As a result of the innovations in global mobile payment processing and other facets of the payment industry, Payscout is one of the most well-respected and successful payment processing organizations in the industry. Payscout consistently ranks among the top 30 companies in the financial services industry, and has ranked in the top 20 for medium-sized businesses on Entrepreneur’s list of Top Company Cultures. As such, when payments industry professionals from Payscout talk, the financial industry service industry listens.
Which means that any business hoping to increase their efficiency, growth, and profit might want to consider doing the same. Thankfully for them, Payscout has a commitment to education and transparency that’s resulted in the publishing of an eBook entitled “5 Ways an Online Payment Portal Will Streamline Your Business and Increase Revenue.” The following is a brief overview of topics covered in its five chapters, but shouldn’t be considered an alternative to reading it in its entirety, as this eBook is a must-read for anyone interested in their business profiting. The free eBook is available for download directly from Payscout’s website.
The demographics of the American and global marketplaces are changing. There will soon be more millennials involved in commerce than baby boomers, and they have billions to spend. Having largely grown up with the internet and proficient in the use of devices, for millennials, convenient, comprehensive payment options for everything from entertainment streaming to utility payment processing is now expected. Disregarding that reality can prove devastating for a business.
In the same vein, traditional bill paying, chiefly by cash and check, continues to decrease in popularity. At the same time, automated bill payment featuring credit and debit cards has increased. Modern customers are simply choosing plastic over paper, and every business should at least allow the option to accommodate that preference.
Efficiency is an asset to any business, but a good example is accounts receivable and collections. Repeatedly mailing bill reminders and making calls not only doesn’t work, but also wastes the time of the collector and the debtor, wastes resources, and loses money better spent elsewhere. Setting up an automated, intuitive, reasonable process for reminders and a user-friendly payment portal through accounts receivable collections software will save a company money and is more likely to actually result in money being collected.
Hacking and malicious intrusions into a company’s network can result in customer information being compromised, fraudulent charges, and a loss of millions in revenue. It can cost both current and future customers by permanently damaging a company’s reputation, literally overnight. That’s why it’s so important to choose a payment processor that is Payment Card Industry Data Security Standard (PCI DSS) compliant. And when choosing a payment processing company, be sure to ask about their data encryption algorithm and their tokenization technology.
A non profit may be doing everything right marketing-wise by running an efficient and ethical business, advertising in the right places, and using branding to spread the word about their organization and contributions to altruism. However, if their non-profit payment processing platform only accepts one-off payments in the form of cash and checks, they’re going to be faced with less donations and fewer recurring donors. While many want to support the causes they believe in, the reality is that some people are simply not interested in (or seemingly too busy to) physically deliver cash or mail checks. Fortunately, a secure non-profit payment processing solution can streamline the process, making it easy to drive consistent, recurring donations from different payment options to your organization.
Optimize the success and continued growth of your business or non profit with the industry’s best payment processing solutions, at www.payscout.com