Turn on the TV. Open a newspaper. Fire up the Internet. Everywhere we look these days we see, or hear, stories focusing on “Choice,” and “Freedom of Choice.” These themes seem to dominate the news cycle, and our personal lives - and have even spread into our work lives.
Payment Facilitators (commonly known as PayFacs or PFs) have risen in popularity over the recent years. Within the ARM industry, PayFac models can provide an especially significant benefit – these models can be used to enable full compliance for convenience fee solutions, in order to protect collection agencies from non-compliance risks including lawsuits, account cancellations, and significant fines.
Two major changes are set to influence payment processing in the Accounts Receivable Management (ARM) industry in 2021. To ensure that you are prepared for these upcoming changes, we have outlined what these trends are, what to expect, and what this means for your business.
In the payments industry, there always seem to be a number of payment processors engaging in dishonest business practices, which can lead to merchants being misled and deceived if they are unaware of how to spot offers that are too good to be true. At Payscout, Integrity & Trust is our first Cultural Attribute, so we created this guide to help you identify processor dishonesty and recognize if a processor is engaging in unethical practices.
Interchange fees make up the largest portion of a merchant's payment processing costs, however, it is often not clear what these fees are and how they are charged.
Currently, many payment service providers in the ARM industry are offering solutions that are not fully compliant, resulting in the risk of lawsuits, significant fines, and the potential of your business being completely shut down.