Ranging from news articles to recent CEO interviews.
Payscout has seen a rise in millennial entrepreneurship which shows no signs of slowing down and it has prompted the merchant services provider to enhance its customer-facing assets to better meet industry demands and provide a more superior customer experience.
(Los Angeles, CA) July 8, 2015—In response to continued organizational growth and the emergence of the millennial entrepreneur, Payscout has taken steps to revamp its website to facilitate more direct interaction with customers. The new site, officially launched in early June, was revised to feature a more up-to-date, intuitive and responsive interface. All of which, enables the company to better anticipate and respond to the immediate needs of a current or prospective client. Additionally, the Payscout worldwide headquarters is on track for relocation to a larger Los Angeles building this month, to accommodate anticipated expansion.
Payscout’s growth was noted by Inc. Magazine when the merchant service provider appeared on the magazine’s 33rd annual Inc. 500|5000 list of the nation’s fastest-growing privately held companies. Payscout ranked #2,416 on the 2014 list and is currently on target to rise well above this level in the 2015 rankings. Payscout was also ranked #140 USA and #24 California by industry (Financial Services).
As Payscout deals largely with entrepreneurs, Payscout chief executive officer, Cleveland Brown, has noticed his own company’s expansion has happened in tandem with the increase in millennial entrepreneurism. “Millennials seem to be increasingly optimistic about the economic landscape, so they are more likely to take risks and launch their own companies,” said Brown, in reflection.
Nearly a quarter of all entrepreneurs are millennials ages 20-34, and it is estimated that by 2025, millennials will make up 75% of the American workforce. The Global Entrepreneurship Monitor released by Babson College reports more people ages 25 to 34 are starting businesses. The report indicates in 2014, 18% of Americans in the 25 to 34-year-old age group were starting or running new businesses, compared to 15% in 2013. This is a strong indicator America has recovered from the Great Recession and more Americans are taking the risk to become their own boss.
The current economic landscape and shift in corporate mentality has led millennials to embrace an entrepreneurial mindset. According to a 2014 survey conducted by Bentley University, 67% of millennials reported their goals involved starting their own business. Forbes Magazine stated the survey implies, “millennials sense that career success will require them to be more nimble, independent and entrepreneurial than past generations.”
Fred Truffle, director of Bentley’s Entrepreneurial Studies program, links the rise in millennial entrepreneurship to the perception that traditional pathways no longer lead to the desired destination, and so members of this generation are eager to cut their own way. A recent Deliotte poll also found 70% of millennials said they would reject traditional business to work independently, and in a separate study, 1 in 5 millennials reported they want to quit their current jobs and start their own projects.
Despite all this panache, entrepreneurs – and millennials specifically – often face obstacles they may be incapable of overcoming alone. Payscout has recognized aspiring entrepreneurs need a reliable resource to turn to, which is exactly why its leadership adopted the mission to support the entrepreneurial dream one transaction at a time. Payscout’s entire service model, including the features built into the recently revised website, centers on the company offering ready access to core tools and information every entrepreneur needs to establish, grow and sustain a business through changing economic times.
As a global merchant service provider, Payscout is also able to provide merchants with a direct connection to financial institutions, which can facilitate global, local and alternative payment methods. Consequently, Payscout is positioned to support any payment acceptance requirement a merchant may need throughout the entire business life cycle. “Payscout’s focus is to simplify the merchant experience, which ultimately reduces payment costs, improves conversions and facilitates an open door to global payment acceptance,” concluded Brown.