Payscout Acquisition of Paywire Improves Payment Processing Space

1. Payscout Acquisition of Paywire Improves Payment Processing Space Payscout’s recent acquisition of Paywire has established an exciting new dynamic in the payment processing marketplace. The companies are a natural fit as they’re both known for being adaptable, fast-growing thought leaders with a reputation as innovators. More specifically, this merger should prove to complement and enhance the position of each in the industry. Payscout has a broad service base, processing transactions from utility payment processing to global financial partnerships spanning six continents. Paywire has emerged as a pacesetter in the integration of cloud and mobile software solutions with third-party systems, websites, hardware, SAP systems and processors. This integration is a perfect example of Payscout’s strategy of continued expansion bearing fruit. The inclusion both expands Payscout’s customer base and enriches the tools and technologies those customers have access to. For instance, Paywire developed custom-built solutions for vertical markets like the education and health care industries, which are now available for customers seeking payment processing in those niche areas. The acquisition is also a boon for those attempting to navigate some of the industry’s trickiest territory—international payment processing. International commerce and payment collection has great potential for reward but is accompanied by a unique set of challenges. They’re actually pretty much the same challenges that attend doing traditional brick-and- mortar business internationally, just more pronounced, with heightened risk and complexity.

2. The vulnerability to fraud that merchants face from doing business overseas results from the difficulty verifying the identity and location of customers. Not only are the merchant and customer often separated by thousands of miles, a number of borders and time zones, and an ocean or two, there are also information access issues, variable ecommerce regulations, differing privacy laws, etc. All of which means that defrauded merchants generally have even less recourse internationally than they do domestically to identify fraudsters or recoup losses. Even perfectly honest, legal, and above-board transactions can be complicated by currency exchange issues; different payment methods, economic standards and level of infrastructure; tax code; import-export laws —everything that makes compliance so tricky. Among Payscout’s suite of payment processing solutions are tools to consolidate payment and software systems according to each client’s specific requirements, which effectively reduces the scope of compliance and serves to enhance security. No doubt the opportunity for Payscout to boost their robust global partnerships by incorporating Payscout’s international payment-simplifying and risk-reduction tools was an additional incentive for the acquisition. And, in accordance with their mission to provide comprehensive processing options, Payscout also offers accounts receivable collections software, if collections services, international or domestic, beyond individual transactions are required. Find out how else Payscout is supporting the entrepreneurial dream one transaction at a time at https://www.payscout.com/