalPay that gives you access to our entire database of bank routing information for over 130 countries making it easier and quicker to set-up payments.
“Find a Bank” will also auto-populate payment information fields with correct routing instructions, helping you avoid time consuming and costly errors.
We will assist you when testing payment routing for new customers and we offer a unique service where your beneficiaries are able to update their own account details using our “beneficiary management service” saving you time.
If a payment is returned for any reason, our foreign currency holding balances facility allows you to hold those funds, so that you can resend the payment once you have the correct payment instructions.
Using GlobalPay you can also avoid the high fees associated with sending an international wire. We have access to a global network of bank accounts which we can use to send your electronic payments.
Low cost payment methods mean you can spend less sending your payments, and payment tracking is much easier thanks to the removal of intermediary banks.
Manage your cash flow
You can view all scheduled incoming and outgoing payments, domestic & international in a single view. You can then identify where shortfalls in funds exist or where there’s a risk of currency exposure. With this information you can then determine the best hedging strategy to cover these shortfalls, or speak to your dedicated relationship management team who will help you.
You can also safeguard your business from fluctuating exchange rates, by locking rates for up to a year with a forward contract, or purchase the funds today and hold them in your foreign currency holding balance for up to ninety days within GlobalPay.
For more information on Travelex GlobalPay, please click here.
