March 14, 2019

Quiktract Inc. recently launched its mobile app on the App Store and Google Play. This app provides contracts and mobile payments for the person-to-person "gig" economy, according to a press release.

Quiktract offers 14 templates for individual contracts in the areas of babysitting, coaching, tutoring, pet care and other jobs. Customers can change the contracts in real-time as well.

"Three-quarters of Americans are part of the gig economy whether they consciously realize it or not. Consistently, more and more individuals are working with another individual to meet their service needs," Lee Midkiff, CEO, Quiktract, said in the release. "Despite these trends, individuals aren't getting the details in writing — even if just on the back of the proverbial napkin. Quiktract makes it easy to get it in writing with simple-to-use, convenient technology."

Topics: Bill Payment, In-App Payments, Money Transfer / P2P

Related Content

Latest Content

March 14, 2019

Photo by iStock.com

By Katie Kochelek, marketing specialist, Frank Mayer and Associates

Each year Frank Mayer and Associates queries company thought leaders on what they predict will come in the year ahead when it comes to point-of-purchase industries.

Indicating everything from uncharacteristic marketing opportunities to continued growth for self-service, the forecasts illustrate the constant objective to stay relevant to today's consumer.

Trend 1: Innovative marketing across industries

By nature, marketing and advertising is an ever-evolving process to reach an audience. The TV commercials of our youth have given way to short clips before YouTube videos, while radio, print, and other traditional advertising now battle influencer and experiential marketing.

Creative Director Ryan Lepianka said we'll notice even more innovation in marketing cross-pollinating industries.

"The marketing industry is turning any reason that people must leave the house into a selling opportunity," he stated. "Working out is a prime example. Marketers have a captive audience for 45 minutes. Why not engage a person during a time when he or she would gladly spend time thinking about something else?"

So how does this translate to the point-of-purchase industry? This heightened marketing that extends into a customer's daily routine affords ample opportunities to merchandise a product or offer a service. 

"Did you know sports betting is no longer prohibited by federal law? There could be betting kiosks in every sports bar in very short order," Lepianka asserted. "Who's going to build those?"

Will we see more merchandising displays and interactive kiosks in unlikely places this year? Keep an eye out for those brands and retailers who recognize these chances to promote to buyers through unconventional avenues.

Trend 2: Augmented reality continues to impact

2018 had no shortage of industry news articles confirming that retailers were beginning to explore how to utilize augmented reality to their benefit.

Shoppers have been seeing AR pop up on mobile apps for a while now, using it to envision a piece of furniture in a tight space or instantly visualize how a paint color will look in a room.

But, more and more we see retailers harness its power at physical locations through in-store opportunities. Sephora serves as a prime example, offering kiosks for customers to experiment with different shades of makeup. Fast-fashion retailer Zara also encourages customers to download the brand's app and take photos of in-store podiums to reveal a virtual model walking and displaying clothing pieces.

"Augmented reality will continue to make its way into retail," said David Anzia, Frank Mayer & Associates vice president of sales. "The point of differentiation will be whether AR is a more solid tool for the retail and brands themselves as they measure client responses and foot traffic, or if customers will embrace it to help make more educated buying decisions at the point of sale."

Both scenarios will likely play out big this year, with businesses adopting the technology to continue the important task of personalizing experiences for customers as well as consumers eagerly using it to watch products come to life. With more buzz surrounding things like 3D car models and virtual fitting rooms, the excitement behind augmented reality and its value to brands is only just beginning.

Trend 3: Convenience remains a necessity

The goal to offer customer convenience is certainly not new. In fact, coupled with "personalization," both vocabulary words are used frequently when referring to common brand objectives. However, 2019 will continue to expand on customer service agendas put into place last year.

"It's all about minimizing the impact on consumers' time and making transactions easy," said President Mike Mayer.

More retailers will continue to expand programs like buy online, pick up in store because of its popularity with customers who desire quick fulfillment of an order. In fact, a March 2018 report titled "Kibo's 2018 Consumer Trends Report — Engaging the Informed Consumer" indicates 67 percent of survey participants had used BOPIS in the previous six months. With so many shoppers taking advantage, convenient opportunities like BOPIS will continue to be essential tools for retailers to entice new customers through the door.

Topics: POS, Transaction Processing

Related Content

Latest Content

March 14, 2019

PayPal is rolling out a service initiative, called Instant Transfer, to banks. 

The capability is available to U.S. consumers and will be deployed to U.S. businesses in the coming weeks, with international expansion in the near future, according to a company blog by PayPal executive Vice President and COO Bill Ready. 

The service is made available to PayPal customers through the payment company's expanded partnership with JPMorgan Chase, which allows PayPal to access the Real Time Payments network from The Clearing House.

The program expands Instant Transfer to debit cards, which was launched a few years ago and provided the ability to transfer their PayPal balance instantly to eligible debit cards, according to the blog.

PayPal later expanded its debit card program with the introduction of Funds Now, which helps selected businesses get access to funds from their completed sales within seconds.

"After seeing impressive adoption with both of these offerings, we wanted to continue rolling out additional solutions that make it faster for people and businesses to get access to their money," Ready stated in the blog.

Instant transfers will be accompanied by a 1 percent fee; standard transfers, which are generally completed within one business day, will continue to be free, the company said.

Topics: Mobile Banking, Mobile/Digital Wallet, Money Transfer / P2P, Transaction Processing

Related Content

Latest Content

March 14, 2019

Most (82 percent) millennials believe society will eventually become cashless, even though they're the generation most likely to favor cash when traveling, according to a TD Bank Consumer Spending Index. 

What's more, if their cashless payment method of the future is a credit card, that could be a problem, because millennials lack healthy credit habits. For instance, the study found that among millennials who use credit cards: 

"The data is a bit concerning," Mike Kinane, head of U.S. bankcard at TD Bank, said in a press release. "We're relying less and less on cash, and while credit cards may not be a millennial's payment method of choice, it's still critical that they develop financial knowledge and habits to properly position themselves for sound credit health down the road."

Topics: Trends / Statistics

Companies: TD Bank

Related Content

Latest Content