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Payment Industry News Read More...Online shopping has changed drastically in recent years and it is now considered by many to be the best way to buy. While Amazon - plus a slew of brick and mortar retailers that developed e-commerce applications to keep up - provides convenience to consumers, companies in the B2B sector are taking these concepts and implementing them into their own offerings.
A recent press release from the online apparel retailer ShopRDR showcases the company's humble beginnings around the turn of the century …
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Payment Industry News Read More...Constant concerns over the uncertain jobs market has hindered consumer confidence this month, according to the Conference Board.
As previously mentioned in this blog, job growth has slowed considerably in recent months, following a relatively impressive start to the year. Although July saw the job market's biggest increase since February, it may not have been enough to improve the country's overall feeling about buying.
The Conference Board's consumer confidence index fell to 60.6 in August, …
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Commercial Cards Read More...Public office vendors in the city of Hamlin, West Virginia must be cognizant of the latest developments from the local government offices, following an agreement that issues a purchasing card to a number of city employees.
Earlier this month, Mayor Chris Wilkinson signed the agreement, which will now let employees use a p-card for a variety of services. Potential uses range from public office supplies to gas for police vehicles.
However, a series of meetings leading up to the final agreement …
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PCI Security and Compliance Read More...As security technology continues to evolve, so does the level of cyber criminal and the method he or she uses to hack into servers containing financial information. That's why maintaining PCI compliance in today's day and age is of the utmost importance.
The age of the teenage hacker stealing your information from a computer in mom and dad's basement is all but over. However, a class of criminals is emerging that merchants have to be aware of, if they are to ensure the security of their …
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As the country looks to return to economic stability, financial companies are looking for young, ambitious and talented individuals to help them get back on their feet. According to an article in the Tampa Bay Business Journal, financial jobs in Florida are growing in demand.
Financial services jobs rose from 481,300 employed workers in July of 2011 to 487,000 in July of 2012. As new waves of students emerge each summer from schools around the country, competition for the nation's best jobs is …
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Payment Industry News Read More...While small to midsize businesses are finding themselves doing all they can to make payments, they are, in fact, receiving payments at a more positive rate. As previously reported on this blog, many SMB executives have taken it upon themselves to utilize personal credit lines to pay for goods and services, which some thought would negatively affect B2B sales in the small business sector. However, according to a new report, SMBs are receiving credit and debit payments at an impressive rate. …
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Accounts Receivable Best Practices Read More...Using accounts receivable best practices can certainly improve the rate at which invoices are processed and paid, but as we have discussed numerous times in this blog, administering best AR procedures does not guarantee that invoices will be paid on time.
In today's uncertain economy, businesses that don't receive their money in an appropriate amount of time struggle to remain financially viable, because oftentimes they are relying on that money to make their own payments. Failure to collect …
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Credit Scoring Read More...Credit scores are a growing concern for both businesses and consumers. In the case of many small to midsize businesses, these scores are one in the same. In an uncertain economy where loan approval has become increasingly harder and lending has dropped significantly, many have become more cognizant of their scores and have adapted their payment methods accordingly. Because it is difficult to determine what the economy's next turn will be, merchants will have to stay on their toes and be aware …
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Payment Industry News Read More...Currently, there are over 3 million government purchasing cards in circulation. Government employees spend over $2 billion each month with these cards through the government purchase program called GSA SmartPay 2. While this program has offered convenience to government agencies and assisted with their procurement efforts, there are restrictions on these cards that merchants must be cognizant of and ways to get around these limitations.
For example, there are price limits on most purchases …
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Payment Industry News Read More...The Mississippi department of education is implementing an innovative program designed to improve the learning experience of students while alleviating some of the financial burden on public school teachers. Beginning this fall, teachers will be issued a purchasing card that will allow them to buy classroom supplies.
In May, amendments were made to Senate Bill 2761, which authorizes the distribution of p cards to 35,000 teachers. Paid for by Mississippi's $8 million educational enhancement …
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Commercial Cards Read More...The value of a purchasing card has always served as a topic of contention among various payment industry leaders and analysts. Some have questioned their merit while others insist that they are vital for organizations, especially those in government and public sector offices. Now, in the age of big data where businesses can capitalize on every piece of digital information, arguments in favor of p cards may be winning out.
In today's business environment, the ability to build data is crucial. …
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Payment Industry News Read More...As reported earlier this week in this blog, small business lending could be down due to SMB owners using personal lines of credit for necessary expenditures. That could also explain a recent report that suggests while late payments are down, credit card debt is on the rise.
According to the Associated Press, the average credit card borrower debt rose 6 percent last quarter from the second quarter of 2011. This could be seen as a positive sign for the economy, as consumer confidence could be …
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Payment Industry News Read More...Still in the shadow of the economic crisis of 2008, many small businesses have struggled to get back on their feet and, as a result, must adjust a number of operations that existed pre-recession. One such example is money borrowing, which has steadily declined in the small business sector in the last four years.
According to a report from the Small Business Administration, the number of small loans - less than $1 million - to businesses dropped by 4.7 percent in 2011. Small business loans are …
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Payment Industry News Read More...In light of the settlement between Visa, Mastercard and major financial institutions which resolved claims made in the multi-district interchange litigation, the National Association of Purchasing Card Professionals (NAPCP) is offering advice to potentially affected businesses.
According to a Press Release from the NAPCP, fallout from the settlement may give merchants the ability to impose surcharges on payments made from commercial purchasing cards. Lynn Larson, the NAPCP's education manager, …
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Credit Scoring Read More...The credit score can be the lifeblood of a small business. Many small companies rely on borrowing to handle necessary expenditures, especially early on. So if a credit score is compromised and a business finds itself in debt, it could suffer severe consequences and fail to achieve prominence in its industry.
However, the small business sector received some good news in regards to its collective credit rating last week. The Experian/Moody's Analystics Small Business Credit Index rose,albeit …
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PCI Security and Compliance Read More...Fraudulent activity is no stranger to the payments industry. As payment systems become more complex, so do criminal methods. Some professionals in the industry believe that the U.S. is becoming an increasingly bigger target for fraud and that changes must be made to counter the growing threat.
The online publication PYMNTS.com spoke to David Mattei, the VP of financial institutions at payment services provider Vantiv. Mattei told the news source that the United States magnetic swipe card …
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B2B Payments Read More...Despite the rapid advancements of technology in the payments industry, a number of merchants still have not adopted a solution to manage electronic payments, according to a new report.
A study conducted by IT services provider SunGard suggests that many businesses, regardless of size or revenue, have shown difficulty in adapting to modern payment methods. A total of 171 merchants were surveyed, and despite the fact that 48 percent of respondents said that they have an annual revenue of over $1 …
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Payment Industry News Read More...Recently, this blog touched on the idea of purchasing and paying via the cloud, or c-commerce. While the increased adoption of this technology certainly points to a more cloud-based payments ecosystem in the coming years, there are still a number of risk factors to consider - most notably whether or not these environments can be PCI compliant.
Back in June, we mentioned that cloud providers and merchants should work together to achieve an attainable level of PCI compliance. According to a …
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Commercial Cards Read More...Business and social media have formed a strong bond in recent years. Today, most of the corporate world relies on social interaction in some form or other. This trend is expected to continue in the coming years and soon social media will be affecting many aspects of business - from customer engagement to data management, even to the way businesses pay for products and services.
Facebook has integrated itself into virtually every nook and cranny of the internet, Many have stated that the …
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