GPNGlobal Payments Inc.

Global Payments accepts cards on behalf of merchants — from a café till to payments on a website.

The company stands between the shop and the payment network: it enables card acceptance, checks the transaction and credits the merchant, keeping a share of every purchase. Revenue therefore grows with consumer spending and barely depends on which card was used.

Sold separately is software for particular industries — restaurants, clinics, schools — where the till is combined with bookings, stock and scheduling. Such a system is harder to replace than a terminal alone, and it holds the customer. Risks: competition from agile payment services, fee pressure and a fall in consumer spending. The company pays a small dividend and buys back stock actively.