PaymentOne Corp. is rolling out yet another mobile payments solution, but it promises to make sure merchants get paid much faster than the 60-90 day cycle that’s usually required.
Called PayOne FastPay, the mobile payments program guarantees disbursements to merchants in as little as seven days. Merchants typically need to wait much longer for payouts that have to go through mobile carriers.
Brad Singer, PaymentOne executive vice president, says the company has direct or indirect relationships with operators in the U.S. and around the world.
If you haven’t heard of PaymentOne, you’re not alone, but the company is trying to change that – but not too much. The company has been around more than 10 years and Singer says it’s strictly white-label. “We’re not trying to be a consumer brand. We’re an enabler for the merchant,” he says, and the company doesn’t want its brand distracting consumers during the payment process.
Fans of “World of Warcraft” might not know it, but the provider of the game, Blizzard Entertainment, uses PaymentOne to give gamers the option to charge subscription fees to their local phone or broadband bill without needing a credit card.
Singer says part of PaymentOne’s unique offerings is it has relationships with landline and broadband service providers as well, so if it makes sense to bill something to the broadband or household bill, the end-user can do that. If it’s a mobile game, they can bill it to their mobile phone.
The types of purchases that PaymentOne facilitates generally involve small amounts of money and are mostly digital, although it does work with some of what he calls “soft physical,” like movie tickets or parking meters. It’s not intended as direct competition with NFC, which is what the Google Wallet uses. “We’re really a pure-play carrier biller,” he says.
PaymentOne has established the Financial Services Group (FSG) within the company, and PayOne FastPay is the first in a set of programs the company plans to offer merchants.