The value of the buy now pay later (BNPL) market was over $5 billion in 2021. Consumers increasingly expect merchants to offer BNPL programs, which offer consumers the ability to receive merchandise upfront but defer paying the full amount into the future via a monthly payment schedule. BNPL payment providers give merchants their money at the time of the sale, and take on the risk of those monthly payments themselves. It seems like a match made in heaven. But under the surface, pitfalls do exist for merchants. The purpose of this report is to share never before seen data that…
Author: Andrew
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With POS Go, we’re giving retailers of any size innovative hardware to deliver new shopping experiences and meet consumers wherever they are—and however they like to shop Retail is back: in the first half of 2022, sales made by merchants using Shopify’s point-of-sale grew nearly 60%With POS Go, merchants can close the sale anywhere, while viewing detailed product information, customer notes and purchase history to level-up the in-store experience Shopify is the commerce platform, and gives merchants a unified view of their business so they can see sales, analytics, and inventory on POS Go from every channel Commerce is happening all…
The best risk management software combines reporting, predictive abilities, compliance capabilities, and intuitive UI/UX. Managing risk. These types of platforms are a must to defend against hackers and other cyber threats. Used in combination with secure online payments software, they can go a long way towards keeping payments risk as low as possible. The Best Risk Management Software: nTask Resolver Integrum CURA Synergi Life TimeCamp Qualys Risk Cloud Wrike Fusion Risk Management 1. nTask Incident Reporting: Each created report requires an owner to manage and update the report so that the whole team can keep up. Other than that, it’s…
Square’s Early Access Program for Tap to Pay on iPhone is officially over and the payment option is now available to all sellers in the U.S. using an iPhone and Square’s point of sale (POS) app. Early access to Square’s iPhone Tap to Pay option started in June and participating sellers added the payment type without needing new hardware and found value in having the payment ability, according to a Wednesday (Sept. 28) press release. Using Square’s iPhone Tap to Pay, mobile professionals like contractors and caterers, for example, got to process contactless payments onsite at their project location. Hairstylists and…
When financial institutions want to offer a debit card or credit card, they hire an issuing processor to help them with those services. When they want to offer merchants the ability to accept cards, they sign up with an acquiring processor. But when it comes to cross border payments and international fund transfers generally, banks have had far fewer choices, and to industry veteran Gary Palmer, that spelled opportunity. He founded Payall, a cross-border processor for regulated banks, in 2018. The Miami-based startup has built what Palmer describes as “very specialized” software that gives banks a way to offer their own customers the ability…
The news: Financial tech company FIS introduced Worldpay for Platforms, a software-as-a-service (SaaS) solution that gives software providers embedded payment capabilities and access to advisory services, per a press release. Neon One, a software provider for nonprofit organizations, and ResMan, which offers software solutions for the real estate industry, are among the first companies to use Worldpay for Platforms. Here’s how it works: Software providers using Worldpay for Platforms can help small businesses accept various payment methods and currencies across online and in-person channels. They can also manage subscriptions and invoices. The solution is powered in part by payment facilitator Payrix, which FIS acquired earlier this year. Why it’s worth…
JP Morgan (NYSE: JPM) has signed an agreement to acquire Renovite Technologies, Inc., a cloud-native payments payments provider. Details on the agreement were not immediately available. Headquartered in California with offices in the UK and India, Renovite was founded to develop the next generation of consumer payments solution for banks, processors, and merchants. Renovite has developed a new suite of payment solutions that are designed to be easily integrated within legacy environments or as new platform deployments. JPM says the acquisition will help it build its next-generation merchant acquiring platform, while supportings its payments platform and its migration to the cloud. Once…
When setting up a business, there are so many critical administrative functions to consider that long-term thinking isn’t always a priority. Over time and with growth, the burdens these tasks place on you and your teams can become problematic. How much time are you wasting on inefficient processes when you could better spend that energy on tasks that positively contribute to the business? Payment processing is one such troublesome area. From ensuring vendors receive payment on time to securing the revenue that needs to flow into your accounts, you might spend many hours a week processing payments. Although in-house management…
The benefits of knowing how to offer buy now pay later (BNPL) in your retail store continue to grow. BNPL is a system of payment where the customer makes the first payment at the time of purchase, and then pays the rest of the cost later. In contrast to layaway, customers can take the item home at the time of the first installment. BNPL’s instant gratification makes it more likely customers will purchase additional items, and at a higher price point. Because of this, many retailers offer it both online and in-store. However, BNPL is especially vulnerable to fraud because…