5 Reasons Your Business Needs Online Bill Payments

Female business owner holding tablet computer in clothes shop

If you are still using the antiquated system of manually entering, calculating, and creating invoices, your business is losing valuable staff time. You’re also losing money.

Enabling automated, online bill payment reduces costs while increasing the probability that you will be paid. Combine your online bill payment portal with accounts receivable collections software, and your business will be streamlined to collect payments quickly and efficiently.

Consumer Focus

Giving your consumers an easy way to pay increases your likelihood of being paid. More than half of Americans pay their bills online, and as the younger generations move into adulthood, this number will continue to increase. Offering an online bill payment option is just another customer service feature that many have come to expect in 2018.

Cost Savings

It costs your business a significant amount to send invoices. According to Sterling Commerce, “manually-processed invoices cost, on average, $30 per invoice to process…while each paper invoice error costs companies $53.50 to rectify.” Compare this to the cost of fully-automated invoices—which according to the same research averages $3.50 per invoice—and the cost savings could rapidly add up.

Environmental Responsibility

For every bill you don’t have to print, that is paper that stays out of a landfill or fire pit. When you utilize online bill payment, information is securely stored month over month, reducing the amount you have to print to next to nothing. Online bill pay is a much better option for the environment.

Automatic Reminders

With online bill payment, you can easily email clients their invoices and reminder notices prior to the due date, giving your client ample time to pay. This is especially helpful in the healthcare payment processing world, as medical bills often take a back seat to other billing priorities. Plus, consumers can set up recurring bill pay to keep them on track with payments.

Increased Accuracy

Accepting online bill payments means the likelihood of errors is dramatically decreased – especially compared to making manual calculations. Reducing errors cuts operating costs and increases your bottom line over time.  

Payscout is Expanding Integration Options for Clients in the Healthcare Industry and Beyond

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Payscout’s recent acquisition of Paywire has significant implications for partners interested in expanding into healthcare payment processing by providing a suite of secure, integrated solutions to streamline operational efficiency and reduce the scope of PCI compliance. The move also gives Payscout customers access to Paywire applications developed in the Epic App Orchard marketplace and the company’s integrated suite of software applications.

Epic App Orchard is, among other things, a testing environment where developers can create and sell apps that interface with other software applications through Application Programming Interfaces (API). APIs allow customers to access interactive sites like Facebook and Facebook Messenger through an app. Epic App Orchard also lets developers test strategies for managing information exchange software in a sandbox environment.

This expanded access is important for Payscout clients across verticals, but particularly those that use healthcare payment processing systems. Healthcare clients manage huge databases of medical and financial information, ranging from patient registration and scheduling to lab results to medical billing. An integrated healthcare payment processing system allows Payscout customers to interface with financial institutions, third-party payment applications, and customer accounts seamlessly through a supported application portal.

With expanded access to Paywire applications in Epic App Orchard’s marketplace and APIs, Payscout can offer customers customized solutions such as fully-integrated billing and payment applications, all supported by Epic App Orchard’s APIs. With more cloud services, expanded mobile software, and access to Epic App Orchard’s APIs, Payscout customers gain more dynamic payment processing technologies and payment solutions that are customized for a specific vertical such as healthcare.

Payscout’s payment processing solutions are fully integrated with over a dozen software applications and offer direct, reliable banking solutions. Payscout’s mobile-enabled web portal, Condor, lets customers pay through a mobile app, and their customized API connection allows for real-time data transfer.

Payscout offers the same support to clients in other verticals, including collection agencies. Payscout fully integrates with over a dozen accounts receivable collections software platforms, ensuring transactions are secure, efficient, and provide real-time data for your business. With over a decade of experience in the collections industry, Payscout delivers fully-integrated payment processing services to help you handle medical or telecom collections, student loan payments, inbound financial transactions, or credit union receivables.

Payscout serves thousands of clients in diverse industries and verticals across six continents and all 50 states. As a licensed E.U. Financial Institution, Payscout has partnerships with global financial institutions across the world. The “Go Global Now” technology platform gives merchants access to over 100 countries, billions of consumers, and valuable mobile markets. As an international payment processing solution provider, Payscout helps entrepreneurs navigate foreign rules, requirements, reporting, and compliance.

Payscout connects merchants and consumers via credit, debit, ATM, and alternative payment networks. Customers can access Payscout’s credit card processing services via a web-based user portal, or call Payscout’s professional service experts.

Learn more about secure and efficient payment processing at www.payscout.com

Payscout’s Mobile Payment Processing Options Can Help You Stay Ahead of Industry Trends

Young People Work In Modern Office

Is your organization equipped to accept payments from a smartphone? Are you at the forefront of the frictionless payment movement?

If not, you could be missing your opportunity to access new customers and emerging markets across the globe.

The global mobile payment market is worth over $600 billion and is expected to hit $4,574 billion by 2023, according to a recent report. Payscout can help you and your organization tap into this growing, lucrative market with customized mobile payment processing options for your business or non profit.

Mobile payments refer to transactions that are made on a mobile point-of-sale system, usually through an app, website, or mobile payment processing system on a smartphone, tablet, or other mobile electronic device. Mobile payments differ from traditional payments such as cash, checks, or debit and credit card information that require a stationary touch screen or computer.

The mobile payment market is expected to grow at a compound annual growth rate of 33.8%, meaning that retail, hospitality, transportation, healthcare, and utility industries are all poised to see a substantial expansion in transaction opportunities.

Payscout offers a broad array of solutions, processing transactions from utility payment processing to healthcare industries and more. Payscout’s integrated payment capabilities give your business greater flexibility to engage customers through frictionless payment options, allowing each of your users to pay a bill, review annual rebates, or receive monthly updates through a mobile device.

Payscout’s mobile web portal, Condor, facilitates bill-payment transactions, and Payscout offers a direct gateway connection for real-time data transfer. This fully integrated system works with over a dozen software applications, letting you reach customers in new and innovative ways.

This technology isn’t just driving more efficient operations in the business sector. Payscout can also help non profits tap into the mobile payment market. With a non-profit payment processing system, non-profit organizations can streamline donations through a centralized merchant account, regardless of whether donors are online, on-site, or using a mobile platform.

Increased mobility and security can help your non profit operate more efficiently. Payscout’s PCI-compliant, web-based donation forms enable non profits to reach out to volunteers and manage recurring donations securely and effectively either on- or off-site.

Payscout’s integrated payment system connects merchants and consumers across six continents via credit, debit, ATM, and alternative payment networks. Integrated with over a dozen software applications, Payscout wants to help you optimize your payment processing system. Payscout can help your organization or non profit find personalized solutions to meet your payment needs.

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

 

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

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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.

 

 

 

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