Entries tagged with “Merchant Account”.

Everyone is trying to make sense of Gen-Y, also known as Millennials, a population typically defined as those born between 1980 and 2000. This group has grown up with technology, a recent survey found that 97% of students in this demographic owned a computer, 94% owned a mobile phone, and 56% owned an MP3 player. They’re comfortable with technology and prefer electronic payment options.

Staying in synch with Gen-Y customers means being prepared to do business in their preferred digital channels, often debit or credit cards. ProPay makes this easy for financial institutions through our LenderPay service. LenderPay allows borrowers to make auto loan or mortgage payments quickly and easily with their Visa, MasterCard, Discover or American Express cards. Customers can fund accounts without being subjected to expensive cash advance fees. Credit unions can accept credit card and debit payments from borrowers without paying transaction fees.

Financial institutions must also balance PCI compliance issues, management of late payments from customers and integration of new hardware or technologies. LenderPay from ProPay makes it easy to offer the kinds of payment options that are so important to Gen-Y and others easily and efficiently.

If your institution isn’t convinced of the importance of serving Gen-Y well, consider this; the Census Bureau projects that the Millennial population was 74.8 million in 2014. By 2015 Millennials will increase in size to 75.3 million and become the biggest group. If your financial institution isn’t serious about embracing Gen-Y, you will be ignoring the largest population of buyers. The good news is ProPay is here to help you seamlessly support the evolving needs of this important audience. Contact us today to learn more about LenderPay.

Click here to learn more about LenderPay. Call 888.227.9856 or email sales@propay.com.

If you’re a member of one of the many wonderful direct sales organizations you know how important it is to have an effective payment solution. Even with amazing products your sales performance can be negatively impacted if the payment portion of your buying experience is lacking.

ProPay works extensively with direct selling organizations, is an active member of the Direct Selling Association, and understands the unique needs of this progressive market. If you’re new to direct selling or haven’t considered the importance of a solid payment partner, we’d like to share a few thoughts.

Seize the moment – Regardless of which type of direct selling organization you’re part of, they all share an element of timing. Whether it’s starting someone on the path to building their own business or providing a real-time opportunity to purchase products they’re excited about, nothing is worse than clumsy or broken payment processes derailing a positive experience.

Credibility – Sometimes potential customers are unsure about doing business with a direct selling company. Creating confidence is essential at these critical times. Scribbling down credit card numbers or fumbling with manual data entry doesn’t instill confidence and can create concerns for potential customers.

Access to funds – It’s frustrating to have your commissions locked away in some confusing back office process leaving you waiting weeks or months to get access to your hard-earned funds. ProPay offers solutions that can provide near-instant access to your commissions.

A partner who gets it – As mentioned above, ProPay is a veteran of the direct selling industry. We know the business and all it’s variations better than anyone in the payment industry and have proven our value over the years to the largest and most respected direct selling organizations.

As a direct seller you’ve selected a company you believe in with products you feel passionate about. It’s important to apply that same level of consideration to your payment partner. ProPay is the payment partner you can believe in.

Click here to learn more about our solutions for direct sellers. Call 888.227.9856 or email sales@propay.com.

Trends in wallets have come and gone. Some people go for large sizes, others prefer the comfort and minimalism of a slim-line model. Fine grained leather drew some, while others have gone for fun and funky printed options. For a while, even wallets made with duct tape were widely popular. But, there’s one choice that many will be making as their current wallets wear out: whether to buy a new one at all. The mobile payment trend

The Mobile Payment Trend

More and more people are putting away their wallets in favor of simple and secure mobile payments. Last year, purchases made using a tablet or a smart phone rose by 48% to $8 billion during the second quarter of the year. That was the speediest increase in mobile spending since the first quarter of 2012 and three times the growth that desktop commerce saw during that same span of time. It is estimated that, by 2020, over three quarters of the world’s online transactions and 50% of money spent will be spent through mobile payments.

Our phones are taking the place of many common accessories. How many people do you know who still wear a wristwatch? Do you use an alarm clock, or do you use the alarm on your phone? Do you still use a paper planner, or have you, like many, switched all your scheduling to an app like Google Calendar? As more and more areas of our lives become concentrated on our favorite handheld devices, it only makes sense for payments to go there, too.

Gen-X Wants Mobile Payments

And, the groups that are most likely to do this are busy Gen-Xers and tech-friendly Millennials. Millennials, those people born between around 1980 and 1999, make over half of all mobile payments.

They are comfortable using their phones to split the check at restaurants with their friends, paying for goods at the farmer’s market, buying groceries, gas and more. Generation X is nearly as mobile-friendly, preferring a streamlined way to deal with payments and the ability to have all of their financial information in one easy place.

Mobile payments are more secure than ever. And, digital wallet programs give users a simple interface that allows them to access multiple accounts, gift cards and even loyalty programs all in one place.

Growing Businesses Need Mobile Payments

When your customers learn that you support mobile, you will give them one more reason to shop with you. They know that they don’t have to worry about having cash on them or about whether you take their card of choice.

When looking for a mobile payment processor, it’s important find a service that offers multiple ways to get paid. ProPay’s merchant account provides 10 different ways to accept credit cards, giving small businesses the freedom to find a solution catered to their customers and business. It is also vital to keep customer’s payments secure. ProPay offers end-to end data encryption and tokenization to keep your customers safe and happy.

Mobile payments are not just the future; they’re already here. And soon, physical wallets will disappear like the pocket watch. By adapting to this change early, you can be there when the bulk of customers catch up and give them what they want when they’re looking for a safe and convenient way to pay.

Owners of small businesses are a group of hard-working and dedicated people. Small business owners only come up for air when, well, do they ever come up for air? This can be one of the problems that several small businesses have. They are so bogged down with daily tasks and the pressure of running their own business that they forget that there are other things that need to be taken care of.

It is good to take a few steps back and review everything that is going on. If you have been going non-stop for months, now is a good time to take a step back to ensure your business has success for the remainder of the year and years to come. Here are some small business financial success tips that can help you achieve your long-term goals.

When Do You Normally Manage All Of Your Finances?

It is always important to set aside some time to manage and keep track of your finances. Getting accustomed to spending time each day reviewing and organizing your financial documents, such as your invoices, your billing statements, etc.

When you put together a plan like this, you will have a better understanding of where your small business is financially. It will certainly make things easier on you when you have to find documents at the last minute or when you need documents to file taxes.

What Happened Last Year?

If you were not pleased with what happened in 2014, then you may need to establish better habits for the rest of this year. It is always important to begin the year with good financial habits because you will become accustomed to those habits for the remainder of the year. How did you track your finances last year?

Whatever methods you used, did those methods work? Were you able to accomplish all of your sales goals that you set? Do you expect your business to grow this year? Do you expect to hire more people this year? These are all serious questions that needs answers. Take these questions into consideration when you are reviewing your business and financial plans.

We understand that constant time constraints can make it difficult to accomplish financial organizational tasks. However, we offer  multiple resources to serve as a guide as you seek to improve your business throughout this year. Feel free to contact us at any time.

Payment processors set up through your merchant services account are meant to help your small business make money. However, accumulating fees simply for processing payments will cause you to lose more money in the long run. Small businesses can’t afford to lose even a percentage on a payment without raising prices. Instead, a little research can go a long way toward protecting yourself from hidden fees.

Here are 6 tips to help you keep the money you make:

1. Be highly selective when choosing a payment processing company. Even companies who advertise “no fees” may have some caveat such as no fees for certain credit cards, additional fees for debit cards, etc.

2. One of the most common “hidden fees” is charging extra, as much as 20 cents per transaction, for credit cards that are entered manually versus “swiped”. When setting up a merchant account, remember part of the overall cost involves investing in hardware that can “swipe” a card. Mobile card readers may be a good investment if this fee can’t be avoided.

3. Most payment processing companies require a “monthly minimum”, usually hidden way down at the bottom of your contract in the very fine print. How much business do you expect? Can you reliably meet the minimum requirement? Remember, the minimum is counting credit/debit card transactions only – not cash or check sales.

4. Payment gateway fees refer to how sales are made, typically online or at a brick-and-mortar location. E-commerce sales may have more hidden fees for providing connection services.

5. Almost all processors will have an extra fee for paper statements as opposed to receiving your statement via e-mail. On that same token, they may offer small discounts for setting up “auto-pay” options.

6. Some credit cards have higher fees than others. Weigh the risks and benefits of accepting all major credit cards or deciding not to accept one or two in order to avoid those fees.

Ultimately, your decision affects not just your bottom line but your customer experience as well. Some small businesses are forced to pass on fees for credit cards or require a minimum purchase in order to use a credit card. With credit and debit transactions becoming the norm, small businesses have a tough choice to make. The moral of the story here is to do your research, ask questions, and examine the contracts closely.

Contact us to learn more about global payment solutions that are simple, secure and affordable.