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Payscout Officially Three-Time Recipient of Inc. Magazine’s Prestigious Inc. 500/5000 Award
The entrepreneurially focused firm is ranked #383 on the newly released 2016 Inc. 500/5000 List—marking their third straight year in the Inc. 5000 and their second straight year breaking the Inc. 500.
(Los Angeles, CA) August 18, 2016—Payscout, Inc., the nation’s leading global payment processing provider, has been recognized by Inc. magazine, again, as one of the fastest-growing companies in the United States for the third straight year. On the 2016 Inc. 5000 list, Payscout ranked #383, up from the #434 ranking in 2015 and the #2,416 ranking in 2014. Their quantum jump on the list comes after a three-year growth rate of 1,005% and 2015 revenue of $10.2 million.
Within the distinguished Inc. 5000 list, lies the Inc. 500 – the top ten percent of the fastest-growing U.S. companies. The coveted list, published annually, recognizes top U.S.-based, privately-held companies ranked according to the percentage of revenue growth they have experienced over a three-year period.
Payscout’s growth mirrors the global ecommerce market, in which they have capitalized and leveraged their expertise in cross-border commerce. A recent online survey discovered that 57% of respondents in 24 countries within six continents had shopped from an overseas site in the last six months, with some country numbers well into the seventies. Furthermore, it is estimated that by 2020, 7.5 billion people will have access to the internet – up from 3 billion – and reports suggest that cross-border markets will reach $1 trillion at that time.
Payscout has been gaining ground via their innovative business development by speedily recognizing opportunities and trends in global ecommerce. This has enabled them to seize opportunities to collaborate with online titans, such as Alibaba and Vipshop, for whom Payscout now provides global payment logistics.
“Payscout’s unrelenting mission is to support the entrepreneurial dream one transaction at a time,” said CEO Cleveland Brown. “The Inc. 500 is a tremendous honor for our organization and shows the hard work and dedication this team puts forth on a daily basis toward our mission.”
Payscout’s forward-thinking and technological advancements in the payments industry continue to forge a thought-leading path. During one of their industry’s most important events – the Card Not Present (CNP) Expo in May 2016 – Payscout unveiled cutting-edge payment industry developments. The company displayed a virtual reality (VR) presentation, offering for the first time, a sneak peek into the future of the payments industry and its relationship to the omnichannel retail experience.
In 2017, the B2B market will buy more mid-priced VR gear than the B2C market will, according to Forrester Research forecasts, causing multiple industries and corporations to begin allocating significant portions of their budgets to VR. Brown pointed out that while VR is still in relative infancy, there are projections that it will generate $150 billion in revenue by 2020.
Per Brown, VR technology will disrupt the fintech industry and give millennial entrepreneurs opportunities to further expand in a burgeoning global economy. He acknowledges that the millennial generation is not slow to take action – millennials are discovering entrepreneurship significantly earlier than baby boomers did. While the older generation launched their first businesses at roughly 35 years old, so-called “millennipreneurs” are initiating theirs around 27. On top of that, millennials are also eyeing larger gross profit margins. Almost 75% expected their profits to increase in the coming year. For boomers, it was 42%.
With millennials predicted to make up 75% of the American workforce – and 66% wanting to be entrepreneurs – Brown says it is imperative to foster a landscape in which the entrepreneur is on even footing with the well-established business, allowing both the opportunity to thrive.
“The economic viability of any country depends on being able to take advantage of the global ecommerce boom,” Brown stated. “Our commitment to helping entrepreneurs in all markets realize their dreams is evident in our placement on the Inc. 5000 list three years in a row.”