Entries tagged with “Mobile Payments”.

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.

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.

In 2012, the volume of mobile payments made globally was $163.1 billion. By 2017, this number is forecasted to grow to $21.4 billion. Consumers are starting to use the “bank in their pocket” more often. As these numbers show, mobile payments are really coming into their own at the present – and will only get stronger in 2016 and 2017. Capture as many sales as possible, and compete in your niche, by using our 6 steps to optimize mobile payments.

1. Know your options – There are many ways that people can pay with a mobile device. To implement mobile payments in an effective manner, you must know what options your customers want. It may help to see what other retailers near your business are offering for mobile payments as they have identified what their customers want (or use), then look for a mobile payment facilitator that supports preferred payment methods.

2. Understand how mobile payments work – Whether you want to make a mobile payment yourself or educate your staff on “how it all works,” it’s important to know the details. There is a misconception that a customer’s credit card number is transferred each time he or she makes a mobile payment. As a result, people may be afraid to make mobile payments for fear of being hacked. This is not true. Payment systems use a tokenized payment process and never transmit a credit card number as a result. Our ProtectPay® service also encrypts customer data, adding another layer of protection.

3. Invest in the portable technology – Mobile payments are ideal for “anytime, anywhere” purchases where consumers might not have their wallets or cash on hand. If you plan to attend craft fairs, festivals, or markets, then you need a mobile payment processor that can travel with you. ProPay’s portable technology helps you do this easily.

4. Advertise it – Once you are up to speed on mobile payments, have all the tools you need to get started, train staff on how to use the mobile payment system and advertise it in the store. Print out signs for all cash registers that say you take mobile payments and state what types of payments you accept. When customers know you accept mobile payments, they will be more likely to pay this way.

5. Incorporate loyalty and gift cards – If you have a business loyalty card, you can incorporate it into the mobile payment system so customers do not have to bring their physical card. You can also add gift cards so that customers can pay with their mobile device. By embracing mobile payments, you cut the cord between needing your wallet and making a payment. Adding loyalty cards ensures that your customers can complete the transaction without needing to get their wallet.

6. Don’t forget about reporting – Your mobile payment facilitator should have a variety of reporting functions that help you incorporate mobile payment sales data into your reporting. Make sure you get regular reports on mobile payments and integrate this data with your other reporting. Not only is it necessary to report this income at tax time, but it can help you analyze mobile payment sales, see what works, and increase your return on investment.

Mobile payments are here, and they’re only going to get more prevalent as customers enjoy the convenience of a faster checkout. ProPay can help you get started with mobile payments right now, so you stay ahead of the game.

It’s no surprise that customers are increasingly turning to their mobile devices to buy goods and services. They crave the speed and convenience of making these secure, digital transactions, which means that prudent merchants will want to adopt new payment systems to accommodate these on-the-go smartphone shoppers.

The volume of in-store mobile payments is predicted to rise from $1.8 billion in 2013 to $189 billion in 2018, according to a report from the Financial Brand. Consumers are already growing accustomed to using their mobile devices to make payments, just as they are used to using smartphones to exchange emails and visit websites.

In fact, about 83% of 1,000 executives surveyed by KMPG said they believe mobile payments will go mainstream this year, according to report from NFC World. As the mobile payment industry booms, small businesses will have to boom with it. Read on to learn how your small business can save time and money with mobile payments.

What Kinds of Merchants Benefit from Allowing Mobile Payments?

Sometimes small business owners think that mobile payments are not for them, and that this kind of service is more suitable for companies involved in technology and computers. Actually, a wide variety of companies will benefit from mobile payments, including:

* Home-based Small Businesses

* Entrepreneurs

* eBay Sellers

* Restaurants

* Boutique Stores

* Outside Event Vendors

Set up and Go!

Merchants with limited knowledge and experience with computer systems, software and portable devices may avoid adopting mobile payments out of fear that it will be a burden to set up and learn how to use.

Nothing could be further from the truth, however in most cases, a merchant can set up an online account and begin accepting mobile credit card transactions the same day. In a pinch, customer service is just a quick email or phone call away.

Dealing with International Currencies

Merchants that conduct a significant number of transactions with people from other countries, such as tourists or business executives, would be right to wonder what role mobile payments could play in selling items and services to them.

With a system like ProPay, merchants can easily accept payments from major branded credit cards from around the world. Credit card associations take care of all currency exchanges for you, and the customer will be charged in the currency of his or her originating country.

Protecting Customer Data

Business owners are accustomed to using POS terminals to ring up credit card transactions, knowing that the data is encrypted to protect it and keep unauthorized people from accessing the card information.

Switching to a mobile payment scheme seems like it might open the door to more computer hackers. However, the team at ProPay developed the system to include point-to-point encryption and it uses ProtectPay, the company’s solution for tokenization. Merchants never store the customers’ sensitive information, let alone process or transmit it. These tasks are taken care of by ProPay, ensuring all payments are safeguarded.

Transaction Fees

You may be concerned that in exchange for offering your customers the ease and convenience of making mobile payments that you will have to pay through the nose for the privilege.

In fact, ProPay charges only a modest fee to cover costs, such as 3.25% on a $10 purchase along with a $0.35 transaction fee. Keep in mind that payment-processing fees depend on the type of ProPay account you choose. Once you’ve signed up for the service, you click the “Learn More” link to access details on processing fees.

It’s easy!

Small business owners are often wary about adopting new technologies, since any change in how your organization functions could disrupt operations and inconvenience customers. It’s easy to set up a secure, robust mobile payment system and implement it. You’ll soon realize that the transaction fees are designed to protect you and your customers by keeping the network running 24/7 and maintaining the security of each purchase. Sign up for a merchant account with ProPay today, and start accepting cards anytime, anywhere.