Everything You Need to Know about UnionPay

With over 7.5 billion UnionPay cards issued globally – more than Visa and Mastercard combined- UnionPay has grown to be the largest supplier of payment cards in the world.

UnionPay (formerly known as China UnionPay, or CUP) is China’s sole bankcard association. It was established in 2002 in Shanghai, under the approval of China’s central bank. With over 7.5 billion UnionPay cards issued globally – more than Visa and Mastercard combined- UnionPay has grown to be the largest supplier of payment cards in the world. 

Why UnionPay?

UnionPay allows Chinese customers to pay with a trusted and familiar card brand, no matter where they are. As of March 2019, UnionPay cards are accepted in 174 countries and regions, and by 52 million merchants worldwide. In particular, in the US, over 80% of merchants accept UnionPay cards, greater than the US merchant acceptance for American Express cards. Additionally, almost all ATMs in the US accept UnionPay cards, as part of the 2.6 million ATMs worldwide accepting UnionPay.

If you’re already accepting UnionPay cards, you can increase conversions by 30-90% by switching to Payscout’s SecurePlus connection, which combines credit and debit card acceptance in one solution. 

UnionPay cardholders also receive exclusive privileges when traveling, including no foreign transaction fees, no purchasing limits, worldwide customer support, as well as discounts at various attractions and retailers around the world. In 2017, there were more than 131 million Chinese tourists worldwide, who spent approximately $115 billion overseas. In the United States alone, 3.5 million Chinese tourists are expected during 2019, with this figure increasing to 4.5 million annual visits by 2022. 

The number of UnionPay transactions totaled 17.69 trillion in 2018, up 28% from 2017. With the increased global acceptance of UnionPay and growing number of Chinese tourists worldwide, this figure is only expected to continue rising at a rapid rate. 

UnionPay Products/Services

UnionPay supplies both debit and credit cards, although credit cards make up the majority of UnionPay cards issued. There are almost 900 million UnionPay credit card accounts, over 5 times greater than American Express. UnionPay also offers online and mobile payments, with their mobile payment app QuickPass hitting 150 million users in April 2019. As part of their online payment processing, UnionPay offers an e-commerce solution, UnionPay Online Payments (UPOP), which allows for cards to be accepted over the Internet with real-time transaction authorization.

UnionPay as a preferred payment method

According to the 2018 World Tourism Cities Federation report, mobile payments and UnionPay cards are the preferred methods of payments for Chinese tourists, ahead of Visa/Mastercard and cash. However, while there is a huge demand for UnionPay as a method of payment, many Chinese tourists are worried about the acceptance of UnionPay overseas. Therefore, once you set up UnionPay, it is highly recommended to display the UnionPay Logo on your website or store-front, ensuring that Chinese customers are aware that you accept this preferred payment method.

Payscout provides instant onboarding for updated UnionPay API connectivity, enabling debit and credit card acceptance with branded logo placement and SMS authentication. 

How can I accept UnionPay?

As a Principal Member and Global Acquirer of UnionPay International, Payscout can help you add this preferred method of payment to your e-commerce sites. Settling with Payscout not only saves you time, taking only 2 days versus the typical 5 days, but also saves you money on UnionPay processing with costs at 2.5%. 

In addition to offering both debit and credit processing, Payscout offers tokenization and full integration with UnionPay SecurePlus. Tokenization improves issues with card security, while SecurePlus allows companies to accept both credit and debit cards without a redirect to a UnionPay Hosted Payment Page, thereby improving the customer experience and increasing conversions at the same time. SecurePlus also improves security, as all debit transactions receive an SMS authentication code, therefore reducing fraud risks and severely reducing chargebacks too.

 We can help you get access to the world’s largest card network in the world. Visit acceptunionpay.com to get started with UnionPay today.  

Visit payscout.com/china to learn more.

Tips for Protecting Your Online Business From Debit and Credit Card Fraud

 

Man using mobile phone and laptop for shopping online by credit card. Pays for purchase.online shopping, online payment,buy and sell products .

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 able to handle everything from accounts receivable collections software for accounting to tokenization. Tokenization is a process that replaces sensitive data, like payment card numbers, with a “token.”

The token is a unique identifier that stands in for the actual card information (which is stored off-network in an ultra-secure data vault). The token can be effectively used by the business as necessary but is meaningless and useless to any hacker who breaches a less-secure local database, network, or payment application.

Emails, Addresses, and Overseas

Sometimes, security measures are relatively low-tech, requiring good old-fashioned risk management. In this case, keeping an eye out for details like the validity of an email address. It’s obviously not a sure-fire sign of larcenous intent, but if an email address appears to be a random string of characters at a free email domain, be wary.

The same goes for orders in which the billing and shipping address differ. There are countless legitimate reasons for that, but it can be a red flag, particularly if expedited shipping is requested. Overseas sales can be tricky. Obviously, the entirety of the planet beyond your borders is a great market, but it’s also a bit of a risk. Make sure the aforementioned payment processing firm you contract with has a solid foundation in international payment processing to help mitigate risks.

Always Require the CVV Code

This one may seem obvious, but a surprising number of online businesses still allow card transactions without requesting the card verification value (CVV) code. The CVV is a three- or four-digit code on the back of a credit or debit card. When hackers, identity thieves, and scammers get their hands on payment card numbers online the CVV is very often not present with that information. Requiring the CVV is therefore a small step that significantly mitigates the risk of fraud.

About Payscout

Payscout has worked to establish the company as one of the most trusted payment processing providers. Facilitating safe and convenient payment solutions across six continents, Payscout has been linking merchants and consumers with credit, debit, mobile, ATM, and alternative payment solutions. Managing payments, whether on-site or across mobile and online media, is easy with Payscout. Payscout integrates with more than a dozen software applications and also offers healthcare payment processing as well as specialization in non profit payment processing. Whatever your specific payment needs, Payscout can accommodate you with quick, convenient, friendly, and secure service.

Learn more about Payscout’s payment processing solutions at www.payscout.com

The Most Common Debit and Credit Card Fraud Risks for Brick-and-Mortar Businesses

Store merchant taking cc for payment

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 entrepreneurs 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 some practical steps businesses can take to greatly reduce their fraud vulnerability.

 ID Checks for Stolen Cards

Stolen credit cards are one of the most common manifestations of credit card fraud. Rather than somehow electronically intercepting card information, or stealing someone’s identity (usually), the thief has come into physical possession of the card. While thieves will often use stolen cards to make card-not-present purchases online or over the phone, many will also attempt to use them for physical purchases. Generally, this is one of the easiest forms of fraud to prevent by requiring that the clerk check the ID of the purchaser.

 Dummy Card Fraud

There are two variations of dummy card fraud featuring similar scams: doctored cards and counterfeit cards. Doctored cards are popular with scammers who have actual credit card numbers but don’t have the equipment to rewrite counterfeit cards. Doctored cards are real credit cards, usually printed rather than embossed, that have had their information changed. The magnetic strip on the card is then either altered or erased so when the merchant scans the card it then fails to read it, resulting in the scammer asking that the information be entered manually.

Counterfeit cards are a variation of doctored cards. Oftentimes, if the scammer has access to the technology necessary for actually printing and encoding the magnetic strip of a credit card, they will produce new credit cards written with the stolen card number.

Brick-and-mortar business owners can curb dummy card fraud by ensuring their POS equipment is EMV (chip) compatible, as chip technology is much harder to counterfeit than its magnetic-stripe-based counterpart.

How to Protect Your Business

Technology may seem like the logical place to start when it comes to protecting your business from fraud, but the reality is, successful fraud-prevention starts with people. Employee training is key. Employees are usually both the first line of defense against fraudsters and those targeted by them. Often, just a basic level of training on spotting and avoiding fraud is sufficient to significantly reduce it. The balance most businesses struggle with for card security is being as vigilant as possible without alienating the customer. No one wants to have to share their birth certificate and utility payment processing documentation to confirm their address to buy a new electronic device. But a little security can go a long way. Simply requiring customers to show an ID that matches the card and calling a manager for any card that has to be entered manually can be enough to both prevent incidences of fraud and deter future scammers.

 About Payscout

Payscout has worked to establish the company as one of the most trusted payment processing providers in the world. Facilitating safe and convenient payment solutions across six continents, Payscout has been linking merchants and consumers with credit, debit, mobile, ATM, and alternative payment solutions. Managing payments, whether on-site or across mobile and online media, is easy with Payscout. Payscout integrates with more than a dozen software applications and also offers healthcare payment processing as well as specialization in non profit payment processing. Whatever your specific payment needs, Payscout can accommodate you with quick, convenient, friendly, and secure service.

Learn more about Payscout’s payment processing solutions at www.payscout.com

Is Your Business Equipped to Handle the Holiday Shopping Frenzy?

mobile shopping - holiday look - with cc

The holiday shopping season is officially here, and consumers are ready to spend—big time—according to a recent analysis by Forbes. As consumers increasingly spread shopping experiences across multiple mediums – traditional malls, big-box stores, and online shopping and e-commerce – businesses that are equipped to accommodate the influx of online traffic stand poised to reap serious benefits.

Take a look at these holiday shopping stats:

  • Black Friday is still the busiest shopping time for storefronts, but foot traffic declined nearly 9% from 2017.
  • Consumers spent $3.7 billion online in 2018, a 28% increase from 2017.
  • Online Black Friday sales generated $6.2 billion, an increase of 23.6% from 2017.
  • Mobile devices accounted for 68% of online traffic and 54% of orders on Thanksgiving Day.
  • Mobile devices made up 67% of all digital traffic on Black Friday, a 61% increase on the same day last year.

In the age of online shopping, e-wallets and cashless checkouts, the “customer experience” is crucial. These days, consumers want and expect an expedited checkout process both in stores and online, frictionless mobile payment processing, in-cart transparency, and, of course, data security.

If your business or organization isn’t equipped to accommodate these consumer preferences, you might be missing out on both traffic and revenue.

Mobile Payments

Mobile payments refer to any transaction for a product or service that is made through an app, website, or payment processing attachment on a smartphone, tablet, or other mobile electronic devices. In most cases, payment information is encrypted for security purposes. Mobile processing differs from traditional payments such as cash, checks, or debit and credit card information that require a stationary touch screen or computer.

The expansion of mobile payment processing is driven largely by consumer demands, but it’s also easier for retailers. Moving more consumers through checkout efficiently with a mobile point of sale system can drive business in-store and provide customers with a seamless, PCI-compliant checkout experience online. As more consumers turn to online shopping, retailers that adapt to the changing market will be well positioned to capture future growth.

In-Cart Transparency

Consumers often add items to their cart whether or not they intend to buy them. This is especially true during high traffic periods, such as holiday shopping. However, Retail Dive reports that an estimated 23% of customers will abandon the items in their cart if they can’t see the total up front, including taxes, shipping costs, and delivery dates.

Retailers that can make the online holiday shopping experience easier on consumers, including securing and organizing their online carts, can reap the benefits of online shopping.

Giving Tuesday

Online shopping isn’t just for revenue-generating organizations, especially during the holidays. Giving Tuesday is one of the biggest days of the year for non profits and an important source of revenue for their operating funds.

A non profit payment processing system can help these organizations streamline donations during Giving Tuesday or any day of the year through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

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 utility 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 you can leverage consumer preferences for online shopping at www.payscout.com

Global B2C Ecommerce is Expected to Grow to $1 Trillion by 2020

Young entrepreneur woman using tablet work at home office looking at camera.

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 AliResearch, 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 global B2C 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 than 900 million people around the world are expected to participate in online international shopping.

If you see potential to grow your online retail operations, you can’t afford to miss out on this trend. An international payment processing system can help smooth the transition into global markets by helping you navigate foreign rules and compliance issues and streamline payment processing. Look to work with a company that offers an international payment processing system and that can also help you connect with international contacts and experts in new markets such as Brazil, Canada, and Europe.

Global analysts and investors are also carefully following China’s growing economy. Global ecommerce grew by more than 70% in 2015 in China alone, driven partly by China’s growing middle class, higher standards of living, and increased exposure to foreign markets.

An estimated one-quarter of China’s population will soon be shopping either directly on a foreign company’s website or shopping through third parties like Alibaba, JD Worldwide, or Amazon. This equates to over 200 million ecommerce shoppers in China over the next five years, totaling over $245 billion in ecommerce transactions.

In addition, international ecommerce is expected to see compound annual growth of over 27% in the next five years. This is double the current rate of B2C shopping worldwide.

Even if you don’t anticipate venturing into international markets, which might be the case for local businesses like a regional healthcare provider or a utility company, you still need a payment processing system that is efficient and secure.

A healthcare payment processing system should integrate with other software applications, customer accounts, and financial institutions to facilitate fast and secure payments. Reliable, integrated banking solutions are a central component to electronic payments.

Also look for payment processing systems that support frictionless payments. This emerging concept integrates a customer’s banking information with point of sale transaction through an app or mobile device, allowing customers to pay a bill or make a purchase from their phone instead of physically swiping a debit or credit card.

Whether operating domestically, internationally, or moving between global and local markets, your payment processing provider should ensure excellent customer service, mobile capabilities, personalized solutions, and API connection for real-time data transfer.

 

 

 

5 Ways to Turn Consumers into Regular Customers

If you run a retail business, you probably already know that acquiring a new customer can be up to 25 times more expensive than keeping a returning one. 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 collected to sign up will expand your mailing lists for increased marketing potential.

3. Don’t be pushy

If you have a brick and mortar location, it’s important to master the correct amount of contact with your customer. Too much attention, and the customer may feel hurried, or like you don’t trust them; not enough contact and individuals will feel ignored. The best service is one that reads off the customer via quick opening questions that will signal whether or not they’re up for chit chat or just shopping.  You are not exempt if you operate in an online space, popups are the digital version of the pushy salesperson.

4. Easy check out 

In an online space, Forbes notes that consumers find the checkout experience as important as a website’s landing page. Reducing the barriers to conversion by keeping the checkout process simple can lead to an increase in sales. Whether online or in a physical location, easing the checkout process should include accepting multiple payment options.

Even when it comes to collecting a debt, people are more apt to pay if accounts receivable collections software is utilized.

5. Excellent customer service

Happy customers are free advertising and will spread the word about your goods and services. This is especially important as the millennials move through the consumer marketplace, as they rely on word of mouth more than any other generation. Treat your customers well and do what you can to keep them happy, and they’ll put their money where their mouth is.

 

Global Ecommerce to Reach $1.84 Trillion in 2017

Global ecommerce remains a tremendous opportunity for enterprising entrepreneurs.  A new report from the Ecommerce Foundation shows global B2C ecommerce will grow by 17% in 2017, reaching $1.84 Trillion by year’s end.

The Ecommerce Foundation, an independent non-profit with a mission to foster global digital trade, has released a report showing the global ecommerce market is continuing to grow at an astounding rate.  According to the report, global ecommerce sales will reach $1.84 Trillion in 2017, up 17% from 2016.

Asia represents the fastest growing segment in the report, rising 20% year-over-year.  Europe comes in at a close second, up 19% from 2016.  In the United States, which is the world’s most advanced ecommerce market, the growth rate in 2017 will reach 10%, according to the report.

“The data shows that we are far from a growth plateau in the global e-commerce market,” said Ecommerce Foundation research coordinator Sara Lone.  “The rate of growth continues to increase, possibly due in large part to healthier economies, improvements to infrastructure and higher rates of cultural acceptance for e-commerce.  As we evolve into a more connected world, with substantially more people accessing the Internet, we see new opportunities to create online shoppers, as well as increase the amount of goods/services online shoppers currently purchase.”

As the amount of goods and services online shoppers purchase continues to grow, so too does the opportunity for ecommerce merchants to expand their businesses.  With international locations in Asia (Shanghai, China) and Europe (where Payscout is now a licensed Financial Institution), Payscout is uniquely positioned to help entrepreneurs leverage the growth of global ecommerce.

Contact Payscout today to Go Global Now with efficient international ecommerce processing!

This Holiday, Don’t Let “The Grinch” Steal Your Data.

The Holiday Season represents a tremendous opportunity for merchants looking to capitalize on ecommerce sales. With the increasing threat of cyber attacks and data security breaches, it also presents a unique set of challenges for business owners looking to capitalize on the seasonal uptick in online shopping.

The 2016 holiday shopping season is going to keep a lot of data security professionals busy.

ThreatMetrix, a digital identity company, recently released a 2016 cybercrime report in which they predicted a sharp increase in cyber attacks targeting key retailers during the 2016 holiday season; with a potential 50 million cybercrime attacks during the peak shopping week.

In addition to the substantial volume of predicted attacks, the complexity of these cybercrimes continues to evolve.

“Attacks have evolved from being one-dimensional with a singular purpose to being a Frankenstein’s monster of attack vectors, using bots, social engineering and remote access stealth in various combinations,” says Vanita Pandey, vice president of strategy and product marketing at ThreatMetrix. “Fraud prevention is no longer simply about timely detection but about getting under the skin of evolving attack patterns to better thwart the rise of cybercrime.”

The increasing complexity of these attacks – and the preventative measures that ward against them – come at a time when most retailers and etailers are overestimating the efficacy of their endpoint security.

In a recent Tripwire study conducted by Dimensional Research, retail IT professionals were found to be overconfident in their ability to efficiently identify and mitigate a cyber attack. Seventy-one percent believed they could detect configuration changes to endpoint devices on their organizations’ networks within hours, but only fifty-one percent knew exactly how long the process takes.

The combination of increasingly complex cyber crime attacks, and overconfidence in endpoint security, means the solution providers who can deliver on the promise of increased fraud protection will help their clients move confidently through another busy holiday season for ecommerce shopping

Consumers ready to buy, but also worry.

Reports from another recent payments study suggests online shopping will continue to surge this holiday season, but this promise also comes with increasing consumer concerns about the security of cardholder data.

76 percent of 1,900 consumer respondents in the United States and UK, plan to shop online this holiday season. Many are planning to spend as much or more than they’ve spent online in the past: 55 percent of respondents said they’ll spend the same amount and 19 percent are planning to spend more.

Despite this optimistic outlook, consumers are increasingly reticent about security.

When asked if they’re concerned about security when disclosing their credit card and bank information online, 74 percent of these same respondents agreed – and 45 percent strongly agreed.

Consumer concerns are amplified when considering shopping at retailers that have recently experienced a data breach. More than half of respondents, 57 percent in total, said they would not shop with retailers who had experienced a breach. Almost a third, 31 percent, said they strongly agree that they would avoid that retailer.

So, what does all of this mean for online entrepreneurs? It means this holiday season is shaping up as a tremendous opportunity – but one data breach could not only compromise the security of a customer-base, it could undermine the merchant’s ability to maximize the pending holiday shopping surge

Payscout is here to help.

Fortunately, for both payment solution providers and the merchants they serve, Payscout can help.

With a leading global team of managed risk analysts and fraud-management experts, Payscout is poised to protect retail and ecommerce businesses with automated fraud screening and manual review to ensure the business – and its customers – remain secure.

Click here to learn more about Payscout’s fraud management tools.

Moreover, just in time for the holiday season, Payscout recently announced a partnership with Protocol, a recognized thought leader in data security standards for Payment Card Industry (PCI) Compliance. Payscout and Protocol will work together to build a strong data security foundation built on best practices, but also customized on how each merchant client handles and processes cardholder data.

There is a lot on the line for business owners this holiday season – and all year long. Entrepreneurs should focus on doing what they do best: providing the goods and services that help earn their customers’ loyalty.

When it comes to data and security, leave it to a global payment processing partner with Integrity/Trust and Reliability built into the very foundation of its business.

This holiday, Payscout is here for online entrepreneurs and their payment services providers, to make the most of a promising shopping season.

Virtual Reality is the Future of Global Ecommerce.

Virtual reality (VR) is poised to revolutionize the way consumers interact with products and services – and Payscout has developed innovative technology to facilitate payment transactions within virtual reality experiences.

Perhaps no technology has elicited more enthusiasm and excitement than the recent rise of VR technology. In the past decade alone, the world has seen major, rapid advancement in the development of VR technology.

The omnipresence of smartphones with high-density displays and 3D graphic capabilities has enabled a generation of lightweight and practical VR devices. Those devices also happen to double as mobile payment technology tools, with transactions via mobile payment technologies predicted to reach 9.9 billion in 2018.

The confluence of these technological and economic advancements – VR technology, global ecommerce and the rise of mobile payment technologies – is poised to revolutionize the omnichannel retail experience.

Nonny de la Pena, the Founder of Emblematic Group, and commonly referenced as, “The Godmother of Virtual Reality,” recently explained the power of VR this way:

“Because VR offers the audience the sensation of ‘being there,’ it creates a visceral connection to the events unfolding in front of the viewer.”

Many analysts are predicting that these visceral connections will translate to commerce in massive and profound ways.

Deloitte predicts VR will be a billion-dollar industry by the end of 2016. Goldman Sachs estimates the global VR and AR market will reach $110 billion by 2020, and a recent analyst report from Citigroup suggests VR/AR will become a $674 billion market by 2025.

So, how can merchants and entrepreneurs gain first-mover advantage in the world of VR, and position themselves to take advantage of these projections?

Payscout has a solution.  

In May 2016, Payscout demoed a simulated VR shopping check-out experience at the 2016 CNP Expo in Orlando. One month later, Payscout showcased a simulated VR debt payment experience at the ACA International Convention in Denver.

But, these were merely simulations. When the time came to build the technology to allow for real-time transactions to take place within a VR experience, the Payscout team was up to task.

In October 2016, Payscout developed a VR commerce solution that enables the purchasing of an embedded product within a VR short film. Working with the Film Antics production company, the team shot a three-minute VR short, with prominently featured product placement. The  feature was followed by the opportunity to purchase the product within a virtual store – all contained within the VR experience – and the transaction  is powered by Payscout’s proprietary payment gateway.

The revolutionary implications of this emerging technology are limitless – from changing the way product placement occurs in feature films to non-profit applications for donations in immersive, 360-degree experiences.

In a recent interview with Multichannel Merchant, Payscout CEO Cleveland Brown stated, “Virtual reality commerce will evolve in different ways than ecommerce did, primarily because it uses a different set of parameters and production requirements. The sophisticated interface will appeal to retailers that offer products which show well in the three-dimensional environment or are popular enough to capture on-demand engagement.”

And, when retailers are ready to capture that engagement, Payscout is the payment processing partner positioned and ready to provide the solution.