The big news in payments these days is Apple Pay™. Rolling out with the new iPhones, Apple Pay is a mobile payment method offered by Apple that leverages Near Field Communication (NFC). Similar to Google Wallet, it gives iPhone® 6, iPhone® 6 Plus, and Apple Watch™ users a contactless way to pay via credit card for retail transactions and in-app purchases. Consumers simply wave their phone in front of the reader to initiate payment. No more carrying a big thick wallet—the cards are in the phone.
Learn about the new features and functionality in the latest version of PayWithIt
The latest and greatest version of PayWithIt® is now available. PayWithIt is TrustCommerce’s secure mobile payment acceptance solution available through the Apple app store and is compatible with all iOS devices. PayWithIt enables merchants to securely capture payments via encrypted card swipe or manual entry. It is ideal for merchants who would like to accept credit cards, signature debit, and ACH on the go and is in use today in a variety of environments, such as non-profit, healthcare, parking, retail, education, and others.
I recently sat down with PayWithIt Product Manager, Arian Maybod to learn about what sets this new version apart. Arian has managed PayWithIt since inception and is supporting and managing the current release.
TC: PayWithIt recently celebrated its birthday. Can you share with us what sparked PayWithIt?
AM: Mobile payment acceptance is really growing. The latest research estimates $1 trillion in global transactions by 2015 . Forrester Research projects approximately $90B in mobile transactions by 2017 .
When we launched PayWithIt, we wanted to give our merchants the opportunity to be at the forefront of this growing trend, leveraging the advantages that mobile payments bring to the payment mix—convenience, speed, cost-savings—with the security for which TrustCommerce is known.
PayWithIt is the TrustCommerce secure mobile payment solution that works with mobile digital devices in conjunction with your TrustCommerce payment gateway account. Businesses, both large and small, can securely and wirelessly capture payments via manual entry or an optional encrypted card swipe without incurring additional mobile transaction fees.
PayWithIt is a natural fit for a variety of environments, most notably, the non-profit sector. Charitable giving is often in response to an immediate need, such as a natural disaster or other crisis. Accepting payments with a mobile device, gives charities the flexibility to respond quickly to help those in need.
If you know a thing or two about TrustCommerce, you know that we live and breathe security. You also know that we are flexible. Accepting payments in a variety of ways, is critical to most merchants. Take for example your typical hospital system. They collect co-payments at the terminal prior to a doctor’s visit, allow patients to pay their bill at a kiosk in the lobby, accept payments via web-based patient portal, utilize Interactive Voice Recognition (IVR), and much more. It is common for Non-Profit organizations to accept one-time and recurring donations online and also collect donations at events and activities. TrustCommerce payment solutions make it easy to capture payments wherever your customers are utilizing the most convenient and effective method. To that end, we’ve added a new method to accept payments—via your mobile device. We are happy to introduce you to PayWithIt, the TrustCommerce secure mobile payment acceptance solution.
With patients bearing more of the responsibility for healthcare payments, healthcare organizations are looking for ways to make it easier for patients to pay, thereby improving collections and decreasing the time and resources it takes to collect payments.
Healthcare payments landscape
More than $2.7 trillion of healthcare payments are made in the U.S. annually, which represents one sixth of the U.S. gross domestic product (GDP). Direct patient-to-provider payments represent $326 billion.1 According to a McKinsey & Co. report, about 35 percent of a provider’s total revenue will come from patients.
I am an information junkie. I sign up for a multitude of e-newsletters. I set up Google Alerts for topics that are important to me, watch Twitter trends and follow thought leaders on social media. Each morning, I sift through the information to find the day’s gold nugget. Here’s what I learned from my inbox this morning:
- 57% of U.S retailers are preparing or already have a mobile commerce strategy.*
- Mobile commerce will generate $6 billion in sales this year and is expected to double in 2012.
- “Life is luck, make it.” –Mother Teresa
Mobile commerce is here to stay. As you develop your strategy, I offer food for thought: