Payscout Inc.

There are so many considerations, concerns, complicating details, and unforeseen hurdles accompanying the running of a business that it can be easy to overlook features that could either help or hinder your business’s success. In this case, that feature is payment processing. A user-friendly, streamlined payment processing infrastructure can prove to be a revenue driver by increasing conversions,while a poorly managed system can turn off and drive away consumers, leaving your business with a lot of missed opportunity and abandoned shopping carts. Don’t Exclude Payment Methods or Processing Options Consumers have become so accustomed to having multiple payment options that any business with a payment processing solution that does not support multiple sources of payment could suffer. To maximize conversions, incorporate both domestic and international payment processing . Credit and debit cards are obviously a must, but some consumers prefer additional payment alterna...

Despite the increasingly user-friendly, effective, intuitive, and affordable virtual reality (VR) and augmented reality (AR) platforms, they’re still occasionally dismissed as technological novelties. The thing is, people who have used VR technology are generally not among those who dismiss it. Those who’ve experienced what VR is capable of tend to agree that it’s a technology in the infancy of its eventual larger cultural influence.It’s an opinion shared by a large portion of the tech community and those who invest in it. That investment and adoption of VR technology has increased every year, and there’s no reason to think it won’t continue to trend that direction. There is a handy basis for comparison that VR proponents often cite to VR skeptics: the smartphone. There was a smartphone-averse population when the hand held smart devices and mini tablets that would become smartphones were introduced. They were expensive, and a minority of the population were the excit...

In 2017, online shoppers spent $453.46 billion in the United States alone. With profit potential that great, every business with a product or service that can be offered online is either doing so or risking being left behind.Wherever there’s money to be made, however, there are people rushing to learn how best to steal it. The ubiquity of plastic as the payment method of choice online has resulted in a thriving underworld industry of debit and credit card fraud. And unfortunately for online vendors, one of the most common forms of card fraud is “card not present” theft. Online vendors don’t have the luxury of checking ID to be sure the names match. That being said, there are a number of relatively simple steps that e-merchants can take to mitigate the risk of online card fraud. Tokenization One of the best ways in general to reduce fraud risk is to contract with a trusted, established payment processing institution. An experienced payment processing firm should be...

Ecommerce has emerged as a monumental market presence, and along with it, the vast, destructive shadow world of hacking and digital fraud has evolved equally as rapidly. Neither of these trends should be overlooked by brick-and-mortar business owners, whose very livelihoods depend on addressing potential threats to their businesses. Unfortunately, it’s often the proprietors and managers of brick-and-mortar businesses themselves overlooking said vulnerabilities. And in an age of mobile payment processing and dynamic points of sale, it can be an expensive oversight. But it’s not that these people are necessarily lax or indifferent about security. It’s not uncommon for a location’s management and even risk-management policymakers to invest in robust loss-prevention strategies and institute strict check-vetting and acceptance, while overlooking one of the most common, insidious, and expensive security vulnerabilities: debit and credit card fraud. Fortunately, there are ...

If you haven’t heard of the Wallet Card yet, chances are you will soon. Unveiled in early 2018 by Dynamics and Visa, the Dynamics Wallet Card™ has been generating an impressive amount of buzz. It’s been written up in numerous articles and has won several awards. One of those was the 2018 Best of Innovation Award at the Consumer Electronics Show in Las Vegas, widely considered the consumer electronics industry’s most prestigious award. It’s the first time a payments consortium has won it. That’s a lot of exposure and expectation for any new product or technology. All too often, products that are subject to that much hype wither away into obscurity under the glare of that much scrutiny and anticipation. So what is the Wallet Card and will it be the “next big thing” in consumer finance?  What the Wallet Card Is and Does The Wallet Card has the capacity to be all of your payment cards: debit, credit, pre-paid and one-time use, even branded loyalty and gift cards, ...

For a lot of people, it can feel as though they’re participants in a cashless society already. Their paychecks are direct-deposited into an account from which bills are automatically debited. They also regularly make payments (in-person and online) with without ever handling cold-hard cash.  Virtually every business accepts plastic, and you can slide or insert a card to buy a candy bar on almost any new vending machine. And with the ubiquity of mobile payment processing devices plugged into cell phones, you could likely buy from four different vendors at the local farmers’ market without ever touching paper money. That being said, our society is anything but cashless. Most people still carry cash, use cash, and take it for granted as a still-relevant staple of societal financial interactions. But as common as cash remains, the technological, societal, and even global trend has certainly been moving steadily into a more cash-free space. So will we see a cashle...

Is your business ready to tap into the international ecommerce market? If not, you could be losing out on access to millions of potential consumers and their online purchases. The global business-to-consumer ecommerce market was valued at $230 billion in 2014, but is expected to reach $1 trillion by 2020, according to a report from global consulting firm Accenture and Ali Research, the research arm of Alibaba Group. This marks a pivotal opportunity for small- and mid-sized firms and global entrepreneurs who are interested in tapping into emerging markets. Cross-border ecommerce is a segment of the globalB2C market where consumers make online purchases from businesses physically located in other countries. One of the easiest and most secure ways to facilitate global ecommerce is through an international payment processing system. Experts estimate that by 2020, international ecommerce will account for almost 30% of global B2C purchases. According to the report, more...

The global mobile payment market was valued at over $600 billion in 2016 but is expected to surpass $4,574 billion by 2023, according to findings published by Allied Market Research. That is a compounded annual growth rate of 33.8%. The Asia-Pacific region accounted for the most revenue in the mobile payment market in 2016,a trend that is likely to continue in coming years. In that same year, the retail industry accounted for nearly one-third of mobile market transactions, but the hospitality and transportation industry exhibited the fastest growth rate. Other industries listed in the report as also benefiting from the rise of mobile payments include healthcare, energy, and utilities. The term “mobile payments” refers to any transaction for a product or service that is made through an app, website, or mobile payment processing system on a smart phone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes. ...

No matter the size of your business or the nature of your industry, technology and innovation can streamline your operations, drive growth, and expand your customer base. At one point, a paper invoice or a facsimile receipt kept your business on the cutting edge of modernization. Then operations went digital, allowing customers to engage with merchants online and make purchases from the comfort of their home or office. Today, a majority of customers hold that same technology in the palms of their hands through smartphones and tablets. Your customers want and expect easy, secure mobile payments for the goods and services they regularly purchase. Whether you’re a large chain or a small non profit, a trusted mobile payment processing provider can modernize your mission and connect your customers with a secure point-of-sale payment system that they can control from anywhere. Mobile Point-of-Sale System A secure mobile point-of-sale system from a trusted mobile...

There is risk of fraud inherent to any business, but, fair or not, some occupations and payment methods are considered more vulnerable than others. And it’s not just billion-dollar conglomerates who need to worry about risk. The vast majority of fraud is perpetrated on small- and medium-sized businesses. However, there are simple steps you can take to mitigate or even eliminate that risk. Mobile Payment Made Secure According to market studies, payments made on mobile devices recently reached $75 billion a year. By 2020, they predict that revenue will increase to $503 billion. It’s not really an income source that you want to miss out on due to anxiety about safety. Safer mobile payment practices are very similar to those for traditional credit or debit card transactions. It boils down to due diligence. Ensure that the Wi-Fi network the mobile device is linked to is sound and secure. If the mobile payment isn’t face-to-face, require a CVV code and consider ad...

If you are still using the antiquated system of manually entering, calculating, and creating invoices, your business is losing valuable staff time. You’re also losing money. Enabling automated, online bill payment reduces costs while increasing the probability that you will be paid. Combine your online bill payment portal with accounts receivable collections software , and your business will be streamlined to collect payments quickly and efficiently.  Consumer Focus Giving your consumers an easy way to pay increases your likelihood of being paid. More than half of Americans pay their bills online, and as the younger generations move into adulthood, this number will continue to increase. Offering an online bill payment option is just another customer service feature that many have come to expect in 2018.   Cost Savings It costs your business a significant amount to send invoices. According to Sterling Commerce, “manually-processed invoices cost, on a...

An omni-channel payment solution allows your business to accept multiple payment types in a single processing platform. Online, telephone, over-the-counter, and mobile payment processing are all included in an omni-channel bundle. In addition, most omni-channel systems include invoicing and recurring billing options. This solution allows you to meet consumer needs while putting the control of payment in their hands. If your business accepts more than one payment type, an omni-channel solution is for you. If, for example, you are a boutique that accepts in-person transactions at your brick-and-mortar location, but also allows customers to shop online, then you need a solution that enables you to accept payments both online and over-the-counter.  Online Payments These include completing a transaction via an online shopping cart, a “buy now” button, or an online bill payment portal. Accepting online payments encourages shopping and payment—even when you’re c...

Running a business is hard enough without having to chase down payments for services you’ve already rendered. Paper invoices are often ignored, many without even being opened. While next to no one has the time to write a check, find an envelope, and a stamp---and manage to get all of that into the mail. Don’t spend your time chasing down funds. Instead put that energy into establishing an online payment system, which will save you time and a whole lot of headache. Whether you need international payment processing or a complete omni channel system, there is an option that will cater to your  business needs.  Online processing allows you to accept card-not-present transactions through an Internet-enabled interface or shopping portal. Adding this option for your customers will benefit you through:  Selling Flexibility       With a single, integrated sales system, your business can increase selling flexibility, add or subtrac...

A booth at the farmer’s market is an excellent way to flex your entrepreneurial muscles. With the right planning, you can create a business that flourishes and produces a healthy income. There are definitely a few things to consider before you take the leap, as maintaining a booth is a huge commitment that can involve several months of your time. Do your research, prepare in advance, and keep things speedy with mobile payment processing and you’ll blossom at the market.  Visit the market Deciding to operate a booth at the farmer’s market seems like an excellent idea, especially if you enjoy people. However, it is a great deal of work, so you’ll want to do research before you commit to an entire season. An investigative visit to the market you’re interested in will help you grasp what you’re getting into. Rather than going to the market as a shopper, go and observe as a potential vendor and ask yourself: Will there be a product overlap? Or will your produc...

Don’t let debtors get you down or slow your productivity. Instead, focus on creating a plan that keeps you on top of debt collection and shortens the time a customer is in arrears. To collect a debt without ruining the relationship, follow the helpful tips below.  Create a plan A failure to plan is a plan to fail, and only twenty percent of all credit departments have a formalized plan that details the defined goals of their department. Your plan should include role delineation and responsibility assignments, as well as a clear dispute resolution procedure. Use great software Great accounts receivable collections software will make collecting the debt you’re owed much simpler. By managing your entire debt collection processes, ARM software will make you more efficient and effective, and allow you to accept payment quickly online and via mobile. You’ll also be able to perform credit and risk scoring. Online payment options Allowing debtors to pay online will not only speed u...

In today’s smartphone-obsessed world, our attention spans are at an all-time low. When we pay for the things we need, we want it to be a transaction completed quickly so we can move on the next item on our to-do list. It’s no surprise then that mobile payments are growing to keep up with that demand. Mobile payment processing has become a necessary component to meet demand and will continue to evolve and grow.  According to Apple Insider, by 2020, both Visa and Mastercard have stated that they will require payment terminals in many markets to offer contactless payments. This will not only encourage businesses to embrace the new technology surrounding payment but will give the consumer more options to pay. While these increased payment options will make our lives much simpler, what do they offer in the way of protection? How will our information be kept safe amid the brigands that seek to steal our livelihood? If the retailer you utilize is using a great mobil...

It can be up to 25 times more expensive to acquire a new customer than it is to keep a returning customer. With this in mind, keeping your current customers shopping with you time and again is of the utmost importance.    Below are five simple tips to keep your customers shopping happily: 1.  Keep in line Long lines lose customers. Everyone is guilty of abandoning items and exiting the line, determining the price of the purchase was not in fact worth the time to purchase it. By keeping your lines short, you’ll keep customers coming back. This is possible even in the popular pop up markets of today with mobile payment processing , which allow you to take payment via your smartphone. 2.  Loyalty program Loyalty programs have been proven to boost growth and are a simple way to connect with customers. The benefits of the program will encourage your customer to spend with you, as they will feel as if they’re getting a deal. While the data co...

Expand your mission by utilizing technology. Mobile payment processing has the potential to boost online and reoccurring donations, driving your mission further.  Paying online and via mobile are quickly becoming the preferred method of payment for Americans; this is especially true for millennials. As a nonprofit organization, millennials should be among your most targeted groups. Millennials are disrupting traditional giving; while they frequently give (even more so than other generations), they expect certain things before deciding to part with their funds. Online giving, for example, is an area that millennials are shaping. In 2016, overall giving grew a measly one percent, but online donations (according to Blackbaud’s annual giving report) grew nearly eight percent in one year. The influence of the millennial generation is becoming, and will continue to become, a necessary resource for the nonprofit community. By embracing mobile payment processing technology...