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

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

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

Expand Your Nonprofit’s Mission with Mobile Payment Processing

Online Donations through Pyascout's mobile payment processing

If you own or work for a nonprofit organization, give an impetus to your organization’s growth and mission by embracing technology. Mobile payment processing for one, 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, you open your organization to great opportunities, such as:

1. Enable online donations

By offering donors the opportunity to donate online, they are more likely to complete the donation process completely. Donors that give online or via mobile are also more likely to give recurring donations to organizations they favor. Having an online forum will also reduce the amount you spend on marketing materials, as there will be no need to send donation cards and reminder cards when they can simply donate online.

2. Increased donation amounts

People spend differently on credit cards than they do with money in their wallet. They are more apt to be generous (especially in cases where there is a return, i.e. credit card air miles). A properly crafted online giving forum could leave you with higher donation amounts for your mission.

3. Sell tickets

If you have a special event or yearly fundraiser that you encourage donors to attend, selling tickets online will save you time and money. Again, people are more likely to purchase online than they are in person. Non-profit payment processing technology will make filing your 1099 and special event accounting much easier as you’ll be using an easy, trackable system.

4. Merchandise opportunity

Donors are passionate about the causes they care about, and most will happily showcase that support. If your donation platform subsists online, you can give donors the opportunity to further support your organization with branded merchandise that provides you with free awareness of your nonprofit.

5. Heightened security

Standards known as PCI Compliance are now required annually by all organizations involved in the handling, processing, management or storage or cardholder data. Since 2006, the PCI SSC’s resulting data security standards (PCI DSS) have assisted merchants globally with best business practices to better secure customer cardholder data through annual updates to the PCI DSS.

With each new iteration of the standards, the PCI SSC addresses changes in risks and technologies to ensure merchants are well equipped to handle all scenarios around data security risks that may affect them. This means that your donors and information will be protected with a PCI-compliant payment processing company.

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. They 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. They can even keep your utilities on track with utility payment processing.

Discover how to mobilize your donations at www.payscout.com