How to Build Strong Corporate Culture

Hint: It starts with a little something called VMCB.

At Payscout, our mission is “to support the entrepreneurial dream one transaction at a time.”

We love entrepreneurs because we are entrepreneurs. We know that one of the biggest challenges for a business leader is creating a strong corporate culture that serves as a foundation for the business to grow and scale.

But, how does an entrepreneur go about creating culture? Most are adept at their particular area of business – providing their unique product or service in a way that builds customer loyalty – but many entrepreneurs are not experts in corporate culture.

What if there was a framework or template that entrepreneurs could use to lay the foundation for a strong corporate culture? A corporate culture blueprint that would serve as a decision-making guideline for the company and  also facilitate global scalability.
Well, that framework does exist, and it fits into four simple letters: VMCB.

While delivering a guest lecture at UCLA, Payscout CEO Cleveland Brown discussed this framework when he said: “These are the fundamentals of creating culture. Every entrepreneur should identify a Vision, Mission Statement, Cultural Attributes, and Belief.”

It starts with Vision.

Business leaders are aspirational, but establishing a clearly-defined Vision Statement helps to articulate those aspirations and set a goal for what the leader has set out to achieve. At Payscout, our Vision is “to become the thought leading and fastest growing global payment processing provider in the world.”

The Vision statement sets a course for the company and helps guide employee decision-making. Following on the language in the Vision, every decision can be viewed through this lens. At Payscout, we ask ourselves, “Is this thought leading?” and “Will this help us become the fastest growing?” The Vision not only helps articulate a company’s goals, it helps guide the decision-making that will serve to achieve the goal.

Achieved through our Mission Statement

We opened this blog post with our Mission Statement: “to support the entrepreneurial dream one transaction at a time.” The key terms in the Mission are “support,” “entrepreneurial,” and “one transaction at a time,” which means every potential customer interaction – each individual touchpoint – is an opportunity for the Payscout team to support an entrepreneur in his/her efforts to achieve success.

Supported by our Cultural Attributes

Like the Vision and Mission Statement, every company’s Cultural Attributes will be unique, crafted specifically for their business and their singular approach. Payscout’s eight cultural attributes are: Integrity/Trust, Reliability, Innovation, Feedback Welcomed, Best Idea Wins, Fun, Customer Happiness, and Always Learning. 

As a global payment processing provider, our customers trust us with their money and rely on receiving services in exchange. It is essential to earn that trust by acting with integrity in every touch point with the customer. Transactions must be handled in an efficient and expedient manner, creating the need for both reliability and innovation as other parts of our company culture.

Creating a collaborative work environment can bring out the best in employees, which is why feedback is welcomedfrom every Payscout employee and the best ideas win. Encouraging new ideas, and evaluating them based on merit, helps to foster a spirit of entrepreneurialism among our people; which is exactly how we want them to approach supporting the business:   as if it is their own.

fun working environment creates a healthy atmosphere that encourages staff to excel. By celebrating what brings your company’s vision forward, employee morale can be boosted. Success is there to be enjoyed.

Customer happiness is vital to the health of a small business. In order for a customer to be satisfied with services received, they must have a clear understanding of what services the company provides. For that reason, education is essential, and an entrepreneur must be always learning. It is easy to rest on one’s laurels once a certain level of success is achieved, but in order for a business to truly grow beyond that point, the entrepreneur must grow with it.

Inspired by our Belief

Payscout’s Vision, Mission Statement, and Cultural Attributes are all rooted in the Belief, “every individual has a social responsibility to make the world a better place.”

Taken together, the Vision, Mission Statement, Cultural Attributes, and Belief (VMCB) are the foundation of the Payscout culture. By establishing their own VMCB, entrepreneurs can create a foundation for a strong corporate culture that will pay significant dividends in the long run.

What’s the payoff of creating strong corporate culture?

Here are two examples: In a recent employee climate survey at Payscout, 97.3% of employees agreed or strongly agreed with the statement: “I would recommend this as a good place to work to my friends and family.” There is perhaps, no better measure of employee satisfaction, but that’s just one measure of great culture. Payscout was recognized as one of America’s fastest-growing privately-held companies by Inc. Magazine in 2014, 2015, and 2016. The company ranked #2,416 in 2014, #434 in 2015, and #383 in 2016 on the Inc. 500/5000 list. That is a direct benefit of the strong corporate culture that was established at Payscout – and establishing the VMCB and utilizing it for decision making is the secret.

So, now that you have the secret to creating strong corporate culture, get out there and achieve your entrepreneurial dream.

Fintech Industry Expands Access for Underserved Communities.

The oldest person ever to complete an Ironman Triathlon, Sister Madonna Buder, once said, “We have all been given different talents. And when we find them, we are obligated to use them for the greater good.”

For the fintech industry, that talent lies in providing expanded access to financial resources, and according to a recent report from the Electronic Transactions Association (ETA), the industry is using their talents for the greater good.

The ETA, a global trade association representing the payments technology industry, has published a white paper that explores how their member companies have introduced new products and services that expand access to underserved communities. Providing ATM access for the disabled, enabling remote check depositing for the elderly, and expanding access to credit for small business owners are just a few examples of those products and services.

The white paper is a testament to the significant progress financial institutions and the fintech industry are making to achieve an inclusive financial system that addresses the financial needs of underserved consumers.

For a fintech company that believes, “every individual has a social responsibility to make the world a better place,” the white paper is welcome news for Payscout – and affirmation that our ETA membership puts us in good company.

Payscout recently announced a partnership with the Jefferson Awards Foundation to serve as one of the Foundation’s “champions” and engage in meaningful community service. The partnership is a part of Payscout Gives– a series of community outreach initiatives that focus on supporting education and social entrepreneurship.

The products and services described in the ETA’s white paper suggest many members of the fintech community share in Payscout’s essential belief. That’s great news – because finance and technology are powerful tools. Like few other industries, fintech is uniquely positioned to leverage those tools (their “talents”) for the betterment of underserved communities.

Sister Madonna Buder would be proud.

Honoring Our Future’s Social Entrepreneurs

Payscout partnered with the Jefferson Awards Foundation to mentor Van Nuys Middle School students and support their social entrepreneurship endeavor, Operation: Blankets of Love. On Friday, May 26, Payscout and the Jefferson Awards Foundation presented a banner honoring the Middle Schoolers’ Silver Leadership award for their inspirational social entrepreneurship.  The Appreciation and Celebration Event at Van Nuys Middle School, at which Payscout presented a banner alongside the Jefferson Awards Foundation, welcomed representatives from the LA Chamber of Commerce, the LA Unified School District (Superintendent Michelle King was a Special Honoree at the event), and Ms. Candy Williams, CEO of Empowered Gifts was on hand, as well. Payscout is the first Champion of the Jefferson Awards Foundation in Los Angeles. The partnership aligns with Payscout’s Belief statement: “Every individual has a social responsibility to make the world a better place.”  As LA’s first JAF Champion, Payscout launched a mentoring project with the Van Nuys Middle School as part of the Jefferson Awards Foundation’s Students in Action program. JAF launched the Students In Action program in 2006 with a goal of developing today’s students into tomorrow’s community leaders. The three pillars of the program are Leadership, Engagement, and Impact, and on Thursday, over 140 high school and middle schoolers from the greater Los Angeles area gathered for a day spent honing their leadership abilities. “We’re elated and thrilled to have a partner like Payscout to support and participate in an event where we power students to have maximum impact on the issues they care about most through our Students In Action program,” said Jackeline Muñoz, Greater Los Angeles Regional Program Manager at the Jefferson Awards Foundation. “We are empowering the leaders of tomorrow, and Juan and the Payscout team not only had a direct impact in helping make our training a success, but they also serve as an extraordinary example of compassionate leadership.”

Adding a Payment Gateway to Your Website

A payment gateway is an important component in any business payment processing model. It is used to ensure that every transaction between the merchant and a consumer undergoes proper processing and it is also how one determines whether to accept or decline a transaction.

With a payment gateway, you can feel assured your business is safe and well protected while also ensuring electronic payments are made quickly and smoothly. If you are looking to install a payment gateway on your website, check out our three tips to help get you get started.

  1. Consider the needs of your business: You should determine your overall sales and the amount of money that you process from debit and credit card sales and determine if it is worth installing a payment gateway.
  2. Compare gateway providers: You should always look for a better company that will provide you with the best payment gateway for your business. Try to find a provider that is transparent about the fees they charge you and one that is also willing to be flexible about finding the payment plan that fits your business needs best.
  3. Be aware of the fee structure: There are important things you’ll need to know when choosing a payment gateway provider, such as fees, monthly charges and contract termination penalties. Some providers try to hide their fees from their customers, so make sure you request a fee structure to ensure you clearly understand what you are paying for!

Payment gateways are a huge part of doing business online, so it is important that you choose a gateway provider that fits your unique business needs. At Payscout, we pride ourselves in being able to work with our clients to provide the best services possible. Check out our website for more information on how to set-up a payment gateway, or contact one of our customer service specialists at 888-689-6088 to learn how we can help you with establishing a payment gateway account.

 

 

Trends in Mobile Payment Processing

Today, the most common methods of payment in almost any business industry are via debit and credit card. If you are not accepting card payment, you are most likely losing out on sales. After all, statistics show that three out of every four retail transactions done in the United States are preformed using a credit or debit card, and often times, these transactions occur via an online marketplace. Gone are the days when merchants are tied to counters and conventional offline stores.

Mobile card processing also enables retail business owners to reach their target market wherever they go.

Retail business owners can now leave their store behind and go to where the consumers are. Regardless of the industry you are in, you will definitely benefit from mobile payment processing.

One up-and-coming mobile payments trend that retail owners should be paying attention to is the use of mobile wallets. Mobile wallets are apps that allow you to pay with your credit card using your phone instead of a physical card. This is a huge advancement in payments technology, merging the security of a payment card with the ease and convenience of a smartphone. Mobile wallets are available on both iPhone and Android enabled devices and are gaining swiftly in popularity, with 11% of the American population making use of these apps.

Make sure you are staying on trend as a business owner; contact one of our customer service specialists today at 888-689-6088 to see how you can begin accepting payments from mobile wallets.

 

The Top Five Reasons Small Businesses Should Accept Credit and Debit Card Payments

One of many things you need to consider as a small business owner is which payment options to offer your customers. Paying via a credit or debit card has quickly become the most popular method of payment around the globe. Despite this fact, many small business owners refuse to accept credit cards, because they think there are costly fees that will only drain their potential profits.

This is a common misconception that could be costing you sales and hurting your bottom line more than any fee ever could. Apart from opening new sales avenues for your businesses, here are the top five reasons that you as a small business should consider accepting credit cards.

  1. Credit cards encourage buying: Shoppers feel in control when they use credit and debit cards. Some studies even indicate that customers spend more when they’re paying with plastic instead of cash, most likely due to the credit line their card provides.
  2. Accepting credit cards can improve cash flow: Credit card transactions are processed and settled quickly, meaning no more waiting for checks to clear and no more waiting to collect from your customers.
  3. Accepting credit cards eliminates the risk of accepting a bad check: A bounced check can be costly. Not only does it take a chunk out of your profit, it also costs you time trying to track down the customer to collect a payment. With credit cards, transactions are screened as they are processed to reduce the risk of fraud.
  4. Debit and credit cards are convenient for shoppers: Let’s face it, the days where people carried a significant amount of cash around them are over. Customers are carrying plastic and are specifically looking for businesses who will accept their cards. Also, with credit card companies offering cards that earn points, mileage and other rewards, more and more people are opting to pay for products with their credit cards. Keep competitive by accepting credit as well as debit.
  5. Accepting credit cards is relatively inexpensive: Credit and debit card processing is a highly-competitive industry, meaning you’ll likely find a merchant services package that suits your budget. Many business owners discover that the increase in sales generated by credit cards more than covers the costs involved.

In order to start accepting card-based transactions, you first need to open a merchant account with a qualified electronic transaction processer. Payscout can be there to help you every step of the way and answer any questions you might have about how to use credit cards to expand your business. Check out our website for more information or contact one of our customer service specialists at 888-689-6088 today!

Mobile Processing Equipment From Payscout

At Payscout, we pride ourselves on having a standard of excellence in customer service, and that standard extends to our products. We understand your business is sometimes constantly on the go, so you need mobile credit card equipment you can trust to hold up to the task.

Payscout integrates the iProcess Mobile Payment App into our mobile credit card processing bundle. The iProcess App is compatible with both iPhone and Android enabled devices and can process transactions anywhere in the world via wifi or a cell phone data connection.

We use the iProcess App with our system, because of its convenient and easy to use features. With iProcess you will enjoy:

  • Geotagging the location of the sale on the receipt
  • Receipts sent via e-mail or SMS
  • Capture of digital signatures and the addition of a tip to the total amount charged
  • Full or partial refunds from the Transaction History Log
  • Processing of keyed or swiped transactions with our Encrypted Swipe Solution
  • FREE to download application

You will also be assured every transaction performed with iProcess is safe since the App uses an encrypted card reader to protect both the merchant and consumer. This helps to provide a reliable, safe and easy transaction for all parties involved with the security of encryption that meets PCI-DSS requirements.

Why Choose Us?

On top of providing a free mobile card reader and subscription to the iProcess mobile processing platform, Payscout offers our mobile customers the following benefits:

  1. No set-up or activation fees
  2. No cancellation or early termination fees
  3. No annual fee
  4. No monthly statement fee
  5. Approvals within 48 hours
  6. 24/7 telephone technical support
  7. Rates = 1.95% per swipe + .19¢ *
  8. Low monthly mobile device fee of $5.00

* All proposed rates and fees provided by Payscout, Inc. are subject to credit approval.

To check to see if your phone is compatible with our system’s mobile processing application, head over to our website or contact one of our customer service representatives at 888-689-6088 to learn how we can help you grow your business!

Integrate Transaction Data into Your QuickBooks Account!

Are you looking to integrate QuickBooks with your current credit card processing system? If so, consider trying Payscout for QuickBooks! You can experience the convenience of QuickBooks combined with the quality of service you have come to expect out of Payscout.

By linking your credit card and check transaction processing with your QuickBooks accounting program, you can pay invoices, process transactions, generate sales receipts, apply open invoices, and synchronize transaction data without ever leaving your QuickBooks dashboard. Payscout for QuickBooks also offers recurring payment capabilities, and each transaction is encrypted end-to-end by the Payscout Customer Vault. Payscout for QuickBooks is compatible with QuickBooks Pro, QuickBooks Premier and QuickBooks Enterprise.

Why Choose Payscout for QuickBooks?

If you have ever used QuickBooks before, you know that merchants must make double-entries when transactions are completed. Once the transaction is completed in the gateway, the entry has to be manually input into QuickBooks. The Payscout for QuickBooks Syncpay feature eliminates the double-entry problem by allowing merchants to make an accounting entries without ever leaving the QuickBooks interface.

Payscout for QuickBooks benefits at a glance:

  • Works directly within QuickBooks
  • Allows merchants to pay invoices
  • Generates sales receipts
  • Processes batch transactions
  • Generates batch reports
  • Allows multiple payments against open invoices
  • Supports card present transactions
  • Supports end-to-end encryption
  • Compatible with QuickBooks Pro, QuickBooks Premier and QuickBooks Enterprise

If you are new to using QuickBooks, or have questions about Payscout for QuickBooks, visit our website or contact one of our customer service specialists at 888.689.6088 for more information!

Restaurant Merchant Accounts

Restaurant and hospitality oriented entrepreneurs know that having amazing customer service is a defining part of what makes a business successful. To many customers, the ways they can pay for a meal or service makes a huge difference in whether they will return to your establishment. In an age of smartphones, tablet point-of-sale (POS) systems, online banking, and virtual shopping the limitation of only accepting cash or check payments is no longer a sustainable business model.

On top of providing your customers outstanding service and products, you need to provide flexible payment options, or risk losing out on a sale. Patrons utilize credit and debit cards for their purchases at restaurants more than any other kind of establishment. In 2012, a full 81 percent of all full-service restaurants in the U.S. used plastic for those purchases; up 7 percent from 2004. This trend is expected to continue with percentages reaching up to 90% by the year 2016. 92 percent of restaurants accept debit, credit, and pre-paid cards as a form of payment, and that number is also on the rise.

According to a 2014 report from Bankrate.com, close to 50 percent of Americans carry $20 or less each day, including nine percent who don’t carry any cash at all. By adding credit and debit card acceptance to your payment options, you will open up a whole new avenue of sales and ensure that you never have to turn away another customer who doesn’t carry cash.

Before you choose a service provider and open a restaurant merchant account, take the following into consideration:

  1. Fees that the provider charges – It is important that the entrepreneur know how they will be charged for each transaction. Some providers will charge hidden fees on top of what is already charged by the credit card associations. Only do business with a provider that has a transparent fee structure.
  2. Account caps – It is important that the account not be capped to ensure that all the payments can be withdrawn.
  3. Customer service – You should be able to reach your provider with questions and concerns quickly and receive quality service, regardless of the size of your business.

For more information about merchant accounts, check out the Payscout website or contact one of our customer service specialists at 888.689.6088 to learn how we can help your restaurant business grow!

How a Payment Gateway Can Help Your Business

Today, innovations in information and communication technology are making it easier than ever to connect with people from all over the globe. We now have instant access to a vast online marketplace that has revolutionized the way we do business. While running an online store is incredibly convenient for you and your customers, it also leaves you susceptible to fraud. In order to do business online, you will need an online payment gateway, or virtual terminal, to keep your transactions safe.

A virtual terminal is the link merchants need to enter credit, debit and automated clearinghouse (ACH) payments online securely and efficiently through their own computer. A virtual terminal can be used to process card-based and ACH transactions from any computer with Internet access, anywhere in the world, enabling the merchant to securely handle the verification, reporting and processing of transactions.

Virtual terminals work much like when a customer submits an order through either a securely hosted payment form or through an integrated shopping cart. The customer’s credit card information is encrypted and the payment makes its way to the payment gateway, which forwards the information to the merchant’s bank processor. Next, the payment is processed through the card network and authorized by the customer’s issuing bank.

There are many benefits to having a virtual terminal, including enabling secure transmissions of customer data, receiving less chargebacks due to the transactions being verified, automatic PCI compliance, and the ability to accept all major card brands.

For more information on virtual terminals and how they could benefit your business, please visit the Payscout website, or call one of our specialists today at 1-888-689-6088.