Live from TRANSACT: Sionic Mobile and Payscout Announce Strategic Alliance

Today at TRANSACT, Payscout and Sionic Mobile, a leading provider of cloud-based connected commerce and loyalty currency gateway services, announced they have entered into a strategic alliance to provide enhanced mobile payments and loyalty solution helping merchants connect with and more effectively engage millions of consumers nationwide through their favorite mobile app.

Book time to learn more about this mobile payments and loyalty solution!

Sionic Mobile’s award-winning ION Commerce Engine® (ICE) and Mobile Rewards Marketplace® will supplement Payscout’s innovative payment products, including Virtual Reality (VR) Commerce, a finalist for the Electronic Transactions Association (ETA) Star Award, “Technology Innovation of the Year,” which will be awarded during TRANSACT.

“Through the Sionic Mobile partner alliance, merchants will be able to quickly and easily deploy a sophisticated mobile strategy,” said Payscout’s Co-Founder and President, Manpreet Singh. “Building consumer loyalty in today’s increasingly competitive market is crucial to the future success of merchants. The Marketplace not only enables the convenience of mobile payments, but also delivers an exceptional end-user experience that attracts new customers, while encouraging repeat business.”

Yahoo! Finance: Sionic Mobile and Payscout Announce Strategic Alliance

Ronald Herman, CEO and founder of Sionic Mobile, said, “Like Payscout, we are focused on providing innovative, yet intuitive commerce solutions that simplify and streamline the payments process, while providing a richer customer experience. Through this integration, Payscout’s merchants will be able to quickly and easily reach millions of consumers through an app already on their mobile device, providing innovative services to merchants of all sizes with little to no upfront investment.”

 

VR Commerce: Technology Innovation of the Year Finalist

Payscout’s Virtual Reality (VR) Commerce solution is a finalist for the Technology Innovation of the Year award from the Electronic Transactions Association (ETA). The award winner will be announced at ETA’s TRANSACT 2018 in Las Vegas, Nevada. 

The ETA Star Awards honor individuals and companies that have made a significant difference in the payments industry through innovation, business practices, or contributions to the association.

In June 2017, Payscout became the first company in the world to integrate frictionless payments tied to the fulfillment of physical goods in virtual reality.

Bloomberg TV: Juan Sotelo, Payscout COO, says VR will change retail.

VR Commerce enables the user to have an immersive, emotional 360-degree experience before being transported to a virtual store where they can interact with products and make a frictionless payment without having to remove their headset. 

If you’re attending TRANSACT, you can experience this ground-breaking technology in a one-on-one demo and learn more about Payscout’s global suite of innovative payment processing solutions. 

Click here to book a meeting for a one-on-one VR commerce demo at TRANSACT!

 

Bloomberg TV: Payscout Unveils VR Shopping Tech

Payscout is at Shoptalk this week demoing a VR payment experience that shows how easy it could be for users to make frictionless donations in VR, without reaching for their headsets or wallets.

Payscout Chief Operating Officer Juan Sotelo was on Bloomberg TV yesterday to talk about those VR experiences – and how they are poised to change retailing.

You can see the video here: https://www.bloomberg.com/news/videos/2018-03-20/how-virtual-reality-will-change-retailing-video

Payscout Demos VR Donations with Visa at Shoptalk

At Shoptalk this year, Payscout will demo an exciting VR payment experience that shows how easy it could be for users to make a frictionless donation via Visa Checkout, the easier way to use a Visa card online, without reaching for their headsets or wallets.

Shoptalk attendees can catch an up-close experience of live skateboarding action by rolling over to Visa’s Everywhere Lounge on the showroom floor.

Visa’s Shoptalk activation will feature skateboarders on a specially constructed halfpipe – adjacent to a virtual payments lounge, where attendees can participate in a live demo showing how easy it could be to make frictionless donations in virtual reality, powered by Payscout.

In the lounge, users will be able to experience a demo wearing Google Cardboard VR headsets which takes them into a virtual world where they can experience how easy it could be to “make a donation” by using Visa Checkout without pulling out their wallet or taking off their headset.

Payscout’s payments technology in concert with Visa Checkout will allow participants to see how easy it could be to make a virtual donation.

Learn more about VRCommerce here. 

Visa’s New Claims Resolution Process: What it Means for Your Business

Visa is introducing a new process called Visa Claims Resolution (VCR) to resolve disputed transactions or chargebacks. While the goal is to simplify and expedite the claims resolution process, these changes will have an impact on your business. Payscout is here to help you understand how.

What does VCR mean?

With VCR, Visa is moving away from a “litigation based” dispute processing model to “liability assignment” based model. This essentially means that instead of each case of chargeback being treated like a “courtroom trial,” with several rounds of back-and-forth between all the stakeholders, Visa will automate a large part of the process and assign liability to the concerned party. This will reduce the amount of communication taking place between the issuer, merchant, and acquirer. The intention is to save time, resources, and cost. There will be human intervention only in case of complex cases of chargebacks.

Why is Visa making this change?

Visa found that it took an average of 46 days to resolve a chargeback, and in certain cases, up to 100 days. The objective of VCR is to simplify the process of addressing disputes and make it more efficient. This will reduce cost and wait times for you (the merchant) – but it will also reduce your response time (more on that further down the post). VCR aims to resolve chargeback issues within 31 days or less.

When will these changes go into effect, and who will be impacted?

VCR will be effective on April 13, 2018. The new rules will be applicable to all merchants, acquirers, and issuers worldwide. Ultimately, it will also impact your customers.

What is changing?

Under the current system, you can file a chargeback under 22 different Reason Codes. To simplify the process further, VCR will now allow cluster these reasons into 4 broad categories called Dispute Categories:

  • Fraud
  • Authorization
  • Processing Errors
  • Consumer Disputes

There are now two new process flows for tackling the disputes in these categories: Allocation and Collaboration.

Allocation will be used to resolve disputes under the Fraud and Authorization categories. Visa Resolve Online (VROL), the existing platform for filing disputes online, will play a pivotal role of automating the process. It will run an automated check of the chargeback filed by the customer and then automatically reject it:

  • if the customer’s timeframe for lodging a complaint has elapsed
  • if a return issue has already been filed in your system for the customer

Automatic blocking of redundant or ineligible requests will reduce the annual number of chargebacks by 14%, according to Visa, thereby shortening timelines.

In a case where a customer’s dispute qualifies, VROL automatically assigns the liability to the merchant.

While the majority of disputes will fall under the Allocation Workflow, some disputes would necessarily need several rounds of interaction between the merchants, issuers, and acquirers. This is particularly true for Processing Errors and Consumer Disputes categories.The process of Collaboration is the same as the current process of filing and resolving disputes.

What are the key takeaways business owners should know?

  • Your response time decreases from 14 days to 10 days. You will have to develop a mechanism that allows you respond fast and accurately. Using electronic dispute processing options and enrolling for email notifications is strongly advised.
  • Under allocation workflow, you will be able to defend a chargeback only if you have compelling evidence. This means that you will have to record and maintain evidence for every transaction.
  • This blog post. We’ll keep updating this blog as we hear more from Visa on this new development.

Source: VCR Efficient Dispute Processing for Merchants

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