Make it Easy for Debtors to Pay with Payscout’s Accounts Receivable Collections Software

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Increase efficiency without impacting your live agents with Condor, the new payment portal that facilitates payment processing transactions between you and your debtors. This evolved, frictionless payment solution from Payscout will free your focus so you can dedicate where it’s needed.

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. Their mission is to support the entrepreneurial dream one transaction at a time; they do this by connecting merchants and consumers via credit, debit, ATM, and accounts receivable collections software.

Condor is built upon Payscout’s payment processing platform and offers self-serve bill payment options that can be accessed anytime, anywhere. Debtors can view their current account information while setting up payment arrangements in real-time via a secure, verified login.

Featuring customizable parameters to meet individual business needs, the Condor portal is available as a mobile-enabled website, IVR, or a combination of the two, allowing you to choose an option best suited to your business. Bring order and efficiency to the incredibly cumbersome collections process with Payscout.

Condor helps streamline Accounts Receivable Management through an efficient, mobile-enabled web portal for self-service payments. Debtors have access to:

  • Consumer identification
  • Minimum payments
  • Acceptable payment plan
  • Settlement terms

Condor connects directly to Payscout’s gateway for immediate approvals and customized API connection for real-time data transfer.

Payscout is a global payment processing provider and a thought leader in the payments industry. Their “Go Global Now” technology platform gives merchants instant access to 100+ countries, billions of consumers, and trillions of dollars. Payscout offers payment processing solutions for brick-and-mortar and e-commerce transactions, and it is one of the few providers to deliver a truly global international payment processing solution that encompasses all merchant risk verticals.

With Payscout, you’ll experience no set-up or activation fees, no annual fee, and no cancellation fees.

Increase efficiency and revenue by providing a frictionless payment option from Payscout at www.payscout.com.

 

 

How to identify a millennial?

 

 

Who are millennials?

There’s a lot written about millennials and how important they can be to businesses and economies. However, before crafting a business plan targeting millennials, let’s try to understand who millennials are.

The word ‘millennial’ in itself is elusive and it’s often unclear what age bracket they belong to.

Additionally, targeting a millennial is not an easy task. Thanks to rapid development in technology, this is a cohort that is connected to multiple devices and has multiple channels of communication at their disposal. Their ways of social interaction are distinctly different from the other generations. So are their value systems and beliefs.

Read on to know more.

How old are they?

The definition of millennials varies across the board. The general range of their year of birth is between the late 1970s and early 2000s. For the sake of simplicity, we assume that millennials are those who are born between 1980 and 2000. They constitute about 80 million people, a  little over a quarter of the total US population. They’ve surpassed the baby boomers, in terms of population, making them the largest generation in the US.

Read about millennials’ mobile bill payment habits here.

How are they?

Millennials have grown up with technology. They’re hyperconnected and “always on”. An attribute that they associate with the most is speed – think instant messenger (Facebook messenger), cab (Uber), food (Uber Eats), clothes (Amazon), movies (Netflix) – all of it is literally a click away for this new generation. They possibly do not know how to do things the other way.

They’re not the ones to jump through hoops to acquire a product or service. The internet also makes sure that they’re spoilt for choice. This means that if your website doesn’t have an easy way to check-out or if there’s no easy way to book an appointment or if your shipment is going to take too long, they would exit your page almost immediately and find the next alternate.

Attributes of speed and instant gratification often give birth to stereotypes associated with millennials such as those of them being privileged, selfish or lazy, living in their parents’ basements. Sure, they can be very demanding customers but by no means are they selfish or lazy.

In fact, millennials are the most educated of all the generations in the US right now. They value themselves as much as they value the society and the world around them. They want to make the world a better place to live in.

Moreover, millennials are a “hyper-connected” generation. They enjoy sharing their lives and thoughts with their peers. At the same time, they also seek validation and social acceptance from them.

How do they interact with brands?

Direct advertising doesn’t necessarily compel millennials to buy products. According to a study by Hubspot,  84% of them do not even trust traditional advertising. One sided-communication by a brand through direct advertising is a thing of the past. It doesn’t compel millennials to make a purchase.

They need to engage with a brand and trust them before making a purchase. Millennials are also smart shoppers. They try to acquire as much information about a product before buying them. Online reviews play a vital role of taking your millennial from “consideration” to “purchase” leg of their customer journey.

Funnily enough, online reviews have become so important that you will find millennials evaluate products at a store and then check reviews and prices online to make sure they get the best deal.

They also seek peer reviews. Reviews from friends can have a huge impact on the decision making process. Endorsements from friends and peers has given way to influencer marketing. This is important to your business because partnering with the right influencers can directly increase sales.

Moreover, millennials’ strong belief system makes them appreciate a brand that shares their value of making the world a better place.

Clearly, brand trust emanates from reviews or opinions shared by their peers and influencers as well as the brand’s own ethos.

At last count, millennials accounted for $1.3 trillion of annual spending, of which $430 was discretionary.

The sheer number of millennials and their spending power make them worthy candidates of your business.

Tell us in the comments section, do you sells products or services to millennials? How are they different from your other customers?

Millennials and their impact on mobile bill payments

Millennials and their need for mobile bill payments

Now that you know how to identify a millennial, let’s have a look at their smartphone usage behaviors and how that’s shaping mobile bill payments.

Our end goal is to help you develop a deep understanding of your target audience before you curate a mobile bill payment strategy for millennials.

Millennials love their smartphones

At least 97% of them have one, according to a Nielsen study. Over half of them spend at least 3 hours a day on their phones.

A study by Comscore on mobile app usage states that the app that millennials “can’t go without”  is Amazon, followed closely by Gmail, Facebook, Facebook messenger, and Youtube. In fact, the Amazon app is also on the homescreen for easy access. Studies have shown how that the position of an app in the phone correlates strongly with how often it is used.

This finding about Amazon is counter intuitive as one would like to believe millennials love their social media apps the most. This is also indicative of how open millennials are to the idea of shopping on their phone. Furthermore, it challenges the common notion that customers do not complete purchases on their phones.

How are millennials paying their bills?

A recent study indicated how online bill payments has gained traction over the years, all thanks to millennials. Bill payment habits vary between generations. The number of people paying bills by mail has been on a decline consistently. Only 15% of millennials pay their bills through mail as opposed to 40% of seniors and 29% of baby boomers. Moreover, 44% of millennials use the biller’s website to make bill payments.

This serves as a crucial insight for businesses that rely heavily on regular bill payments such as the internet, phone, healthcare companies, utilities or insurance companies. Facilitating an easy online payment method would also ensure timely payments and higher collection.

It is also fair to assume that someone making purchases on their phone routinely is also likely to pay bills on their phone.

In fact, according to a recent study, 38% of millennials use mobile apps and tools to make bill payments. 21% of them have never even written a check.

What’s interesting is that amongst all generations, millennials are most likely to pay their bills late because of higher debts and slow economic growth. It becomes all the more important for you to relook at how you collect bills and live up to the expectations of millennials.

Tell us in the comments section, what is your take on mobile payments? Do you think it will it has the potential to surpass other forms of payments?

Learn about Payscout’s bill payment solution for millennials here.

Grow Your Business with International Payment Processing

Payscout is a global payment processing company that specializes in international payments

The demand for mobile international payment processing options is increasing year over year, is your business prepared to meet the demand? According to Allied Market Research, the global mobile payments market is projected to reach $3,388 billion by 2022.

It’s no wonder, while cash has been king for years, many no longer see its usefulness. The preference for quick payment that requires little thought is quickly taking root in consumerist minds. And it isn’t just consumers that benefit, businesses of all shapes and sizes see shortened lines and wait times, an increased likelihood of sale (especially at traditionally cash-based functions, like the farmer’s market), and higher purchase amounts when credit and debit cards are accepted.

Staying equipped to grow your business is easy with Payscout. Payscout is a new-generation merchant services provider, covering six continents, that connects merchants and consumers via credit, debit, ATM, and alternative payment processing. Supporting the entrepreneurial dream one transaction at a time, Payscout offers a holistic solution for International Payment Processing. Payscout has the contacts and expertise to get you quickly set-up to process payments in Brazil, Canada, EU, and the US. A leader in the payment processing industry, they are experienced at navigating foreign compliance issues and maintaining relationships with regulatory agencies. They are also able to provide merchants with offshore incorporation assistance and other services to help ensure there is a strong international merchant presence.

Reach out to Payscout here and go global now!

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.

 

Use Case: Nonprofit Uses VR to Raise $2.4M in One Evening

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Charity: Water, an international nonprofit that provides clean and safe drinking water to people in developing countries, used an immersive virtual reality experience to raise $2.4 million dollars in one evening at a black-tie fundraising banquet at the Metropolitan Museum of Art in New York.

Those who live and work in the world of virtual reality have long believed in the power of the medium to evoke empathy in immersive experiences.  A use case from Charity: Water is showing just how far that empathy can go when it comes to fundraising for nonprofit causes.

The Source is a 360-degree video that chronicles a week in the life of Selam, a 13 year-old Ethiopian girl whose family gains access to clean water for the first time in her life. The film was commissioned by Charity: Water, and was shown using Samsung Gear VR headsets to 400 attendees of the nonprofit’s annual event before  the fundraising portion of the evening began.

One donor, who had already committed to giving $60,000 to Charity: Water, was so moved by the VR experience that he donated $400,000  instead – more than 6x above his original pledge.

What is particularly intriguing about the impact of the immersive experience on donor conversions in this use case is that there was no frictionless donation mechanism available, meaning the event attendees had to take the headset off and determine their donation amount after the experience had ended.

Payscout, a leading payments ingenuity company, recently announced the world’s first non-profit donation in virtual reality at CES . What is so compelling about VR as a storytelling medium is that it places the viewer at the center of the experience and fully immerses them in the world of the story. There are no distractions or interruptions in that world – and through Payscout’s innovative VR Commerce solution, non-profits can now enable frictionless donations while the viewer remains in the 360-degree experience.

As more use cases for VR emerge, the world will continue to see the power of immersive experiences to evoke empathy. In parallel, frictionless payments will enable even higher conversion rates (and reduce “shopping cart abandonment”) by enabling donations within the experiences.

Click here to read more about the revolutionary world of VR Commerce. 

VR Commerce at CES, NRF, and iConnect

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In January 2018, Payscout announced the world’s first live donation in virtual reality at CES, showcased  a retail application of VR Commerce with Visa at NRF, and spoke about the future of the consumer experience in VR at The Clorox Company’s iConnect event in San Francisco.

Payscout CEO Cleveland Brown stood on stage at CES’ Digital Money Forum in Las Vegas last month and announced the world’s first donation in virtual reality. The donation was made to The Jefferson Awards Foundation, a national nonprofit for whom Payscout is the first Champion in the greater Los Angeles region. 

One week later, Payscout joined Visa at the National Retail Federation’s NRF “The Big Show” in New York City to showcase a retail application of VR Commerce for hundreds of attendees – including Visa   CEO Al Kelly:

Just a few days later, VR Commerce was again on display, this time at The Clorox Company’s 2018 iConnect event  in San Francisco, where Payscout COO Juan Sotelo  spoke  in a breakout session on,   “How AR & VR Will Shape Commerce.” Sotelo also demoed Payscout’s VR Commerce retail use case  for some of The Clorox Company’s key partners and clients. 

Click here to read more about the revolutionary world of VR Commerce. 

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CES: VR/AR and the Future of Digital Money

On Tuesday, January 9, Payscout CEO Cleveland Brown is speaking at CES as part of the Digital Money Forum’s Leaders in Digital Money session. The Leaders in Digital Money session at CES will feature four cutting-edge ideas about the future of digital money that are poised to change the world in 2018. Payscout CEO Cleveland Brown is delivering a TED Talk-style presentation on virtual reality and the role of digital money. Also presenting during the session are IBM VP of Global Blockchain Market Development, Jesse Lund, and Clinc CEO Dr. Jason Mars. The talks will be moderated by Chris Feeney, the President of BITS, the technology policy division of the Financial Services Roundtable. CES (formerly an acronym for the Consumer Electronics Show) is one of the world’s largest annual trade shows and is organized by the Consumer Technology Association. The Digital Money Forum at CES features a host of riveting programming on digital currencies, the decline of cash, and the role of financial institutions and government in instilling trust in digital currencies for consumers. The Leaders in Digital Money discussion featuring Cleveland Brown will be held on Tuesday, January 9, from 11:30-12:30 at the Venetian in Las Vegas, Level 4, Lando Room 4302.

#13 Fastest-Growing Company in LA

Payscout, a Sherman Oaks, CA-based payments innovation company, has been honored as the #13 Fastest-Growing Company in LA by the Los Angeles Business Journal.  This is Payscout’s third-consecutive year on the list.  Payscout has been among the fastest-growing, privately held companies in Los Angeles for three consecutive years.  The Los Angeles Business Journal’s annual fastest-growing list featured Payscout at #13 in LA for 2017.  This is a remarkable achievement, not only because of the challenges associated with maintaining triple-digit percentage growth year-over-year, but also because of the setting in which it was accomplished.  Los Angeles is among the most desirable and fastest-growing parts of the world for tech-based companies.  Silicon Beach, the Westside region of LA that stretches from LAX to the Santa Monica Mountains, is home to over 500 tech startup companies.  As a payments innovation company, Payscout’s exponential growth can be attributed to five layers of innovation:

Culture: Payscout’s Award-Winning Culture has been ranked #17 among Medium-Sized Businesses by Entrepreneur Magazine, and #1 among Financial Services companies

Global/Alternative Payments: The Payscout “Go Global Now” technology platform provides one integration point for merchants to access 100+ countries, billions of consumers, and trillions of dollars;

VR/XR/New Acceptance: Payscout is the first company in the world to execute live payment transactions tied to the fulfillment of physical goods in virtual reality

Security: Our best-in-class fraud solution, Gumshoe, is a flexible fraud and risk middleware solution that delivers comprehensive KYC and risk mitigation in a stand-alone monitoring and management tool

Regulation: Payscout actively engages with regulatory stakeholders to drive innovative Regulatory Technology (RegTech) solutions reflected in policies, processes, and systems.

Topics: Global eCommerce, Credit and Debit Card Processing, Growth

Efficient Payments for ARM

Payscout specializes in providing best-in-class payment processing solutions for the accounts receivable management (ARM) industry. These solutions have helped Payscout’s top ARM clients grow more than 33% year-over-year.  Payscout, a leading payments innovation company, provides solutions that power entrepreneurs in a myriad of industries, from retail, non-profit, money services businesses (MSB), and even marketplaces.  One of the verticals in which Payscout’s partners thrive is the accounts receivable management (ARM) industry.  Accounts receivable, as a whole, plays a critical role in a credit-based economy.  The entrepreneurs who support the system provide reliable, efficient payment mechanisms to enable frictionless debt payments.  The reason Payscout’s ARM partners thrive is because their technological solutions are built on Integrity and Trust, Reliability, and Innovation.  In the ARM space, innovation enables more efficient payments, and as a market-leader in innovative payment solutions, it’s no surprise Payscout’s partners continue to thrive.  Payscout’s helping their top partners in the ARM space grow by over 33% a year.  Are you ready for that kind of growth?

Contact Payscout today for your free rate analysis and to learn more about our ARM solutions!

Topics: Global eCommerce, Credit and Debit Card Processing, ARM