The payment sector seems to be weathering the storms it is facing amid the changing demands of the merchants and customers- and some of its major players have some figures to prove it.
Giant merchant processors Global Payments Inc. and its merger nominee Worldpay Inc. announced desirable Q1 results early this month.
The performance was high, especially in North America where Atlanta-based Global Payments raked in revenue worth $678.4 million, a boost of 14% from 2018’s Q1 when it generated $594 million. Asia-Pacific region also recorded a 7 percent rise bringing forth $61.7 million. Only European revenues plummeted 0.3% standing at $142.9 million.
“Global Payments did well in North America thanks in part to the strong U.S. Dollar. However, the region also performed remarkably in U.S. integrated-payments as well as direct-sales merchant-acquiring services, which went up in high single-digit percentages,” said Cameron M. Bready, the firm’s Chief financial executive.
“On the other hand, the revenue generated by the U.S. wholesale sector, which works with ISOs to sell Global Payment’s offerings, slipped high teens from year to year as expected, Bread said, because the company is still making an effort to multitask software-based services integrated with payment processing, and the direct-sales business.
According to Chief executive Jeffery S. Sloan, the current competitive market show’s how much tech-enabled approach Global Payments has adopted in the past five or so years.
Revenues also jumped in Canada, where the payment firm is a major acquirer- they stood at single digits if calculated in local currency but dropped to low single digits gauged on a constant-currency basis due to the weak Canadian dollar in contrast with the U.S. dollar.
At the end of the day, Total revenues rose 11 % to reach $883 million from $833.1 million. Net income also went up 23% to touch hundreds of millions ($112.3) million from $91.4 million in 2018.
Global Payment’s chief executive also pointed out the company’s role in the restaurant sector. The company has been providing mobile and POS hardware plus payment and Business Management Software for industry players from food vendors to giant national chains, like Taco Bell, Wendy’s, and Tim Hortons.
“More and more entrepreneurs in this sector are looking for a one-in-all platform to manage every facet of their expanding brands without friction, especially on SaaS [software-as-a-service] and in the cloud,” said Sloan.
The Q1 results are just the start of everything, Global Payments, as well as industry players, are anticipating decent results. These figures may get better if the payment sector keeps responding to the merchant and consumer needs.
Author bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. Through the worldpay phone number, he has helped thousands of business owners save money and time.