Just because introducing AI into the restaurant industry paves the way for greater automation doesn’t mean that every kitchen is going to be run by robots (although some might be in the future, and a tiny handful are already). “At the end of the day, it’s a people business,” Zhong Xu – CEO and co-founder of Deliverect, a provider of food ordering software – told TechHQ. What’s more universal is the need for food outlets to build a presence online and convert that audience into sales, and that’s a big part of how AI is transforming the restaurant industry.

Xu has been helping restaurants to go digital since a young age and that journey led him to co-found Deliverect. The Belgium-based tech firm’s software platform not only abstracts away the complexity of receiving food orders online and via social media, it gives restaurant owners the opportunity to personalize their offerings to customers, and brings a wealth of analytics.

Deliverect CEO and co-founder, Zhong Xu.

Today, the company has offices in major cities around the world and has helped clients process 500 million meal orders in five years. Food ordering and fulfilment software enables restaurants to become omni-channel operations, much like how retail platforms have transformed brick-and-mortar stores into more versatile digital shopping hubs.

Digital tools support customers who want to dine in, those who’d like to pick up their orders at the restaurant, as well as integrating well-known delivery partners such as Uber Eats, Deliveroo, DoorDash, and Hungry Panda – to give just a few examples.

Writing social media posts and taking orders

Highlighting how AI is transforming the restaurant industry, algorithms help users to prepare their social media posts and launch promotions around specific events. Menus can be changed dynamically – for example, to reflect that a major soccer match or a music concert is taking place near one of the outlets in a medium to large chain of restaurants.

Deliverect is a Meta partner, which enables the food ordering software provider to integrate its solutions with massive social networks such as Instagram and WhatsApp. Consumers can browse their Instagram feed and order directly from an Instagram story that appeals to them – a feature that has a very high conversion rate of clicks to food sales, according to Xu.

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Menus can also be adjusted on the fly. If a menu item is going out of stock, it can be snoozed until more food supplies arrive – avoiding having to deal with disappointed diners and enabling a better customer experience. The food ordering software gives restaurants the opportunity to tailor their offerings to different audiences and run multiple menus at the same time – naturally, only showing one to each of the segments.

On TechHQ, we’ve written about how AI enables firms to create a digital personal shopper for each of their customers on a huge scale. And this strategy plays out in the restaurant industry too. Food outlets have the opportunity to remember their customers’ favourite orders and make recommendations based on those analytics.

AI is transforming the restaurant industry by streamlining menu adjustments at busy times – for example, when fewer staff are on shift, the number of options can be reduced. Complicated menu items can be paused at busy times. Alternatively, pricing can be adjusted dynamically. Xu points out that raising prices during busy times might mean that you lose a few potential orders, but it’s an opportunity for food outlets to capitalize on their popularity.

Data insights can be a game changer for restaurant owners. Digital tools can quickly highlight which menu items are the most profitable and put them in front of more eyeballs. Conversely, analytics help chefs to identify which meals need to be revised or dropped from the menu.

An operational helping hand on wheels.

Describing the benefits of these various operational helping hands begin to show how AI is transforming the restaurant industry. And being able to digitalize and appeal to the tastes of a new online audience without needing any specialized tech skills has helped businesses to survive.

AI has also meant that software providers such as Deliverect, which typically market themselves to mid-size and larger restaurant chains, can support smaller customers too – by integrating the latest automation tools for onboarding and fielding support calls.

Returning to the topic of robot kitchens, it could be something that will catch on if it’s made part of the show – restaurant dining is experience-based, after all. However, the design would need to be significantly more entertaining than a giant vending machine to tempt this author to the table.

The post How AI is transforming the restaurant industry appeared first on TechHQ.

• Epic winning in its battle with Google.
• The federal courts rule in games developer’s favor.
• this is just round one in a longer process.

The highly lucrative online payment process in the two leading app stores for mobile operating systems has been dealt a potential shake-up by a San Francisco court. After three hours of deliberation following a four-week trial, a jury found that anti-competitive practices protect Google’s Play Store.

Epic Games, a company best known for Fortnite and its litigious approach to app stores, has brought cases against both the Apple App Store and Google’s Play Store. The issue for Epic is the levy taken by both stores from purchases made in-app by players, amounting to between 15% and 30% of any purchase.

Although Apple came out best in the US federal courts and elsewhere, it’s a win currently under review by the US Supreme Court. Google will also appeal its decision after the court’s full ruling, which is due to appear in January 2024.

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There are some differences between the Play Store and Apple’s App Store policies affecting in-app payments, primarily that Android phone users can obtain their apps from sources other than the official Play Store. Therefore, any in-app purchases made in so-called sideloaded apps will go 100% to the developer. However, Apple’s iOS makes the sideloading of apps practically impossible, meaning that app developers always suffer a standard 30% cut in potential post-download revenues.

Google’s practices are, therefore, in theory, slightly less monopolistic than Apple’s, yet Google has found itself at the wrong end of the San Francisco court’s decision. Epic winning against Alphabet and Google makes the current tally of court rulings 1-1, with plenty of extra time added as the rulings escalate and are appealed.

Before the trial began, Google attempted to change the proceedings so a jury would not decide the verdict, a move dismissed pre-trial by presiding judge James Donato. The unanimous verdict and the mere three hours of deliberation show that Google was correct in assuming a single judge’s ruling would stand a better chance of being in its favor.

Epic winning in subscription models

Many apps available on both app stores are written by household-name technology companies that offer free apps but whose service is subscription-based. Disney and Netflix, for example, run a business model analogous to Epic’s Fortnite, where games are free to play, but players can buy perks and upgrades in-app. It’s assumed that companies as large as Disney reach separate agreements with Apple and Google to pay set fees for the privilege of having their apps available, as in their cases, subscriptions go straight to the media streamers. Therefore, the monetary exchange is between consumer and provider (or watcher and streamer), removing the possibility of a 30% cut taken by the app stores’ operators.

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In these cases, it’s mutually advantageous for both parties to hammer out a deal: the likes of HBO and Sky need their apps in the two major app stores for maximum subscriber numbers, and the app stores need to offer the apps that consumers expect, regardless of whether they can be monetized in the way that the likes of Epic’s Fortnite is.

Epic winning for lawyers

Legal machinations are only to be expected as software producers like Epic find themselves running multi-billion dollar companies and expect the same considerations to be shown to them as to, say, Netflix and Amazon. Epic Games’s CEO Tim Sweeney has been publicly vociferous when discussing his issues with Google and Apple, stating in typically subjective language, “Victory over Google!” on an X post after the federal court’s recent decision.

Like all matters of law as they affect the obscenely wealthy, there is a great deal of incentive for Apple and Google to protract the legal arguments, regardless of the final decisions. Despite lawyers being an expensive commodity, their total bills do not exceed the revenues flowing from apps to the app stores, which continue to accrue while the world’s courts go through due process.

Epic losing for end-users

Google and Apple’s battles are not, it should be noted, in the interests of gamers or app users, despite Sweeney’s company-wide post that hailed the court’s ruling as, “a win for all app developers and consumers.” If, by some stroke of fate, or after decades of costly legal battles, Apple and Google were forced to stop levying their 15%-30% payment taxes, would end-users begin to see their $10 in-app purchases for a Fortnite skin suddenly reduced to $7? Perhaps on the same day, we can expect to see Satan himself ice-skating to the office.

Epic winning round 1 of a philosophical and financial battle on apps.

Should Epic or other app developers win the right to allow software to be installed on devices from any source the end-user prefers, it would be a great leap forward for phone users. The current situation is that, in 99% of cases, we spend around $1,000 on a portable device, yet we can only install software that its OSes’ creators allow.

Sideloading apps on Android is often portrayed as a security issue, which it potentially is. It’s worth noting that it’s potentially possible to be mowed down on your way work by an ice-skating Satan, too.

There are few alternatives to the Play Store as a reliable source of mainstream apps, and Google’s approach to those few is aggressively litigious. Apps on both ‘official’ stores are bound by Terms and Conditions, which mandate a levy on all payments. Whether that situation creates an anti-competitive situation (ie, a monopoly) is a question making lawyers richer and Tim Sweeney progressively more angry.

The post Lawyers win as Epic levels up against Google appeared first on TechHQ.

Small to medium-sized merchants often feel like they have no control over the costs associated with accepting card payments. This problem was exacerbated by the pandemic when the number of more expensive ‘card-not-present’ transactions increased thanks to consumers’ shift toward digital experiences. Additionally, chargebacks increased due to higher occurrences of fraud. Businesses must face the decision to either absorb escalating costs or pass them on to customers by raising prices. If the former, merchants will eat into their profits, and the latter could alienate loyal customers.

However, these are not the only two options. There are a number of steps businesses can take to lower the total cost of payment acceptance. TechHQ looks at seven actions that will help you regain control over expenses.

Source: PayJunction

1. Use a payment terminal for in-person transactions

Utilizing a payment terminal for in-person transactions significantly reduces the expenses tied to card payments. With streamlined EMV acceptance, these terminals minimize fraud liability, cutting potential chargeback costs. Enhanced recognition capabilities for EMV chip cards also curb fallback transactions, ultimately reducing processing fees.

2. Accept lower-cost PIN debit and ACH payments

PIN debit transactions, characterized by lower interchange fees, lessen the financial burden on businesses compared to credit card transactions. Under the Durbin Amendment, debit card fees charged by large card-issuing banks are capped at $0.21 plus 0.5 percent of the purchase. Credit card transactions are also linked to a percentage of the total purchase and are set at a higher rate.

At the same time, ACH payments have nominal transaction fees relative to paper checks, wire transfers, credit cards, and even debit cards. These should land somewhere between $0.20 and $2 per transaction. Ethical payment processors will be transparent about their rates for both debit and ACH transactions, ensuring businesses can comprehend the cost advantages.

3. Implement AVS prompting and settle transactions within 24 hours to avoid downgrades

Implementing the Address Verification System (AVS) lowers Interchange rates because it reduces the risk of fraudulent transactions. With an AVS credit card match, the merchant requests the customer’s address and ZIP code, and the information is verified with the billing address associated with the card.  The transaction qualifies for a lower Interchange rate, and the enhanced data helps prevent fraudulent transactions.

Settling transactions promptly can also reduce processing fees by allowing the business to avoid downgrades. Delayed settlements often trigger higher Interchange rate categories, and these are common since providers work on small margins, so they intentionally allow merchants to experience them. But, by settling within 24 hours, transactions meet the criteria for lower Interchange rates, effectively minimizing expense.

Source: PayJunction

4. Optimize B2B transactions by supporting Level 3 processing

Level 3 credit card processing captures detailed B2B transaction data beyond standard credit card information. It includes 10 to 20 extra line items, validating the cardholder and the transaction’s authenticity. Level 3 processing qualifies transactions made with corporate or purchasing cards for reduced Interchange rates. Bear in mind that the enhanced data must be added before the transaction settles, and to qualify for the best rates, the settlement must occur within 24 hours of authorization.

5. Choose a provider that offers Interchange Plus pricing

The transaction rate charged to merchants by payment providers comprises a wholesale Interchange fee defined by the card networks like Visa or Mastercard, plus the provider’s chosen margin. Ethical payment providers let customers choose an ‘Interchange Plus’ pricing plan, where the provider’s margin is fixed, in addition to the fluctuating Interchange rate. When the Interchange rate decreases, therefore, merchants gain the savings. With a tiered or flat rate plan, the provider increases its margin on top of the Interchange fee to keep the total fee passed on to the merchant constant.

6. Choose a payment provider with its own payment gateway

A payment gateway is an intermediate technology that captures, stores, and transmits cardholder data from the point of purchase to the payment processor for authorization. When a payment provider offers its own payment gateway, it integrates the necessary processing tools into its services, eliminating the need for third-party middleware or additional services and their associated fees. Thanks to this saving, the provider offers more competitive rates to the merchant, so it is a good idea to choose one that is open about this element of its fee structure.

7. Choose a payment provider that doesn’t charge nuisance fees

Sadly, nuisance fees, like risk fees, PCI non-compliance fees, and customer service fees are extremely prevalent in the payment processing industry. These charges often go unnoticed by small business owners dealing with other responsibilities. The complexity of statements and the business owner’s lack of specific knowledge about payment processing allow unethical practices to continue. It is essential that merchants diligently scrutinize their agreements or seek out providers committed to transparency.

These seven tips to lower the total cost of payment acceptance can all be taken by choosing the correct payment provider early. For example, PayJunction commits to ethical billing, transparent fee structures, and customer-centric practices, allowing its customers to effectively manage and reduce their payment processing expenses. It prioritizes long-term relationships over short-term profits, resulting in fair rates, transparency, quality products, and award-winning customer service.

PayJunction takes pride in educating its customers on how they can lower their payment processing fees and leverage all seven of the tips above. The company intentionally makes its rate plans easy to understand so customers can be confident they are not falling foul of unethical practices and nuisance fees. It offers month-to-month contracts and has no exit fees or startup costs, meaning merchants never feel locked in, retaining the ability to switch providers if they wish. Experience PayJunction’s differences by signing up for a no-strings-attached demo today.

The post 7 ways merchants can lower the cost of processing card payments appeared first on TechHQ.

• Black Friday is one of the worst times for online banking to go down.
• Pity the British, as a major bank’s online app stops working as sales open.
• Almost all banking functions are done by app these days.

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Black Friday is one American trend that the British are happy to get in on, but this year banking failures have made it that much harder.

Downdetector, which tracks websites, showed more than 4,100 people had reported the banking app on their device wasn’t functioning; thousands of UK HSBC customers can’t access their mobile banking accounts.

HSBC said it was “investigating this as a matter of urgency.”

We’re working hard to restore Mobile and Online Banking service, and the authorising of online card purchases via the app. We’re really sorry for the inconvenience. We’ll share updates here.

— HSBC UK (@HSBC_UK) November 24, 2023

It’s never convenient for mobile banking to go down – either for customers nor banks – but Black Friday is one of the worst possible times for the inevitable to happen. Some customers of First Direct, a division of HSBC UK, have also reported they’re affected. Others say they are still able to use the app.

HSBC has around 14.8 million customers across the UK, although it isn’t known how many of them use mobile banking. Indicating that it’s a large proportion though, the firm announced previously that it would close 114 branches in the UK in 2023 due to an increase in customers using online banking first and foremost.

Oh, the irony…

Theoretically, anyone needing to move money around could go to online banking proper via browser. However, many have pointed out that to access online banking they need a code displayed on the app.

Frustrated customers are also unable to verify online purchases, which often requires in-app verification. Black Friday bargains are disappearing before their very eyes.

Others complained on X that they can’t settle payday bills: “I got paid today and cannot pay any bills! Sort it out, HSBC.”

The bank was slow to update its service status page, causing more customer angst, but the site now shows a banner stating that “some customers are currently experiencing issues logging on to online banking. We are working hard to fix this.”

The message on HSBC’s website.

Both mobile and online banking are experiencing log on issues, according to the site, but have no planned maintenance.

“It’s the lack of communication from the start of the issue that’s most worrying. You haven’t even updated your own service website. I’ll definitely be moving some of my funds due to the poor communication,” wrote one customer.

Marius Acsinte, 34, told the BBC his HSBC account was unavailable, causing him several problems.

“I’m not able to open the app to pay my rent due today. I informed my landlord already, but I’m not able to use my debit card to make payments. That’s very frustrating.”

He further expressed that HSBC’s communication had been a letdown: “I was expecting the bank would send a message or an email explaining why, but instead I had to find out online.”

“It doesn’t matter if it’s Black Friday tonight or not, I’m not able to use my money and nobody informed me about why that’s happening.”

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Reports of the outage were first made at 07:00 GMT today, according to downdetector, and by 08:00, thousands of reports had been made. It’s not entirely clear how many people have been affected, because the failure only becomes apparent if customers have a reason to check their mobile banking app.

The news may also worry retail workers, who will face extra shoppers as those unable to make online purchases descend on shopping centers across the UK. For customers who need to move money from different accounts, the Black Friday discounts are useless.

The post Mobile banking lets shoppers down appeared first on TechHQ.

At the end of August, the Wall Street Journal exclusively revealed that Visa and Mastercard were planning to raise the fees merchants are charged when customers use credit cards to pay. Depending on the payment processor, these fees may be passed onto merchants as a flat rate, as part of a tiered pricing model, or as the wholesale rate with a nominal charge on top, as in the case of Interchange Plus.

The WSJ saw documents and spoke with sources close to the matter who said the changes would largely apply to e-commerce sales and be instated in October and April. Consulting firm CMSPI told the WSJ that the rises could add $502 million a year to merchant costs. It added that while more than half of that will be due to changes in network charges, the rest will be provided by interchange fees, also known as swipe fees.

According to the WSJ, network charges – fees charged by the likes of Visa and Mastercard to facilitate transactions and maintain their payment infrastructure – are both set, and pocketed by, card companies. Interchange fees are the cost of processing a transaction and are paid by a merchant’s bank to the cardholder’s bank.

Network charges represent significant sources of profit for card companies, particularly Mastercard and Visa, which account for 99 percent of all card transactions worldwide. According to The Nilson Report – a globally recognized authority on card payments – merchants in the US paid around $93 billion in credit card fees to Mastercard and Visa in 2022. That figure was $33 billion a decade prior. This extra profit can, at least in part, be attributed to the rapid expansion of the e-commerce industry and the rise in convenient digital payment methods.

While the consumer may not even be aware of these credit card fees, they are important points of consideration for merchants when deciding their payment processor. Rate hikes can disproportionately impact SMBs, especially when they already struggle with inflation and higher interest rates. Unlike larger companies, they may not be able to absorb the cost and must pass it on to consumers by raising prices. This could erode their competitiveness and affect customer loyalty. Some businesses have tried to offset the transaction fees with cash discounts and credit card surcharges.

Source: Pexels

Mastercard and Visa both disputed the Journal’s report shortly after publication. The former released a statement asserting that it has no plans to raise interchange rates or network fees in the US this fall. It also clarified that the fee for its Authorization Optimizer service, which the report said will be increased, is unrelated to interchange and only for the payment processor’s consideration. Visa stated that the article was “misleading,” maintaining its interchange fees have been constant for a decade and that it has introduced programs to lower them for small businesses in the US.

Nevertheless, there have been some recent changes that paint a different picture. Last year, Visa and Mastercard both increased their cross-border interchange fees for debit and credit card transactions by 0.1 percent and 0.35 percent, respectively.

At the time, the Payment Systems Regulator in the UK said it had not seen evidence that the costs of operating payment services have increased to warrant the fee hikes from card issuers. As recently as this month, there have been further changes to Visa’s interchange rates in the US and Mastercard’s in Canada that may impact payment processing fees. Visa’s changes include eliminating older international fees, fee increases for specific consumer interchange card products, and introducing a digital commerce service fee.

Mastercard is introducing a new pre-authorization fee and a fee for the Authorization Optimizer service mentioned in the WSJ’s story, which allows merchants to retry processing a card when a transaction fails. You can read about what this means in more detail here.

But changes being made to interchange fees aren’t going unchecked. In March, a US federal appeals court affirmed a $5.6 billion antitrust class-action settlement relating to interchange fees. It verified claims that Visa and Mastercard overcharged retailers with fees and stopped them from directing customers toward cheaper means of payment. Furthermore, a bipartisan bill known as the Credit Card Competition Act, reintroduced in June, seeks to empower merchants to process Visa and Mastercard payments through alternative networks.

Reports that swirl around potential hikes in interchange fees by Visa and Mastercard understandably raise concerns for SMBs about the impact on their bottom line and competitiveness. However, choosing a payment provider that prioritizes transparent pricing could remove much of the pressure. An example of such a provider is Helcim, whose commitment to a clear, fair pricing structure acts as a shield against unpredictable fluctuations in interchange fees.

With a model based on Interchange Plus, Helcim passes on the “wholesale” cost of the transaction plus a small markup, reducing the impact of fee hikes. If the wholesale price goes down, savings on the transaction are passed on to the merchant, which is not the case with a flat rate. Helcim has a track record of saving merchants an average of 25 percent compared to other payment processors, a significant financial relief in an environment of rising costs. In addition to Helcim’s transparent pricing structure, it provides merchants with discount tiers that progressively reduce markup as processing volume increases.

Helcim’s policy is for no hidden monthly or additional fees, adding a layer of financial security by ensuring businesses don’t face unexpected outlay.

When sending an invoice, business owners can also enable ‘Helcim Fee Saver.’ Here, the credit card processing fee is automatically passed on to the customer as a convenience fee. This offers a hassle-free way of saving on processing fees while ensuring the company abides by the complex rules on passing on their fees. Merchants using the Helcim Fee Saver save an average of three percent in processing fees.

With Helcim, merchants have access to a user-friendly platform, including in-house customer service support that offers personal help when businesses need a reassuring human touch in uncertain times.

Overall, Helcim provides a seamless way to process payments, whether it’s online, in-person, or both. Getting started takes just minutes and doesn’t involve any paperwork, contracts, or startup fees. Sign up for a free account today to begin safeguarding your business from fluctuations in credit card fees.

The post Are credit card fees going to rise and what does it mean for businesses? appeared first on TechHQ.

Fintech firms rely on clever software and mobile apps to jump ahead of conventional financial players such as older banks and payment providers. Such high-tech thinking in finance extends to the use of quantum computing as a way of maximizing business profits, helping fintech firms and other progressive companies extend their advantage.

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A recent example of how quantum computing can help business can be seen in the use of commercially relevant solvers by Satispay, a European fintech based in Italy. Wanting to accelerate the adoption and usage of its novel payments network, Satispay built a proof-of-concept using D-Wave’s quantum annealing technology, which is ideal for tackling optimization problems.

“Together with D-Wave, we’ve built a quantum-hybrid application that has demonstrated immediate business value at scale, helping us more effectively manage our rewards program to save money, improve rewards appreciation, and drive increased membership,” Dario Brignone, founder and CTO of Satispay told investors.

To understand why Brignone looked to quantum computing for answers, rather than use classical machines, it’s helpful to consider how the Milan-headquartered fintech – which operates in Italy, France, Germany, and Luxemburg – grows its market footprint.

What is Satispay?

Italy, the home of Satispay, is fuelled by espresso. But until Brignone and his fintech colleagues put their heads together, it was unheard of to pay for the nation’s favorite serving of coffee by card. The hold-up was payment processing fees, which meant that coffee shops would rarely accept anything, but cash, for food and drink bills of less than 10 Euros.

Recognizing a fintech opportunity, Satispay created its own network that eliminated all of the intermediaries that are traditionally involved in e-payments, which – as a result – was more efficient and cheaper. Bricks-and-mortar stores can accept transactions up to 10 Euros without any charges, while transactions above that value attract a fixed fee of just 20 cents.

Quantum computing helps Satispay’s business by puzzling out the best combination of rewards, which are designed to attract new customers and keep existing users engaged with the app. When fintech users open Satispay, they see a list of merchants near them with their current location at the top of the list –for example, if they are already inside a physical store or coffee shop.

Considering the example of a user buying a coffee, they simply ‘push’ the amount digitally to the store owner, who can view the transaction on their own app, or even using a regular point-of-sale terminal. Incentives for customers include cashbacks, such as receiving 20% cashback on all purchases in a given store. But there are also variations, including having the reward for a first purchase only, and incremental cashbacks that become more attractive as customers return and shop again.

Biglietto per il trasporto ancora più smart grazie alla collaborazione tra GTT e Satispay. L'app che ti consente di acquistare online in modo sicuro sull'app TO Move, selezionandolo come metodo di pagamento. Inserisci il codice promo “GTT” hai un bonus di benvenuto di 5€. pic.twitter.com/wUUf1yN78m

— GTT Torino (@GTT_Torino) October 24, 2023

“The challenge for Satispay was how to best match those offers with those who wanted to take up on them,” Murry Thom – VP of Quantum Business Innovation at D-Wave told TechHQ. “And the key step when running the optimization is to focus on what you are trying to optimize.”

In the case of Satispay, the fintech payments firm wanted the largest growth in its customer network for a fixed budget. However, given that multiple factors are all tied to the same budget, it’s a problem that can get complicated even at a modest scale when modeled using a classical computer.

The good news for Satispay, highlighting how quantum computing can help business operators, is that the solver built by the team showed an improvement of 50% in customer rewards programs for the same budget. And this gets straight to the ‘immediate business value’ that Brignone mentioned in his statement.

Quantum computing can help firms achieve a range of business objectives. Staying in the world of finance, another popular application for using physics to solve complex problems that would be too time-consuming for classical computers, is managing financial risk.

Quantum algorithms have been applied in the area of portfolio management – for example, to help asset holders determine how much capital to hold for worst-case scenarios.

How to program a quantum computer?

When we use our laptops and smartphones, it’s unlikely that many of us are racking our brains trying to picture electrons flowing through transistors. However, quantum bits (qubits) have proven to be a captivating topic – for example, thanks to concepts such as superposition and entanglement that begin to describe how computation takes place.

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That being said, users wanting to discover how quantum computing can help their business don’t need to puzzle over why qubits can be both zero and one and get to grips with a Hamiltonian or Eigenspectrum. Quantum computing vendors such as D-Wave and others have numerous tutorials available that answer common questions on how to program a quantum computer.

Also, for popular tasks such as solving optimization problems, there’s a good chance that there’s already a model that users can build upon rather than having to start from scratch. Satispay plans to put its application into production and expects its internal teams to be using the quantum computing tool on a weekly basis.

The post How can quantum computing help my business? appeared first on TechHQ.

Sampling some of the latest virtual reality devices, you can picture enterprises and clients making greater use of the metaverse to connect. But in-person events remain the gold standard when it comes to discussing big industry topics, such as how to improve supply chain performance.

Manhattan Associates – a provider of supply chain solutions – understands this. The global firm has a tradition of holding annual, in-person conferences, which gather software and hardware developers, as well as cloud specialists, together with customers to push products to the next level.

Dubbed Exchange, the firm’s European show – which has been held previously in Germany and Spain – took place this year in Cannes, France. And with 370 attendees representing 93 companies – including exhibitors, keynote speakers, and breakout session presenters – meeting at the Hôtel Martinez venue, there’s no shortage of ideas to explore.

So let’s jump straight into our first selection of event highlights – based on the main stage program and conversations with attendees – which caught the eye of TechHQ.

Here are five ways to improve supply chain performance:

1- Eliminate bridges and experience flow

In the opening keynote, Eddie Capel – President and CEO of Manhattan Associates – drew an analogy between successful organizations and athletes in a state of flow. He describes the state of mind, where people find themselves fully immersed in an activity, as the sweet spot between too easy and too hard.

Opening the event: Eddie Capel sets the scene for improving supply chain performance. Photo: JT.

By some estimates, spending 15% more time in engaging tasks can add up to 200% more performance. Practically, enterprises can up their flow by adding experience and other positive qualities to their organization. And that know-how can be shared, bringing the discussion back to why getting stakeholders together to improve supply chain performance delivers results.

Capel drew attention to the pinch point that occurs when there’s no real-time interaction between warehouse management systems (WMS) and transport management systems (TMS). “Bridges are the biggest problem with this architecture,” he told keynote attendees.

Having to send information back and forth between separate WMS and TMS elements not only takes time, but the approach runs into problems when things change out of sequence. To unify supply chain management, Capel recommends using a cloud-native platform and feeding information into a single source of truth using composable microservice APIs.

2 – Get expert advice on avoiding low branches

Picking up on the theme of APIs, David Quin – Location Technology Executive at Trimble Maps, highlighted the importance of gathering information from systems with the right level detail. Speaking with TechHQ in the Experience area, where attendees had the chance to speak with developers and watch demonstrations of how supply chain performance can be improved, Quin shared the example of vehicle transporters.

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“The trucks need to avoid low branches,” he said, pointing out how the precious cargo is exposed on the top deck. Vehicle transporters can carry as many as 12 cars at a time. However, regular route mapping services don’t have sufficient detail when it comes to features such as tree cover.

Trimble’s live data services not only help operators avoid low branches, they can recommend routes to maximize fuel efficiency and minimize emissions, as well as answer other logistics questions. And, they are just an API call away, if you’re using a supply chain management platform based on composable microservices.

3 – Pay attention to the floor and canteen

Just like a tiny stone can send a skateboarder flying, warehouse floors need to be smooth and level to provide an accurate platform for automation – and these details need to be flagged so that construction crews are aware.

It’s just one of many insights that Justin Cox – Group Supply Director of JD Sports – shared with the audience in one of the customer sessions. Within days of joining the firm, Cox was making calls on what needed to be done to ensure that a warehouse – which was a spec build, rather than having been purposed designed – was fit for the job.

Demo time at Exchange 2023: David Siberry, Senior Solutions Consultant at Manhattan Associates, shows how modern apps and touch screen devices combine to speed up warehouse tasks. GIF: JT.

His decisions included requesting that the floor be ground as he knew that the AutoStore system, which would be central to the distribution center’s operations, needed a flat floor.

Besides the 300,000 bin AutoStore, the facility also features a beautiful canteen – to boost the appeal of the workplace for employees. “It’s one thing picking great automation systems, but without great people it’s impossible,” he said.

4 – Stay abreast of the latest software features

With updates coming thick and fast, supply chain software can help firms in ways that users may not have noticed. For example, Brian Kinsella – SVP of Product Management at Manhattan Associates – presented the firm’s dynamic load-building tool, which is coming soon to the platform.

The software gives users a visual representation of axle balancing and optimal front and back loading, which can enable higher trailer utilization and benefit vehicle handling. There are other tools on the horizon too.

TechHQ's @JT_bluebird1 is in Cannes to hear the latest #supplychain success stories at @ManhAssocNews Exchange 2023. For a recap on all things supplychain #tech https://t.co/Z2WnwbCKh1 pic.twitter.com/YmCFVW5gbc

— TechHQ (@techhq) October 10, 2023

One idea being explored with select customers is so-called active yard management. In development, the system allocates yard slots based on putaway locations – matching the incoming load to its final destination to optimize warehouse operations.

It’s one of a number of examples of how unified supply chain management will continue to unlock gains for operators.

5 – Get shoppers more involved

Understanding customer behavior has always been important, and today that includes the ‘blue dot’ effect – an observation made by Ken Hughes, a leading advisor on retail trends to some of the world’s biggest brands, who spoke at Exchange 2023 – where everything comes to the customer.

Shoppers are central rather than being at the end of the chain. And as supply chain management systems become more capable, it’s clear that customers can become more involved, which is helping firms on multiple fronts.

In a breakout session, Amy Tennent, Senior Director of Product Management at Manhattan Associates, described some of the benefits that clients were seeing. “New implementations are showing product delivery promises earlier in the customer journey,” she pointed out.

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Augmented reality in supply chain: e-commerce applications explained

Having that knowledge improves the customer experience and increases sales conversion. Her team is working with Google to make more accurate delivery estimates – validated using machine learning tools, for example – available in search engine results.

Another performance boost comes from giving customers the ability to manage their orders right up until dispatch. The feature improves supply chain performance as it means fewer returns. Self-service options also help contact center teams as they reduce the number of customer order queries that have to be handled via voice or text channels.

Network effect

Sharing supply chain success stories is an effective way of making the transport of goods more efficient, as everyone benefits. And we’ve just scratched the surface, as there a many more topics to explore on this theme.

Disclosure: the invitation to attend Exchange 2023 included travel (Economy) and overnight accommodation.

The post Five ways to improve supply chain performance appeared first on TechHQ.

As a small business owner, one of the most important aspects of running a successful operation is staying up-to-date with changing consumer preferences. According to a study from the Pew Research Center, Americans are heading swiftly toward a cashless economy. Mobile devices, the internet, and encryption technologies have paved the way for a wide range of cashless payment options, and business owners must provide as many of them as possible to avoid missing a potential sale.

However, the same study found that roughly 60 percent of Americans say that in a typical week, at least some of their purchases are paid for using cash. This means B2C establishments should still avoid turning card-only, despite its administrative benefits.

When it comes to selecting a payment partner, it is important to consider the range of payment types they accommodate. Ideally, the platform should accept credit cards, contactless payments, PIN debit, EBT, and cash to allow customers to pay however they please, be that in-store, online, or on the go. It should also connect seamlessly with card readers, payment terminals, and other point-of-sale hardware and software to ensure a smooth and efficient payment process.

Payanywhere, an all-in-one payment platform, was designed with this kind of flexibility in mind. The online portal can connect to an existing point of sale, including just a smartphone with the Tap to Pay on iPhone system. This, paired with the Payanywhere iOS app, means that all types of contactless payments can be accepted securely when you’re on the move, from physical debit and credit cards, Apple Pay, or other supported digital wallets, with no extra readers or hardware needed. Customers can also make payments online through a branded payment portal or directly from an email or SMS invoice.

Another thing to think about when choosing a payments platform is its data capabilities. There is a lot that can be learned from sales data, such as customer purchasing patterns, peak sales hours, and popular products or services. This information can inform marketing strategies, streamline inventory management, and drive overall business growth and profitability.

However, not all payment service providers offer the same level of data insights. Payanywhere, for instance, has partnered with the employee management platform Homebase to empower business owners with information on product and employee performance on top of payroll capabilities. The auto-scheduling feature also decreases the time required to create employee schedules and ensures the right staff are on hand during busy periods.

The Payanywhere Payments Hub portal uses transaction data to highlight the best sellers on the team as well as the most popular products, allowing for informed business decision-making and prompt restocking. It also provides real-time sales reporting with deposit and transaction insights, giving an immediate and comprehensive overview of financial performance at any time.

Source: Payanywhere

Employers can give team members different permissions in the portal by assigning them as Managers, Cashiers, or Reporters, ensuring everyone has access to the tools they need to keep business running smoothly.

But these features would be rendered useless if the customers were not coming through the door in the first place. Studies have found that 99.9 percent of online shoppers read reviews, and about 80 percent of in-store shoppers look up product reviews on their phones while browsing.

Reputation can be make-or-break for small businesses and it is particularly impacted by online reviews and social media posts. This is why the best payment partners will offer add-ons that allow sellers to enhance their online presence.

A prime example is Payanywhere’s suite of Reputation Management tools. These tools notify business owners when a new review is posted to their Google Business Profile, allowing them to stay up-to-date with their ratings and respond promptly to any feedback. Users can also follow up to three competitors and view their recent ratings and reviews, too. As well as providing a close eye on the opposition, it may spark ideas, and suggest changes in strategy or product lineups.

The last factor to consider when choosing a payments partner for a small business is the provided level of customer service. Having access to assistance as soon as issues arise, whether technical or related to payment processing, can significantly influence customer experiences and day-to-day operations in a company’s backend. However, large companies tend to forgo ongoing bespoke support in favor of cost-cutting measures and standardized, one-size-fits-all solutions.

On the other hand, very small payment partners may struggle to provide the necessary resources and reliability in customer service. Payanywhere, the sixth-largest non-bank merchant acquirer in the US, has a dedicated team of over 1,300 employees who provide world-class customer service and facilitate more than $100 billion in transactions every year.

See for yourself how Payanywhere can transform your payment processing experience by signing up for an account today.

The post Small business survival guide: Choosing the right payment partner appeared first on TechHQ.

Running a successful business involves overcoming numerous challenges, from market fluctuations to staffing woes. One survey showed that small business owners’ two most cited challenges are recruiting and retaining employees and inflation. However, the most significant concerns often revolve around maintaining profit margins, particularly when the business is just starting out. Even a minor pricing oversight can eat into profits, jeopardizing sustainability. The same survey found that 14 percent of business owners struggle with a lack of capital and cash flow. Fortunately, there are payment processing solutions available that are dedicated to making your life easier.

Evolution in payment technology

Technology is always changing, but one constant that remains is businesses ensuring that they can offer the best payment experience for both the customer and their staff. Finding a payment provider who is committed to staying at the forefront of payment technology is key and ensures your business benefits from continuous improvements. A cloud-based payment platform is also an important factor that guarantees it will always have the latest and most secure payment connection available. Automated processes and data entry also allow the business to thrive as staff are freed up to focus on customers.

Effortless payment acceptance

Each business is different and many have different payment acceptance requirements to ensure they are meeting industry best practices and customer payment preferences. For example, remote payment acceptance, securely storing cards on file for future and recurring payments, accepting contactless payments, online checkout or the option to email invoices to customers who can pay with a single click. The right payment processing solution will offer a wide variety of payment acceptance options that fit your needs, allowing your business to thrive.

Source: PayJunction

Transparent pricing plans

When there’s so much on the business owner’s plate, it can be easy to miss their payment provider’s small print. Sadly, many unethical billing practices pervade the industry and there’s an assumption among customers that pitfalls thrown at them by payment providers are just part of the deal. Business owners often come to accept that they cannot escape fake or hidden charges because they have become the standard practice and statements are too complex to spot them straight away.

Some common examples are fake credit card processing fees, where the business is charged, say, for non-compliance, for failing to complete a self-assessment questionnaire (SAQ), or to submit their revenue to the IRS. None of these are legitimate fees, but unless business decision-makers have in-depth knowledge of payment processing, most don’t know this.

Other unethical billing practices include not following the terms of the Interchange Plus rate plan that a business has signed for, by adding unnecessary charges like a non-qualified interchange fee or markups. There are also deceptive rate plans worth avoiding, like Billback, where providers charge the business for any transaction that costs more than the proposed flat rate without indicating which ones are affected.

These unethical practices can further exacerbate the profitability challenge, making it imperative for merchants to carefully scrutinize their payment processing agreements. Alternatively, businesses can choose a provider that champions transparency, like PayJunction.

PayJunction is known for its commitment to ethical billing practices, ensuring that business owners can trust it to provide clear fee structures and honest service. Among its core values is a passion for fostering long-term relationships over short-term profits by providing fair rates, quality products, and great customer service.

PayJunction also prioritizes simplicity, making its rate plans easy to understand and its products easy to install and use. This approach not only cultivates trust but also actively supports and promotes ethical payment practices.

Source: Pay Junction

Long-term relationships over short-term profits

Many payment processing providers require customers to sign long-term contracts that bind them for a specified duration. While these can offer stability and lower processing rates, they may also limit a business owner’s flexibility to switch providers if they find better alternatives.

Providers should earn their business by providing excellent products and services. PayJunction offers month-to-month contracts as well as no exit fees or startup costs, and never has in its 22 years of existence. This demonstrates its commitment to a customer-centric approach, ensuring any partnership will be built on mutual satisfaction and transparency.

See for yourself how PayJunction empowers businesses with its commitment to staying at the forefront of payment technology, effortless payment acceptance options, transparent pricing, and flexible contract services by signing up for a no-strings-attached demo today.

The post Streamlining your business operations: How the right payment provider will make your life easier appeared first on TechHQ.

It’s safe to say that banks and financial institutions (FIs) worldwide are in the midst of a period of great change. Despite it feeling like a distant memory for most, the COVID-19 pandemic had a lasting impact on the industry as it spurred a boost of demand for digital banking, resulting in extra traffic that still needs management today. There are also looming deadlines as part of ISO 20022 migration, including the end of the coexistence period in 2025 and new initiatives emerging from the European Commission to make Instant Payments in Euros available to all EU and EAA citizens.

New fraud prevention practices are also being introduced, such as Confirmation of Payee, and potential disruptions raised by Russian sanctions must now be incorporated into any push towards improving cross-border payments. Such challenging circumstances paradoxically make planning for the future both more difficult and necessary.

To keep up with all this change, both in circumstances and customer demands, it is clear that banks and FIs will have to swiftly embrace the latest technological solutions. Such a digital transformation will inevitably involve replacing legacy systems and optimising connectivity to global payment networks. There has never been a more critical time to reimagine the role of technology in the sector, as doing so could be the deciding factor in remaining competitive and compliant.

Vitus Rotzer, the Chief Revenue Officer for  Financial Messaging at Bottomline, is sceptical that many financial businesses are prepared enough for the future. At Sibos 2023, he said: “My honest feeling is that they are not as ready as they [say they] are, and they should accelerate their roll-out. While  they have a plan, this isn’t enough. They need to speed up adoption to keep pace with innovation and be prepared for, the future, which is increasingly being driven by regulatory mandates and customer expectations.”

Source: Shutterstock

It’s wise, therefore, for banks and FIs to compare their own strategic priorities, product roadmaps, and plans for the future with those of their peers. This way, they can gain valuable insights into technology trends and benchmark their readiness against industry standards. They can do this by reading the third annual ‘Future of Competitive Advantage in Banking & Payments 2023’ from Bottomline.

The report provides the results of a peer-based, real-time comparison benchmarking survey that took place from May to September 2023. Over 500 banking and FI players across treasury, fraud, operations, innovation, product, and technical implementation at C-Level from 32 countries responded. They were asked about meeting customer expectations, advancing their digital payment transformation strategy, key competitive priorities, and roadmaps for 2023 and beyond.

Zhenya Winter, Head of Marketing for Financial Messaging at the company, said at Sibos 2023: “Our industry is particularly driven by regulation but also customer demand, so what we want to make sure is that, in this competitive environment, banks and FIs can benchmark themselves in real-time to see how they compare in what they’re prioritising.”

One of the  report’s key findings is that legacy infrastructure and fraud mitigation tend to be considered the most common barriers to success in the industry. The biggest issue 27% of respondents had with their current payment infrastructure was legacy systems, as 31% said it was also a barrier to adopting real-time payments. Another 44% said replacing this out-of-date IT was one of their top priorities over the next 12 months.

Experts at Bottomline indicate that transitioning from on-premise software to software-as-a-service (SaaS) is the best way to overcome the limitations of legacy infrastructure. Such technology not only fosters operational efficiency and interoperability between internal systems but also aligns with the need for cloud scalability and outsourced updates in an era marked by industry mandates and constant innovation. Other benefits include improved security, enhanced insight into financial information, and assured compliance regarding global financial messaging data processing. This will also help ease prevailing concerns about compliance and regulation, which 69% of respondents expected to become more important this year compared to 2022. However they said that it would be very challenging or somewhat challenging to meet regulatory targets.

Source: Shutterstock

Adoption of new payment rails, such as real-time payments, was the top priority for banks and FIs, with fraud mitigation coming in second at forty-five percent. These two priorities go hand in hand in the context of faster payments and a misconception of faster fraud – an issue that is not as pertinent as before due to better fraud checks and improved pre-validation. Additionally, 56% of FIs believe that ISO 20022 will help them improve their fraud monitoring and management.

Mr Rotzer said: “[ISO 20022] will ease the path for frictionless payment  by leveraging  rich, structured and interoperable data  that will allow you to improve fraud detection, ease compliance and provide transparency through better reporting analytics.”

Ms Winter added: “SaaS and ISO 20022 themselves aren’t particularly interesting, but what makes them exciting is the potential ramifications of getting those right in terms of prioritising your roadmap and winning that competitive advantage. It’s the capability that it offers which is so exciting rather than the tech itself.”

However, the report shows that it is not the replacement of legacy tech, fraud prevention, or even the creation of new revenue streams that sits at the forefront of most of the industry’s minds. As previously mentioned, it is actually adopting new payment rails like real-time payments, with 51% of respondents naming it their highest priority for the next twelve months. According to Ms Winter, this is, at least in part, driven by regulation. For example, when the mandate is ratified, banks and FIs in Europe will have only six months until they must enable all EU citizens to be able to receive instant payments and 12 months to send them (While the European Economic Area is 30 months and 36 months, respectively). These are tight deadlines, and there are additional requirements added for pricing, pre-validation, and sanction screening to adhere to as well.

While not as high a priority as these other factors, 52% of respondents said that they are putting an increased focus on cross-border payments at the moment. The greatest pain point related to this, cited by 35% percent of respondents, was a lack of visibility on payment status. This is a surprise when arguably ISO 20022 and Swift gpi offer clear solutions. The issue here is likely to be a lack of adoption of best practices by banks and FIs given the tools are available.

The best recipe for seamless cross-border payments is cooperation, collaboration, and co-existence. Achieving this is particularly difficult in the APAC region because it trades over 28 main currencies and has diverse trade partnerships between countries. Despite collaboration being necessary (as not all banks hold every currency), larger banks don’t tend to partner with many small banks, which can create liquidity challenges for the latter. An alternative is leveraging multi-lateral cross-border payment platforms such as Visa B2B Connect via Bottomline’s API gateway.

For more insight into the main priorities and plans of the financial industry, click here to read the full ‘Future of Competitive Advantage in Banking & Payments 2023’ report.

The post Adapting to a digital future: Banking and payments in 2023 and beyond appeared first on TechHQ.