Order-ahead for Independent Coffee Shops

Order-ahead for Independent Coffee Shops

“Large coffee please, with two sugars and a splash of payments.” Joe Coffee is changing the ordering and payment experience for customers of independent coffee shops with their mobile order-ahead system. Not only is this a great way for small coffee shops to expand their businesses, Joe Coffee is evolving their business from coffee to technology and payments. Need help expanding your business capabilities through payments? Contact RPY, we can help.

Bridging Cross-Border Payments

Bridging Cross-Border Payments

Amazon and Western Union are building bridges for cross-border payments. The two companies have teamed together to create PayCode, allowing consumers and businesses to pay cash for Amazon purchases at Western Union locations using QR codes. They are helping to eliminate the complexities of cross-border payments. For assistance in addressing the payment needs of your customers, contact RPY.

Virtual B2B Payments

Virtual B2B Payments

“The check’s in the mail.” American Express and SAP Ariba hope to make that a phrase of the past. The two companies have partnered to create a virtual credit card payment solution for B2B payments. Buyers benefit from being able to use their current cards and suppliers will get faster payments with reduced risk.  If you are looking for ways to improve the payments process for your customers, please contact RPY.

https://www.forbes.com/sites/sap/2019/05/21/american-express-revolutionizes-b2b-payments-the-check-will-never-be-in-the-mail-again/#59b169056d26

Transaction Trends Interview

Transaction Trends Interview

Caroline Hometh BW.jpg

Caroline Hometh

Payments veteran Caroline Hometh is the founder and managing partner at RPY Innovations, a global payment advisory group that specializes in establishing relationships that enable conversion of cash to electronic payments and fosters the growth of domestic and international acquiring.

Here, Hometh offers tips and strategies for U.S.-based payment facilitators and acquirers looking to expand abroad.

We know that card-based transactions are big in the U.S. but not so much in other areas of the world. What are some of the most interesting cultural preferences for payments you’ve come across in your work?

The rest of the world loves e-wallets. Why? Security, convenience, and speed at the time of purchase. Bank transfers are also very dominant because the banked populace is rising, and the processing is cheaper for merchants. But there is also a significant difference in payments used. For example, in Canada, a woman drives downtown to join a friend for lunch. She uses her Interac Flash debit card to pay for parking. While waiting, she uses her phone to shop online for shoes and uses her card on file for that transaction. She notices her favorite charity needs assistance, so with her phone she uses her credit card to set up a recurring payment. Her friend arrives and they split the lunch bill, with both putting down a credit card for payment. That same woman in Argentina would use a mobile application to pay for parking, cash for lunch, and an installment payment—Boleto Bancario—for the shoe purchase. In China, the woman would use AliPay to pay for parking but use WeChat Pay to pay for lunch and shoes. Soon we might see this scenario: The woman would expect to use her car to purchase the parking and preorder lunch using a mobile application and her card on file. She would use a different mobile wallet to sign up for a subscription service for the shoe purchase, a bank transfer for the charity, and Venmo to share the lunch bill with her friend. The payments industry uses many single-digit letters to describe how we pay: ecommerce, m-commerce, f-commerce [for Facebook], and now a-commerce [Alexa or Digital Assistance]—but we must remember that consumers globally do not perceive it this way. It is simply making a purchase. Our industry needs to allow consumers to shop in whatever currency they prefer, with whatever payment type they’re comfortable using.

Which areas show the most promise for U.S.-based payments players?

One of the reasons payment facilitators are so successful is their commitment to a unique vertical, [which] also allows them to research which markets match their vertical focus most effectively. Using the lunch scenario, how did the payments players enable the woman to pay? The payment facilitator that is focused on parking transactions will need to develop an acquiring relationship in each country/region where consumers are used to paying for parking but no longer prefer to use coins. The meters will need to accept the card types preferred by that country. EMV certification is required. The mobile application will need to consider multiple languages and colors that reflect the culture. It may choose to use partnerships to support the meters in a specific region. The global or regional restaurateur will need to consider how consumers value loyalty programs and payment methods. The e-wallet and P2P provider will need to accept bank transfers within each country of interest. The e-commerce shoe retailer may need to accept up to 22 currencies and 140 payment types and work through foreign exchange risks. The payment facilitator who is focused on charity transactions will need payment partnerships to set up local bank transfers, credit cards, recurring payments, and have access to card account updates.

What is the current regulatory and licensing environment like for U.S.- based players in those markets?

In most cases, requirements are more complex and stringent and thus will be time-consuming. For example, in Europe, due to Payment Service Directive II, all payment facilitators must first obtain a payment institution (PI) license from the country’s financial control authority (or equivalent). If obtained from an EU country, it can be passported to other EU countries, but if Brexit is completed, the United Kingdom will likely require a separate PI license.

Are there any downsides to global expansion?

It takes time and commitment to understand a new market and regional requirements, build a business, modify as needed, and begin a new path if initial plans do not work. Expansion into another country can be expensive. There are the different regulatory standards that must be met. Cultural differences require attention and may be difficult to incorporate. Often, branding and colors must be reconsidered to avoid misinterpretation and increase appeal. Businesses hope that payments will function the same way as they do domestically—and find it frustrating when that doesn’t happen. Remember that when entering a new market, local players view what’s done in the U.S. as unusual and not especially relevant.

What’s the best advice for a payments provider looking to expand abroad?

Preparation and diligence are vital. Do your homework. Understand how your business will be viewed by the merchants and consumers of that market or country. Buyers will want to sell/shop in their own currency and use the payment types they are comfortable with. Seek advice from those who have successfully entered the target market. TT

Josephine Rossi

 Republished from Transaction Trends Spring 2019 Edition Publication
https://www.electran.org/publication/transactiontrends/spring-2019/

Transact 2019

Transact 2019

Everyone is gathering! Join RPY along with other payments industry experts at Transact. It is a great opportunity to connect and learn what’s new in the industry. To find out how RPY’s tactical and practical payments solutions can bring success to your business, contact us to set up a meeting. Hope to see you there.

https://www.electran.org/events/etatransact/

mPOS for Girl Scouts

mPOS for Girl Scouts

It’s cookie time! Sorry actually Girl Scout cookie season just ended, but if you bought cookies this year you may have noticed a new way to pay. In response to a decrease in potential customers carrying cash, Girl Scouts have piloted a mPOS solution enabling them to accept cards and mobile wallets via an app or portable card reader. Scouts using the mPOS saw a 4% increase in sales. Are your company’s payment offerings meeting the needs of your customers? For innovative solutions contact us today.

https://www.pymnts.com/mpos-tracker/2019/girl-scout-cookies-mobile-payments/

Changing Currency

Changing Currency

"Short, tall, light, dark, caf, decaf, low-fat, non-fat, etc." (You've Got Mail). Instead of paying $0.60 for add-ons to their coffee, customers can now use 25 "Stars". Is Starbucks revamping their rewards program or trying to dissociate consumer expenditures from traditional fiat currency? Contact RPY for a conversation on how to create innovative solutions for your customers.

https://www.pymnts.com/news/retail/2019/starbucks-loyalty-rewards-store-opening/

Legal Tender

Legal Tender

“This note is legal tender for all debts, public and private,” appears on the U.S. dollar bill.  Cashless stores are a growing trend today, but we cannot forget the U.S. dollar is the currency of the land and that its acceptance is not necessarily optional.  By not accepting cash, businesses may be unintentionally discriminating against the unbanked.  To make sure your company’s payment strategy considers ALL impacts, contact RPY.

https://www.pymnts.com/cash/2019/nj-bill-ban-cashless-stores/

Risk Management

Risk Management

Payments can be a risky business but with proper risk management your business can mitigate the possibility of money laundering.  Alleviate threats to your business by having the right policies and procedures in place.   For assistance on compliance and vital policies, contact RPY.

https://medium.com/@jose_81075/transaction-monitoring-for-anti-money-laundering-based-on-digital-identities-e14666820a66

Smarter POS

Smarter POS

Life is better with friends.  Smarter POS devices are sought by every merchant segment.  If your company is hoping to compete in this fast-paced market, it will need the right partnerships. “If you try to go it alone, you don’t have a chance,” Rod Hometh, Partner at RPY Innovations, said in an article by Digital Transactions.  RPY’s experienced team can assist your business in building strategic partnerships. Connect with us today.

https://www.digitaltransactions.net/magazine_articles/get-smart/

New Product Solutions

New Product Solutions

By combining forces with American Express, Bill.com continues to innovate their product solutions.  American Express and Bill.com’s joint customers are now able to pay suppliers via American Express Business or Corporate Card using virtual card technology. Are your company’s payment offerings meeting the needs of your customers? For innovative solutions contact us today.

https://www.pymnts.com/news/b2b-payments/2019/amex-vendor-pay-invoice-payments-partnership/

Fresh Idea

Fresh Idea

Modern simplicity, #priceless. Mastercard’s iconic logo will now be wordless with only two intersecting circles, allowing for more flexibility and brand expansion in the digital age.  Could your company benefit from fresh thinking about its payment’s strategy?  RPY can help you with innovative and forward-thinking solutions.  Contact us today.

https://www.usatoday.com/story/money/business/2019/01/08/mastercard-new-logo-no-longer-has-letters-iconic-brand-move/2511521002/

B2B Payments

B2B Payments

Check yourself. ACH is dominating business to business (B2B) payments over the previous leader, the check.  Bill.com reports that 73% of businesses noted that they use ACH payments and online banking to pay their clients’ invoices.  For guidance on your business payments strategy, contact RPY Innovations.

 

https://www.pymnts.com/news/b2b-payments/2018/bill-ach-payment-rails-corporate-accounting/

Google Pay P2P

Google Pay P2P

The old becomes new again. QR Codes aren’t new but Google Pay is using them in a fresh way, to simplify peer-to-peer (P2P) payments. Google Pay will add a feature for users to pull up a QR code for others to scan and easily send them money. If you are looking for innovative ways to use current technologies contact RPY.

https://www.pymnts.com/google/2018/p2p-payments-qr-codes-mobile-app/

Canada's Interchange

Canada's Interchange

Maple syrup isn’t the only sweet thing coming out of Canada. Visa and Mastercard just sweetened the deal on interchange rates for Canadian companies. They’ve lowered the average interchange rate by 10 basis points from 1.5% to 1.4%, going in effect in 2020.  Contact RPY for tactical and practical payment solutions that could save your company money.

https://www.thepaypers.com/cards/visa-mastercard-agree-to-cut-interchange-fees-in-canada/774421-23?utm_campaign=20180820-automatic-newsletter&utm_medium=email&utm_source=newsletter&utm_content=

Drone Payments

Drone Payments

Incoming, the invasion of the drones! Cars, refrigerators and now your front doormat can make purchases.  Worldpay has announced a prototype of a landing pad for drones that will store payment information and confirm delivery location. For assistance on keeping your company up on the latest innovations in payments, contact RPY.

http://paymentsjournal.com/its-a-bird-its-a-plane-no-its-a-worldpay-drone/

MWAA Conference 2018

MWAA Conference 2018

Craving some deep-dish pizza? RPY is headed to the MWAA Conference 2018 on July 25-26 on Chicago’s Magnificent Mile.  Along with keeping up-to-date on our industry knowledge, we look forward to celebrating Holli Targan, attorney and industry expert, receiving this year’s award for Industry Achievement.  If you would like to set up a meeting with RPY at the conference, please email us at meet@rpyin.com.  We hope to see you there. 

https://www.midwestacquirers.com/

Anti-Money Laundering Webinar

Anti-Money Laundering Webinar

The landscape is changing when it comes to prevention of money laundering.  No longer is it only the responsibility of acquirers.  Payment Facilitators, ISOs, and payment service providers of all types are required to identify and report money laundering. To learn more about potential threats and applicable regulations attend the “The Underestimated Risk of Money Laundering in Merchant Acquisition” webinar on Thursday, July 19 at 1:00 pm EDT.  Caroline Hometh, the Managing Partner of RPY Innovations, will be speaking along with Jose Caldera, Chief Products and Marketing Officer, IdentityMind Global. Sign up now! The link to register is below.

https://merchacquirecommittee.webex.com/merchacquirecommittee/onstage/g.php?MTID=e0672937f65d86c1a7c260196c6955a63

B2B Payments

B2B Payments

Bad to Better? B2B global payments surge. While B2C payments have been quick to innovate, the B2B sector has been slower to adapt to technological advancements. Seeing the opportunity, venture capitalists are funding technology companies focusing in B2B payments. Need help bringing your payment solutions to businesses?  Reach out to RPY Innovations for the latest advancements.

https://www.pymnts.com/news/b2b-payments/2018/enterprise-technology-b2b-startup/