Month: May 2020

Lenders Dealing with Emerging PPP Loan Fraud

Last month, a bank in Rhode Island bank was given an application for a $144,050 loan through the Paycheck Protection Program (PPP). PPP is an enormous federal effort that is designated to assist many small businesses that are severely affected by the Coronavirus pandemic. This PPP loan application was made on behalf of a restaurant …

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Merchant Services and Payments Impacted by COVID19

The COVID-19 pandemic and the resulting stay-at-home orders across the globe and country during the past few months has led to a significant reduction in both the number of merchant services transactions and dollar sales in our country. With predictions of a global decline in GDP, there are few bright spots in the economic fallout. …

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A NEW PROGRAM FOR SMALL FLEETS: WEX EDGE BUSINESS SAVINGS NETWORK

What is WEX?  WEX is a global financial technology solutions company. They streamline payment systems across the world and industries—including Fleet, Corporate Payments, and Health. The WEX EDGE savings network offers exclusive discounts on things that keep small business moving—like fuel, tires, wireless, and more. However, there is more to EDGE than great discounts. WEX, which provides …

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The Rise of Contactless Payments and NFC Amidst the COVID19 Pandemic

How has COVID-19 Changed the Way Consumers Spend Money? So much has changed in the face of COVID-19, including how consumers pay. Already, small businesses have seen a 27% increase in the use of contactless payment versus prior to COVID-19. Businesses that didn’t accept payments like Apple Pay before are also quickly adapting to keep …

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How to Survive COVID19 by Sharing Costs with Cash Discount Merchant Services

Under the financial stress and burden resulting from the effects of the pandemic, businesses may be more receptive to sharing the cost of credit card fees with their customers. Even under normal circumstances, credit card processing is expensive for businesses, especially small businesses with tighter budgets. To improve cash flow, as well as to prevent …

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Fitness Studios Are Adapting Their Business Models to Survive COVID19 Shutdowns

Among the many industries adjusting to life under the coronavirus pandemic, fitness studios have found ways to compensate for shutdown orders. From online classes to equipment rental, fitness studios remain flexible in their fitness offerings for their clients. Whether studios offer classes on Instagram or interact with students on Zoom, instructors and studios are making …

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How Might COVID19 Affect the Credit Card Processing Industry?

How Might Coronavirus Affect the Payments Industry? Not handling cash is one measure consumers are taking to avoid the risk of exposure to Coronavirus, or Covid-19. Contactless payments are already on the rise as consumers find avenues that allow them to avoid touching possibly high-risk payment terminals. Payment processing by self-checkout may become more popular …

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Top Ecommerce Trends for 2020

Top E-commerce Trends for 2020 E-commerce trends are making the shopping experience easier for the consumer. Moving in the direction of personalization and new customer experiences, the e-commerce industry is dynamically transforming every year, especially with the assistance of AI. Providing multiple avenues of payment and streamlining payment processes are only part of a merchant’s …

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How Ghost Kitchens are Impacting the Quick Service Restaurant Industry

How Ghost Kitchens are Impacting the Quick Service Restaurant Industry In the ever-evolving world of quick service restaurants, the growing demand for food delivery has led to an increase in ghost kitchens, which operate exclusively for delivery service. No servers, no tables, no chairs, just a kitchen in service of delivery orders.  Third-Party Delivery Services …

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