NetworkNewsWire
Editorial Coverage: Financial technology is currently making
new era advances, providing innovative, accessible solutions for
entrepreneurs and small businesses. As part of this movement,
Global Payout, Inc. (OTC: GOHE) (GOHE
profile) has created a flexible
platform for dealing with finance across a business’s
infrastructure, as well as a specialist payment system for
high-risk businesses. Glance Technologies, Inc. (OTCQB:
GLNNF) has produced a mobile phone payment system that is
secure, simple to use, and helps local businesses reach their
customer base. MassRoots Retail (OTCQB: MSRT) uses
technological solutions to help businesses develop links with
consumers and is moving into financial technology through the
development of a cryptocurrency. Support company mCig, Inc.
(OTC: MCIG) has set up a cryptocurrency consulting
division to help with the spread of this technology, as well as
investing in state-of-the-art ATMs. Medical Cannabis
Payment Solutions (OTC: REFG) has provided retailers with
a secure payment processing system that helps to automate financial
processes such as tax collection and sales tracking.
As financial technology leaps forward, small businesses are
empowered by the products of these innovators.
Creating Greater Access to Finance
Access to finance is a vital part of any business — not only
obtaining the money to fund an enterprise but also gaining access
to the financial facilities needed to run a working business. The
bigger finance-related companies have typically focused on
providing both finance and financial services to other larger,
traditional businesses. This is a logical move because the rewards
are larger and the outcomes more certain. But this has meant that
entrepreneurs, small-business owners and high-risk enterprises have
sometimes been overlooked.
That trend is changing, however, thanks to the revolutionary
changes currently taking place in financial technology.
Developments such as blockchain are transforming core components of
the finance industry, thereby providing unprecedented access to
investment capital and financial services for previously overlooked
groups. As the technology matures, these advancements are
empowering marginalized enterprises across the world.
Offering Financial Innovation
For someone setting up a small business or an entrepreneur
looking to work more efficiently, traditional financial systems can
seem frustrating, inaccessible and inefficient. Fortunately,
fintech companies such as Global
Payout, Inc. (OTC: GOHE) are offering novel
solutions.
Global Payout is a provider of financial technology, with a
focus on payment solutions. Its aim is to make payment processing
faster, smarter and more efficient. By creating better systems,
Global Payout is also making efficient payment processing available
to a wider range of businesses.
The company’s main payment system is the Global Reserve Platform
(GRP). This highly customizable system is designed to be adapted to
the needs of individual businesses rather than providing a
one-size-fits-all approach. At the same time, the system is easy to
deploy and use, an important part of making fintech accessible.
A complete “banking in a box” system, GRP isn’t just about
payment processing. It can be used for online banking, P2P
payments, loans, management, FOREX and almost any other transaction
a business might need. By connecting these systems together, it
improves efficiency and record keeping, making it easier to process
and track financial interactions. By using a single adaptable tool,
a business can avoid the inefficiencies that arise from jumping
between systems and styles of working.
Global Payout’s success comes in large part from paying
attention to the wider market around it. CEO James Hancock noted
that “with the FINTECH industry currently experiencing exponential
growth, the Global Payout management team has devoted much of its
recent time and efforts on meticulously observing current and
projected trends within the industry to identify the key market
sectors (http://nnw.fm/Bi2nC).” It is this attention to the
market that has allowed the company to identify and target the most
profitable areas.
Working with Small Businesses
One of the four sectors that Global Payout’s team has
specifically targeted is small and medium enterprises. Having seen
the gap in support for such businesses, the company is seizing the
opportunity to expand in that niche and, in the process, provide
superior services to underserved customers.
For small companies, Global Payout is determined to ease the
difficulties experienced in areas such as international payments
and money transfer. These challenges can limit the expansion of a
business, preventing it from achieving its potential. The solution
is a single platform for financial services. Global Payout’s cloud
architecture provides a simple process for making and receiving
international payments, while its customer interface can adopt
local language modifications, making it accessible for clients
around the world.
To be genuinely useful for small business clients, a financial
platform has to be inexpensive, fully functional and usable on an
array of mobile devices. This is an important part of what Global
Payout provides — solutions that entrepreneurs the world over can
both use and afford.
Looking to the Future
In addition to traditionally underserved areas of the economy,
Global Payout has recently turned its attention to a new and
growing market sector — high-risk businesses.
The growth of the legal cannabis market has created a whole new
challenge for payment systems. Cannabis businesses often cannot
access legal banking because of complications arising from the
drug’s legal standing. As a result, cannabis merchants have had to
work on a cash basis, increasing the risks of fraud, theft and
error. Their experience has highlighted the needs of the wider
category of high-risk businesses that are looking for payment
solutions to move them out of the cash-only economy.
To serve this community, Global Payout has turned to its partner
MoneyTrac. MoneyTrac is applying blockchain technology, one of the
most exciting new areas in programming, to create innovative
payment solutions for high-risk businesses, many of which are also
small businesses. Its recently launched MTRAC payment system
(http://nnw.fm/c4eoX) allows cannabis merchants
to accept payments electronically without having to rely on banks.
New technology allows the system to sidestep the inefficiencies and
restrictions of traditional banking, while still letting businesses
see the money in their accounts at the end of the day.
MoneyTrac also supplies a wider network of support services to
small businesses. By recognizing that businesses which need payment
services may also need support in other areas as well, MoneyTrac is
bolstering its customer base and ensuring a healthy future for
small-scale, high-risk businesses.
New Payment Solutions for a New World
Such innovative solutions aren’t limited to high-risk areas.
Glance Technologies, Inc. (OTCQB: GLNNF) has
created a simple, secure mobile phone payment system. Like
MoneyTrac, Glance Technologies used blockchain to create a secure,
fast system that maximizes the potential of modern technology. This
system offers merchants customization and data tools previously
only available to large businesses, allowing smaller-scale
entrepreneurs to better leverage their position and gain attention
from local customers. The system offers customers a secure, simple
payment system accompanied by loyalty rewards and the ability to
identify the best small-scale local providers. The company’s Glance
Pay system, which started out in Canada, is also now available in
the United States.
MassRoots Retail (OTCQB: MSRT) uses technology
to help businesses establish links with consumers. Its dispensary
portal and social platform help cannabis merchants understand their
local market and cannabis consumers identify the best products and
sellers in their areas. The company is now looking to expand into
financial technology with a cannabis-oriented cryptocurrency. This
will provide companies with another way to make payments within the
cannabis market. This new technology will also help MassRoots
reward customers who provide helpful reviews on its system,
increasing the value of the data to both customers and
businesses.
Cryptocurrency plays a central role in the cannabis market;
consequently, more cannabis companies are moving to adopt this
technology. mCig, Inc. (OTC: MCIG), a diversified
support company for the cannabis industry, has stepped into the
cryptocurrency arena in a number of ways. Late last year, it
created a cryptocurrency consulting division named ICOMethod, LLC.,
to help blockchain companies with business strategy, development
and technology integration. It has also become involved in taking
cryptocurrency to the high street by investing in
multicryptocurrency ATMs.
Another company providing payment solutions to the cannabis
industry is Medical Cannabis Payment Solutions (OTC:
REFG). Its Green payment system provides a secure way for
cannabis merchants to receive and process payments. The company’s
systems provide complete end-to-end management of a business’s
finances, including tax collection and sales tracking.
Financial technology has seen big leaps forward in recent years,
providing accessible solutions for small businesses. The needs of
specialist markets are providing a drive towards further
innovation, leading to a host of sophisticated systems for smaller
businesses.
For more information on Global Payout, Inc., please visit
Global Payout,
Inc. (GOHE).
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