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Sept 14: Global payments newsletter: $35M payroll fraud, B2B cart abandonment, Stripe credit card, China cryptocurrency, Walmart delivery, Shopify AI, more… |
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Another week, another payments news roundup. Let’s dive in. How could $35 million in payroll and tax accounts go missing from cloud provider MyPayrollHR? We investigate. B2B cart abandonment is a surprisingly big and costly problem according to new research from MSTS. A new business credit card is launched by Stripe and it looks attractive. PSD2 is imminent and our PPRO guest editorial looks at whether companies are clear, prepared or need more time. China is planning a government cryptocurrency and we look into their strategy. Check out the rest of the news roundup, settle back, and enjoy your weekend reading!
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| Cloud payroll company up in smoke, $35 million missing
The $81 billion payroll processing business in the US is normally bedrock solid, made up of longtime players and innovative new payroll-as-a-service (PaaS), cloud-based fintech startups. Like the former subprime mortgage market, the US payroll industry seems too big to fail. MyPayrollHR just proved that thesis wrong to the tune of $35 million in payroll and tax accounts missing from its client and employee bank accounts. Read more… |
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It’s not just the payments, it’s the B2B pain points
Last week’s post on B2B cart abandonment really sparked some conversations and reflections on how fast B2B selling is changing. The bottom line was businesses are leaving a lot of money on the table by not ensuring a smooth process and top-notch e-commerce platform to sell to other businesses. MSTS research found 90% of business buyers research a vendor’s payments options and 74% of B2B buyers will buy from a competitor if your e-commerce process doesn’t meet their expectations. Read more…
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Credit card of a new business Stripe
Hard on the heels of launching a new small business loans product – Stripe Capital last week, Stripe is out today with a new corporate credit card aimed at small business. The Stripe Corporate Card is designed to meet the needs of US startups and SMEs that need to buy supplies and provide credit cards for employee business purposes. Read more... |
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China makes “cryptocurrency” moves for the future
A new China cryptocurrency development is worth paying close attention to, and not just because of the links between artificial intelligence and payments. Bloomberg reports the People’s Bank of China (PBOC) is close to launching a digital version of its yuan currency. Unlike other cryptocurrencies, it won’t be anonymous, and its value will be linked to the fiat currency. Read more... |
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Overcoming obstacles on the path towards PSD2
The closer to the September 14 implementation deadline for the Regulatory Technical Standard (RTS) on SCA & CSC detailing much of the PSD2 legislation, the less room there is for lack of clarity about its stipulations. The RTS mandates a number of API processes and functionalities explicitly, but it cannot define everything in all detail and therefore has a “catch-all obstacles article” ensuring that nothing can fall through the cracks. Read more… |
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Sept 13 global payments news roundup
Our roundup also includes the French government’s push to ban Facebook’s Libra cryptocurrency; expansion of Walmart’s unlimited home delivery program; OKCredit growth of its business bookkeeping service in India; Shopify’s acquisition of a robotics fulfillment firm; store closure trends in the US and UK; and $100 billion in unnecessary US homeowner loan interest spending. Read more... |
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