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 email@example.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.
When the leaders of the financial services world get together, it’s kind of a big deal. Money20/20 is one of the most significant events in the financial services industry and ProPay is helping make it happen.
“As the industry’s primetime conference and trade show, Money20/20 delivers the biggest scale, best audience and most engaging event. Money20/20 is the largest global event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology. With 10,000+ attendees, including more than 1,000+ CEOs, from 3,000+ companies and 75 countries, expected at our 2015 U.S. event, Money20/20 is critical to realizing the vision of disruptive ways in which consumers and businesses manage, spend and borrow money.”
ProPay was selected to provide the payment platform for this prestigious event, enabling the financial underpinnings and support for this high-visibility, global meeting of the minds. ProPay was chosen based on our history of being a trusted, secure, innovator in the industry and a vendor worthy of this caliber of event. The easy API integration and seamless user experience made us a natural technology fit.
If you can attend it’s sure to be an amazing few days with the best and brightest in the industry, ProPay is proud to be part of this industry-changing event.
If you haven’t already heard our big announcement, ProPay is now able to sync with QuickBooks, allowing business owners to more easily track and process credit card payments. This awesome new connection will allow you to process payments directly from QuickBooks, sync all other payments to QuickBooks automatically, and use batch processing for multiple payments at once within Quickbooks.
In partnership with the team that implementing this sync, TransaX, we have hosted a webinar that explains these exciting new features, and gives a demo of how they work. If you missed it, or you would like to see it again, we have embedded the recording of the webinar here. Enjoy!
Fraud prevention has the potential to be one of the most cost-effective investments your company makes. To calculate your ROI, however, you need to understand the opportunity cost associated with fraud prevention.
A recent Yahoo Finance article reports on how much UK businesses lost due to fraud. Here are two of the most important figures:
- The average amount of money lost was $4,000
- 1% of SMBs lost more than $15,500
The article also explains that all businesses, whether small or large, can be impacted by fraud. We often say that small businesses are at a greater risk of fraud since hackers know they don’t have sufficient resources to invest in fraud prevention. Hacking small businesses isn’t as fruitful as hacking banks, but it’s easier to infiltrate unprotected technology systems that small businesses often use.
A cost-effective way to practice fraud prevention and protect your business is to use encrypted state-of-the art payment processors. These add an additional layer of security when your clients pay with credit cards. Moreover, you get to track payments in case someone tries to scam your business. The important thing is that you choose a payment processor which fits your company’s needs. There are tons of payment processors out there, and they all vary in terms of features and functions.
We recommend taking your time and researching a few payment processors until you’re completely satisfied with one. Feel free to reach out to if you have any questions about technical specifications.