Anti-money laundering (AML) software refers to an umbrella system that includes various controls that the financial sector and other related sectors use to support the requirements of ever-tightening legislation from regulatory bodies. Its primary purpose is to detect and prevent strange activity, eradicate false positives, and assist organizations in reporting suspicious transactions. Anomalies such as a sudden or significant increase in funds or perhaps a large withdrawal are warning signals that the software should identify. However, it doesn’t mean that the software won’t flag smaller transactions. If the criteria are met, it could be regarded as suspicious. A typical example…
Author: Andrew
Replacing legacy payment systems can be a challenge, but procrastinating can result in significant problems like a failure to comply with security protocols, poor customer service, and lost opportunities. Choosing a payment system is strategic. Receiving payment for goods and services provided is the lifeblood of a business, and finding an efficient way to perform this business operation is critical. Migrating to a new system must be done safely, quickly, and effectively. This is a challenge, because these systems integrate with POS and CRM systems and handle lots of data. It is also cross-functional within the business, with Sales, Customer…
An optimized payment process streamlines your business operations. Not only can you cut costs and save time with a high-level system, but you retain a larger revenue share that can lead to better profitability and extended business growth. While the benefits of a simple payment process might seem obvious, implementation can present a challenge. Preventing fraud, working with third-party processors, and creating a seamless customer experience are complex tasks that require a certain level of know-how. Luckily, you don’t need to become a bonafide expert to make payments easier for your clients. To help you improve your merchant operational efficiency…
Knowing how to prevent buy now, pay later fraud (BNPL) is essential to providing the “instant financing” option many consumers expect in order to facilitate larger sales at faster speeds, especially for those who can’t access or prefer to avoid interest-accruing payment methods like credit cards. This is because BNPL can present significant risks to retailers unprepared to fend off the many types of BNPL fraud. Here are five ways to prevent buy now pay later fraud that you can start implementing immediately to protect online transactions from account takeover, repayment with stolen cards, and more. Table of Contents Validation…
No one has time to custom-build a bespoke payment processing solution for the brick-and-mortar and ecommerce stores. Thankfully, third-party payment gateways coordinate the behind-the-scenes dance between merchants and their banks, buyers and their banks (that issue debit cards), and credit card companies. The right payment gateway helps keep every party safe and remove friction from the purchase process. Table of Contents Essential Features of Payment Gateways Amazon Pay Authorize.net Clover Dwolla Payoneer PayPal PaySimple Square Stax Stripe Essential Features of Payment Gateways Each platform has unique attributes, but there are some essential features of payment gateways to consider during the…
Although cash remains a popular payment method, 80% of consumers prefer card payments over cash (especially in the germ-avoidance world of the COVID-19 pandemic), and consumers on average spend five times more when making non-cash transactions. Even small businesses need a reliable, secure, PCI DSS-compliant way to run credit cards at checkout. But small businesses also have to make payment processing service costs a top priority. Small businesses – especially start-ups – have to be extra careful with financial planning, as there often aren’t “cushions” or cash reserves needed to weather a business slump. A full-scale solution could cost you…
Buy now, pay later (BNPL) has gained massive popularity over the past decade among eCommerce shoppers with tighter budgets looking for short-term, interest-free ways to pay for larger purchases over time and among shoppers who wouldn’t qualify for traditional financing options. Done right, BNPL can be a significant benefit to merchants: A Fiserv survey found that the right BNPL option can reduce abandoned carts and increase average order value, because customers can spend more overall without going over budget on the first payment. In this article, we answer the two most common questions retailers have about BNPL: What is it,…
Especially during the COVID-19 pandemic, contactless, fast payment methods have exploded in popularity. Many still prefer cash transactions, but for many customers, the ability to keep cards in electronic form has been a game-changer. A digital wallet is secure, electronic storage for a customer’s payment methods. Digital wallets are much more than just a photo of one’s cards; they’re a sophisticated payment system offering customers variety, safety, and convenience. But not all eWallets are of equal quality. Here are some of the key features to look for when determining the best digital wallet for you. Table of Contents Main Features…
Cryptocurrency continues to grow in popularity. Consumer demand has grown with it, and major businesses such as Burger King, Subway, and Norwegian Air now provide customers with crypto payments or token rewards programs. Even Visa and Mastercard have pivoted and now provide business-to-consumer payment options. The Global Crypto Adoption Index tracked an 880% increase in 2021 as businesses add digital tokens as a payment option at record numbers. But the entire decentralized finance industry is an unregulated payment space, which can bring up plenty of questions. There is price volatility to worry about, potential fraud, and new setup structures for…
Cross-border payments services offer immense benefits to worldwide business operations. Rapid systems for money transfers increase the mobility of goods and services, giving retailers access to global markets that can boost overall economic activity. It is no surprise that the value of cross-border payment flows is expected to reach $156 trillion in 2022. While simple methods for exchanging money between countries encourage global product output, the entire system is unrefined, and at times, quite complicated. Users often speak of difficulties with sending money abroad, and there are still several barriers that prevent equal remittances between countries. The market is ripe…