The Mobile Payment Market is Expected to See Steady Growth in Coming Years

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 smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes.

This technology isn’t just driving revenue for the business sector; it’s helping streamline donations and operations for non profits as well. With a non profit payment processing system, organizations can streamline donations through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

Non profits can also use mobile payment systems to help achieve greater efficiencies. Using PCI-compliant, web-based donation forms, non profits can reach out to volunteers and manage recurring donations securely and effectively.

There are several factors driving growth in the mobile payment market:

  • With the rise of smartphones, almost everyone has access to the mobile payment market, whether or not they use it.
  • Though many consumers still have concerns over privacy breaches and data security, the ease and convenience of mobile payments often supersede those security concerns.
  • The widespread adoption of smartphones in emerging economies like China is propelling the growth of mobile payments. As the middle class in countries like China and India continue to grow, so too will mobile payments.

While some companies utilize what is known as frictionless payments, where transactions are submitted through an app without swiping a debit or credit card, not all mobile payments need to be truly frictionless.

Businesses that do not yet have access to a frictionless environment can easily access the mobile payment market with a mobile card reader attachment. This allows vendors to process customer credit or debit card payments on-site, making them perfect for mobile retail sites like farmer’s markets, trade shows, or fundraisers—or a brick-and-mortar business that wants to streamline the checkout process.

A mobile payment processing system is a safe and easy way to complete sales quickly and send customer e-mail receipts, all through a smartphone. Select a system that is compatible with Apple and Android mobile platforms and supports a range of devices, including multiple generations of iPhones and iPads.

When deciding between payment processing systems, look for companies that offer full compatibility with Apple and Android and do not charge a fee for set up, early termination, or cancellation. If possible, find a payment processing company that will provide a mobile card reader for free, as well as 24/7 technical support.

About Payscout

Payscout connects merchants and consumers via credit, debit, ATM, and alternative payment networks across six continents. With Payscout, it’s easy to manage payments on-site and across online and mobile platforms. With customized services for healthcare payment processing and utility payment processing, Payscout offers customized API connections and integrates with over a dozen software applications.

 

Discover how to grow your business at www.payscout.com

4 Benefits of Mobile Payment Processing

Business People Holding Mobile Phone

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 payment processing provider should allow you to complete transactions and send digital receipts through a mobile card reader (ideally one that they’ll provide free of charge). Look for a system that is compatible with both Apple and Android and that supports debit and credit card transactions to make things easier for both your staff and customers.

When looking for a payment processing provider for your business, consider any setup or annual fees that may come with it, as well as additional costs. Ideally you can find a provider who can set you up with a system fast, without hidden fees, so you can get right back to operating your business. That said, payment processing systems might be difficult for some to understand at first, so look for a provider who offers 24/7 support so you can focus your energy on moving your business forward.

Smart Device Systems

Look for a mobile platform that operates on both Apple and Android mobile processing platforms so your payment platform is more accessible for both your customers and employees. Ideally you’ll find a platform that can be used across multiple devices so everyone who needs it can have access. Take a peek around Apple’s App Store or the Google Play Store for Android systems to see what is available to suit your needs.

Fundraising and Donations

If your organization is more geared toward donations and fundraising, then you need a payment service that lets you engage donors and leverage financial profit payment processing support online, in-person, or through a smartphone.

To help make your non profit payment processing much more streamlined and secure, look for a fundraising and non-profit merchant services platform that serves as a hosted donation site that accepts credit, debit, and checks. A strong non-profit payment processing system should allow partners to donate to your cause through a one-time payment or create a recurring donation—all through a centralized merchant account.

Since you’re a non profit or a fundraising group, it would be ideal to find a payment processing provider who won’t charge you numerous fees or have a cancellation fee in case the partnership doesn’t work out. It will also help if you can find a payment processing provider who offers qualified, 24/7 technical support.

Data Protection

Whether you’re driving online revenue or trying to maximize mobile donations, it’s imperative to find a mobile payment processing system that complies with Payment Card Industry (PCI) security standards, meaning your data and your customers’ information are secure.

PCI standards are updated annually to ensure businesses and organizations handle, process, and store data in accordance with current best practices.

About Payscout

Payscout is a trusted, global payment processing provider working across six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. Payscout makes it easy to manage payments on-site and across online and mobile platforms. Payscout even offers customized API connections for healthcare payment processing and integrates with over a dozen software applications. If you work in a healthcare environment, Payscout’s mobile payment processing services can help drive revenue efficiently and securely.

Discover how to energize your organization at www.payscout.com

Commerce with Confidence: Security and Peace of Mind in “Risky” Businesses

A close-up of female`s hands holding smartphone and credit card paying bill online via internet making transaction using mobile bank application on cell phone. Modern technology and online payment.

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 adding a two-factor authentication method (2FA) that requires consumers respond to a verification code before the transaction can be completed. Also always partner with a trustworthy mobile payment processing provider.

Best Practices for a Safe Non Profit

For the most part, non profits attract honest, decent people committed to making the world a better place. Sadly, as the financial oversight of non profits is generally less stringent than the oversight of for-profit organizations, that environment can attract the unscrupulous.

The best way to prevent abuses of a non profit’s funds is to enforce a mandate requiring transparency. Transparency and open, honest accounting and management should start from the top down. Beginning with the officers, emphasize the necessity for open books and candid discussion of the finances. Also employ a firm with a good reputation that is equipped to handle non profit payment processing.

Promoting a healthy culture at a non profit, according to fraud experts, can make a big difference. Those with closed off, insular or bullying leadership are more likely to be engaged in fraud.

Pain-Free Medical Billing

 More than $3.4 trillion dollars is spent on healthcare in the United States alone, every year. Because there is so much money being spent and handled by so many people and organizations, there are already some aggressive regulations in place to reduce medical fraud. Just being familiar with, and familiarizing the employees of a medical business with those regulations and guidelines alone can help prevent fraud.

Make comprehensive compliance to medical billing and fraud-prevention practices a top priority. Set the example by choosing a healthcare payment processing provider with a specialization in compliant billing.

That means not just some education and training, but continued education and training. Consider making compliance an element of employee evaluations, implementing policies to protect and encourage whistleblowers, perform audits (or hire auditors to do so), and compare the billing of your business with comparable providers in your area and nationally. Sometimes a simple comparison is all it takes to identify questionable finances.

About Payscout

Payscout has earned international praise as a new-generation global payment processing provider. They serve thousands of clients from a multitude of industries across six continents and all 50 states. Their “Go Global Now” technology platform gives merchants access to over 100 countries, billions of consumers, and trillions of dollars. Payscout is recognized as one of the few providers to deliver a true global payment solution that encompasses all merchant risk verticals, including those for mobile payment, healthcare, and non profit communities.

Learn how secure and efficient payment processing can be with Payscout at www.payscout.com

How Payscout’s Integrated Payment System Can Drive Your Business

 

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Payscout is a leading payment processing provider that connects businesses, consumers, and financial institutions through credit, debit, and ATM networks across the globe.

With integrations for over a dozen software applications, Payscout facilitates electronic payment solutions for all types of business operations.

Utility companies, collection agencies, and global financial firms are just some of the entities that can benefit from Payscout’s integrated processing system.

Enhanced Engagement for Utilities

Utility companies regularly engage with customers through monthly billing, rebates, and online dashboards, all of which give customers more control over their consumption and billing.

Maintaining and strengthening these customer relations is crucial for utility companies, and Payscout’s utility payment processing solution offers enhanced outreach capabilities. Payscout’s integrated payment capabilities can help utility companies maintain efficient operations by providing frictionless payment options. This means that customers can engage through a mobile device, app, or website in order to pay a monthly bill, read up on annual rebates, or check out their monthly usage.

Secure Accounts Receivable Management (ARM) Services

The breadth of the ARM industry requires an integrated payment system equipped to handle complex and multi-faceted transactions. Payscout’s accounts receivable collections software connects collection agencies, merchant and customer accounts, and financial institutions to facilitate fast and secure payments.

Payscout’s integrated system is available in real-time and supports a wide range of industries, including medical, telecom, student loans, and financial institutions.

Payscout’s mobile web portal, Condor, facilitates online transactions, and Payscout offers a direct gateway connection for real-time data transfer. This fully integrated system works with over a dozen software applications, allowing your customers to make payments in new and innovative ways.

Explore Global Transactions

If you’re considering entering global markets, Payscout’s international payment processing system can help you manage foreign credit and debit transactions or expand into offshore markets.

Payscout’s existing locations in Brazil, Canada, the European Union, and United States will help you connect with international merchants, navigate foreign agencies, and develop your services abroad.

Use Payscout to help grow and streamline your business. Find out more at www.payscout.com

The Secret to RegTech: Four E’s

Regulatory technology or “RegTech” helps entrepreneurs maintain compliance with various regulatory requirements in an efficient and cost-effective manner.

Payscout, which provides RegTech solutions for merchants in a wide array of verticals, has developed their solutions over time by deploying a surprisingly simple framework: Education, Enablement, Enforcement, and Evolution (the four E’s).

In a complex ecosystem such as the payments industry, financial regulation impacts every element of the system, from the consumer and their issuing bank, to the merchant, acquiring banks, service providers, and many more. All of those individual groups represent key stakeholders in the system.

Decisions that impact the group should begin with a process of Education, wherein all stakeholders are engaged at the outset. By beginning with education (and ensuring all relevant stakeholders are engaged in the process), both regulators – and the systems providers who help business owners navigate compliance issues – share all of the available information for use in creating the most optimal outcomes. Good examples of the education phase in action include events such as the Electronic Transactions Association’s Fly-In and FinTech Policy Forum, of which Payscout is an active, year-round participant. The events provide a forum for stakeholders to come together and bilaterally engage in the education process.

The second stage is the Enablement phase, which refers to the development of policies, processes, and systems that enable entrepreneurs to conduct business in a compliant manner. Payscout, at its core, is a systems provider who builds the processes that enable merchants to conduct payment transactions in a compliant manner. It is essential that the enablement phase (the development of systems) follows, as opposed to preempting, the education phase.

The third stage is Enforcement, and this refers to the critical steps required to remove bad actors from the systems once they have been developed and deployed. Enforcement is an essential part of any functioning system, but like the Enablement phase, it is critical for this stage to follow and not precede Education and Enablement. Only after all stakeholders have been meaningfully engaged in Education, and systems have been developed on the basis of that education, should enforcement be undertaken. If and when enforcement precedes Education, the system begins to break down.

Lastly, Evolution refers to the necessary contiguous nature of the regulatory environment and the need for the systems that support it to continue to mature. The key in this phase is to return the cycle to Education, specifically, by reviewing and evaluating what worked and did not work in the policies, procedures, systems, and enforcement inherent in the regulation.

The Four E’s model has broad implications, but in RegTech, it serves as an essential foundation for sound regulatory policy.

Contact Sales@Payscout.com today to learn more about how our RegTech solutions can help you grow your business responsibly. 

Grow Your Business with Mobile Payment Processing via Payscout

Mobile payment processing has changed the way Americans spend their money. According to the World Economic Forum, the average American will make 376 mobile payments in a year. That number will continue to grow in the years to come.

The xennial and millennial generations are innovating the way we do things, from cabs to car rentals to paying for common items, and cash is next on their list.  In 2015,  Business Insider conducted a survey in which 40% of millennials said they would stop using cash if given a choice. This attitude explains why payment via card has grown in volume faster than retail sales.

If you are in the business to consumer market, expanding the way you accept payment is necessary for continued growth. Luckily, Payscout makes it easy to accept payment via your smartphone or tablet. Payscout connects merchants and consumers with mobile payment processing, allowing purchases to take place with a swipe and a signature.

Transitioning to mobile doesn’t have to be a painful process, below are four benefits you’ll see from joining the mobility payment game.

Expanded customer base

If you do not currently accept mobile payments, the likelihood that you are missing out on potential customers is high. Moving to a mobile point-of-sale (POS) will allow you to complete sales, receive authorizations, and email customer receipts from your tablet or smartphone. You’ll gain customers with a simple swipe and sign.

Increase sales

It’s no secret that people have a habit of spending more money via card than they do cash. Human behavior is influenced by many variables, and decisions are frequently made on an unconscious level. Put simply, we are often on autopilot throughout the day, which means when we shop with cards we don’t have to make conscious decisions about spending money, and we spend more. That’s money you could be missing out on if you don’t accept mobile payments.

Quick customer turn-around

Serve more people, more quickly. Your lines will move faster with the increased technology of mobile payment processing. You’ll be able to assist customers quickly and get them on their way with reduced effort.

Increased functionality

Moving to mobile will not only increase the speed of your transactions, but it also increases efficiencies. Access to transactional data will make keeping your accounting on point a less complicated process.

About Payscout

Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. They are committed to providing clients with systems that keep them ahead of emerging trends and changes in the mobile payment processing world.  They provide nonprofit payment processing, work with the international market, and healthcare and utility payment processing and much more. With Payscout, there are no set-up or activation fees, no cancellation fees, and no annual fee.

Expand your consumer base with a range of functional services at www.payscout.com

Payscout Reflects on Second Year as a Champion

Payscout is reflecting on its second full year as a Champion with the Jefferson Awards Foundation.  Two years ago today, Payscout partnered with JAF, the nation’s most prestigious and longest-standing organization dedicated to powering and celebrating service.

Over the past year, Payscout has continued its involvement with Students in Action, participating in the Fall and Winter Training in Los Angeles, as well as the annual Competition in both New Jersey and Los Angeles.  The Payscout team has volunteered their time with Van Nuys Middle School and were proud to see the students earn a gold-level banner award for their accomplishments.

Payscout activated the Lead 360 project and donated more than 200 Emma’s Art Kits to the UCLA Mattel Children’s Hospital and the Newark Beth Israel Medical Center.  

Payscout is proud to have generated the world’s first donation made in virtual reality to the Jefferson Awards Foundation.    

In May, Payscout, the Greater LA JAF team, and several SIA students and families attended opening day for the WNBA’s Los Angeles Sparks, thanks to tickets provided by Christine Simmons, President & COO of the Sparks. Ms. Simmons announced the donation while addressing the SIA students at the Winter Training at UCLA.

The Students in Action teams from schools in the San Fernando Valley area were honored by their council members at the Los Angeles City Council spring meeting, which was a tremendous educational opportunity for the students.

In recognition of her work with Payscout Gives and JAF, Payscout nominated Erica Boatman-Dixon as employee volunteer of the year, giving her the opportunity to travel to Washington DC in June to the JAF National Ceremony. There she had the opportunity to interact with recognized volunteers from around the country and meet with congressional representatives from California.

It is clear that 2018-2019 will be another enriching and exciting year for Payscout as a JAF Champion.  Changes are on the horizon with JAF and Payscout’s involvement, so continue reading this blog for more announcements about our partnership.

For more information on Payscout activities conducted during the first year as a Champion, click here.

You can also watch this brief video which highlights Payscout and other organizations involvement with the Jefferson Awards Foundation.

These efforts continue to serve as an example of our Belief, that every individual has a social responsibility to make the world a better place!

Increase Your Nonprofit Donations with Online Giving Supported by Payscout

Boost your revenue by making the donation process simple and easy. Paying online and via mobile are quickly becoming the preferred method of payment for Americans. Online giving grew nearly 23 percent last year – did your nonprofit benefit from this significant increase?

By embracing mobile nonprofit payment processing technology, you open your organization up to greater opportunities. When donating online, donors are more likely to complete the donation process all the way through. They are also more likely to select an option for recurring donations while online as well. According to Nonprofit Tech for Good, on average, nonprofits raise 7.6 % of their total revenue online. Which means if you don’t offer donors an option to pay online, they may be choosing an organization that does.

A leader in mobile payment processing, Payscout is a global payment processing provider covering six continents by connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. Our focus on the nonprofit world includes a commitment to fundraising professionals and nonprofit organizations. We help nonprofits streamline the donation process through innovative and secure specialty credit card processing. With a single Payscout merchant account, you can finally process all types of donations through the same system – regardless if your donors are online, on-site or mobile.

In addition, online donation platforms save your resources elsewhere. Having an online forum will reduce the amount you spend on marketing materials, as there will be no need to send donation or reminder cards. When it comes to influencing donors, online resources are considered 20% more effective than direct mail, according to Qgiv.

With Payscout, you won’t have to deal with set-up, activation, cancellation, or annual fees. Stay ahead of emerging trends and give your donors the latest technology with Payscout. Interested in utility payment processing? We can handle that as well.

Enhance your donation experience at www.payscout.com .

6 Benefits of Accepting Payments Online

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.  In today’s busy times, 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 omnichannel 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 subtract features as needed, and leverage growing online buying trends to achieve higher profitability.

Simple initiation

Signing up for an online payment system is a simple process that includes minimal paperwork. In many cases, you can begin accepting payments online within days of initiation.

Quickly cleared transactions

Online transactions clear quickly, freeing up your cash flow that much sooner.

Automation

With an online payment processor, you won’t have to hassle your customers—the system will handle processes for you.  It will also allow customers to set up recurring bill pay, giving them one less thing to worry about.

Meeting expectations

The fact is, many consumers expect an online payment option.  By ignoring this expectation, you could compromise the consumer relationship before it even starts.

Enhanced security

When you utilize an online payment portal, the company you choose is required to enact multiple protections and security layers.  This added layer of protection means that your business’ and your client’s money will be safe.

Even with the best online payment system, you will run into customers that won’t pay.  If you find yourself frequently tracking down payments that remain unpaid, consider investing in accounts receivable collections software to make running your business more stress-free.

About Payscout

Payscout is committed to providing clients with systems that keep them ahead of emerging trends.  A thought leader in the payments industry, Payscout wants to help you thrive with payment processing that works for you.  Our mission is to support the entrepreneurial dream one transaction at a time; we do this by connecting merchants and consumers via credit, debit, ATM, and healthcare payment processing.  With support on six continents, Payscout is willing and able to help your business go global.

How Protected is Your Data with Mobile Payment Processing?

 

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 the transaction completed quickly so we can move on to 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 payments, 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 miscreants that seek to steal our livelihood?

If the retailer you utilize is using a great mobile payment processor, they should have the option to increase their fraud protections through risk management assessments and performance audits that ensure they are keeping their consumers protected.  Consumers are also protected by PCI Compliance, which entails a set of requirements that enhance protections.

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment, which essentially means any merchant that has a Merchant ID (MID).  The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006, to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with a focus on improving payment account security throughout the transaction process.  The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB).

This, combined with the fact that many banks offer zero-liability protection that will keep you covered if your card is used for fraud, makes mobile payments safe.

 About Payscout

 Payscout is a global payment processing provider covering six continents and connecting merchants and consumers via credit, debit, ATM, and alternative payment networks.  We are experienced in assisting the nonprofit community.  Payscout makes it easy to simplify and manage payment processing so you can quickly put donations to work at your organization.  Payscout will streamline the donation process for you whether you accept donations online, onsite, or via mobile.  We can even keep your utilities on track with utility payment processing.

 

Embrace technology and go mobile at www.payscout.com