One of Payscout’s core Cultural Attributes is Customer Happiness. This simple, yet essential, principle is a key driving force behind the company’s success in one of its specialty verticals: Accounts Receivable Management (ARM). A recent report from Forrester showed 72% of businesses consider “improving customer experience” their number one goal. One way to achieve that goal is for the leadership team to explicitly state – and continually reinforce – the importance of Customer Happiness. Payscout has developed an exceptional reputation for customer service in all merchant verticals, including tougher-to-board-and-support industries such as Collections, Money Services Businesses, Marketplaces, and others.
Ensuring success in the ARM industry Accounts Receivable and corporate collecting is one of the most crucial processes for any business owner. Cash inflow issues can affect every aspect of the business, which is why many entrepreneurs partner with dedicated, professional account collection firms to ensure the accounts receivable process runs and is managed smoothly. These professional collections (ARM) firms – which play a critical role in ensuring a company is as successful as they can be – that Payscout supports in an exceptional way. Payscout serves many of the top ARM and debt collection agencies and accounts receivable management agencies in the United States. Our recorded retention rate was 98.63% at the end of 2015 – a sure sign that the Customer Happiness attribute is yielding an incredible customer experience. Supporting the entrepreneurial dream! One of the ways Payscout provides exceptional customer service is by always thinking about the end user – in this case, the small-to-medium-sized business owner who hired a professional collections firm to help them keep their inbound cash flow consistent with the outbound products and services they provide. These business owners rely on the ARM service provider’s expertise and experience to ensure the accounts receivable process runs properly with up-to-date software, security and verification tools to help clients remain compliant with government regulations. Payscout is ranked among the top tier of servicers for the receivables management vertical because those are precisely the solutions they provide: security, built-in PCI compliance, real-time automatic settlement, and no duplicate accounting or manual entry. According to a recent report from Forbes on the Ten Customer Service And Customer Experience Trends For 2017, companies can lose as much as $62 billion per year due to poor customer service. That’s a powerful example of the value of ensuring Customer Happiness – and for Payscout, that means beginning with the end-user in mind and committing to providing the exact tools the customer needs to succeed.
Cross-border ecommerce represents a tremendous opportunity for enterprising entrepreneurs, but the opportunity comes with a caveat: Cross-border fraud is on the rise.
Fortunately, emerging technologies are adding advanced layers of fraud protection to facilitate safe, secure transactions that enable entrepreneurs to maximize the opportunity. The progression is rather simple, really: An entrepreneur selling widgets out of a brick-and-mortar operation realizes the expanded reach an ecommerce site would afford them and they start processing online. As market share grows and business booms, the prospect of expanding the customer base by going global is too compelling to miss. But what changes when an entrepreneur wants to start processing (and fulfilling) card-not-present (CNP) transactions across borders? The biggest obstacle is unquestionably fraud – and the potential solutions are driving a revolution in multi-layered fraud protection technologies.
Consider the technology designed to mitigate fraud in each of the merchant channels described in the example above. At the point-of-sale (POS), EMV (Europay, Mastercard and Visa) technology is already dramatically reducing the risk of identity theft and card/PAN (personal account number) theft. However, as technology improves at one level, the fraudsters find their new opportunity at the next. In domestic CNP transactions, technology tools such as address verification services (AVS) and CVV2 are standard here in the United States. In cross-border commerce, however, the entrepreneurs (and consumers) require added layers of security.
Multi-layered fraud tools (such as Payscout’s fraud solution suite) connect to multiple data sources, such as device fingerprinting and geo-location services, on top of the AVS and CVV2 solutions. Those added layers of security support more secure transactions, provide further insight and promote quality know-your-customer (KYC) practices. Cross-border merchants need fraud solutions that create customized fraud algorithms, based on the entrepreneur’s requirements, that connect to multiple data sources. With these solutions in place, merchants can protect their bottom line – and their margin growth.
These technology tools (and partnering with the right payment processor to provide them) help merchants reduce risk and maintain margin growth. Payscout is leveraging these tools on a global scale in an effort to achieve its mission to “support the entrepreneurial dream one [secure] transaction at a time.”
Payscout CEO Cleveland Brown spent the morning of February 15 at his alma mater, UCLA, delivering a guest lecture to 75 bright minds in Professor Hopenhayn’s Economics of Entrepreneurship class at the Anderson School of Business. Coincidentally, the guest lecture he delivered was both about – and itself a reflection of – Payscout’s Culture. Mr. Brown spoke to the students about achieving their entrepreneurial dreams through a commitment to creating culture through the foundation of a Vision, Mission Statement, Cultural Attributes, and Belief. “It’s great for these students to learn a logical progression on implementing culture as fundamental to entrepreneurship,” said Hugo Hopenhayn, Professor of Economics at UCLA and a fellow of the Econometric Society. “It is imperative that our students are taught the real world challenges and to have someone that has been in their shoes to lead by example.” Setting that example, and making the time to volunteer as a guest lecturer at his Alma Mater, is just one of the ways Payscout CEO Cleveland Brown exemplifies Payscout’s Belief, “every individual has a social responsibility to make the world a better a place.” “The Culture is our foundation,” said Brown, “our Vision, Mission, Cultural Attributes, and Belief help guide the decision-making process for our team and make Payscout a great place to work.” Those benefits of great culture are starting to pay off. Payscout was recently featured on Entrepreneur’s Top Company Cultures list, a comprehensive ranking of U.S.-based businesses exhibiting high-performance cultures. The Top Company Cultures list placed Payscout at #17 among medium-sized businesses. “Having great culture is the thing we’re most proud of at Payscout,” said Brown. “It’s an honor for me to come to UCLA, live up to our Belief statement, and use this opportunity to speak to the business leaders of tomorrow about the keys to creating great culture.”
On Thursday, March 2, Payscout partnered with the Jefferson Awards Foundation to support the Students In Action leadership training event in Downtown LA.
The Jefferson Awards Foundation launched the Students In Action program in 2006 with a goal of developing today’s students into tomorrow’s community leaders. The three pillars of the program are Leadership, Engagement, and Impact, and on Thursday, over 140 high school and middle schoolers from the greater Los Angeles area gathered for a day spent honing their leadership abilities.
Payscout Chief Operating Officer Juan Sotelo was an active participant in the event, supporting the training curriculum by delivering a presentation on Ethics. In his talk, Mr. Sotelo emphasized the importance of leading with integrity – and why ethics matter for student, business, and community leaders alike.
“This was our vision when we announced our partnership with the Jefferson Awards Foundation and launched Payscout Gives,” said Mr. Sotelo, referring to a series of community outreach initiatives that focus on supporting education and social entrepreneurship. “The chance for us to support leadership training for tomorrow’s community leaders ties directly to our company Belief statement: every individual has a social responsibility to make the world a better place.”
“We’re elated and thrilled to have a partner like Payscout to support and participate in an event where we power students to have maximum impact on the issues they care about most through our Students In Action program,” said Jackeline Muñoz, Greater Los Angeles Regional Program Manager at the Jefferson Awards Foundation. “We are empowering the leaders of tomorrow, and Juan and the Payscout team not only had a direct impact in helping make our training a success, but they also serve as an extraordinary example of compassionate leadership.”