A workflow is a series of steps that get work done in such a way that it automates business processes. Workflow engines allow for the configuration of the necessary flows, business rules, forms and reporting dashboards. A key component in workflow technology, it makes use of a database server, managing and monitoring the condition of activities, such as processing and approval of loan application forms, and determining which new activity to change to according to defined processes. The actions may range from saving application forms in a document management system to sending e-mail reminders to users and routing overdue items to management. Furthermore, mortgage workforce automation engines allow for the regulation and streamlining of the mortgage origination process.
The client has been an established pioneer in the payment industry for over 18 years. Their network was formed with the intent to help businesses reduce expenses, improve efficiencies in the bill remittance process, and to create the easiest method and the broadest choice for customers to make payments. The client caters their services to industries like Utility, Municipality, Property Management and Health Care, and allows businesses to accept all sorts of payment types including cash, credit cards, checks, lockbox, and online bill payments. The objective of the application it to implement a payment flow developed for the Verifone VX-520 terminal.
The client is an established multi-million dollar software development firm with over 25 years of experience. As a privately held company, the client specializes in software consulting and building custom applications and software platforms for the insurance, accounting, legal, oil, and gas markets.
The client is a mortgage field services company with 30+ years of experience in the mortgage industry. They provide services in all 50 states in the U.S. and offer a variety of mortgage field services including several types of property inspections, delinquency interviews, property preservation, REO clean out, property rehab, and repair services.
The client is a real estate company dedicated to helping individuals and businesses have access to commercial real estate bridge lending opportunities. The client's management team uses their 40+ years of combined experience to provide chances for investors to participate in short-term commercial loans to certified borrowers. The client is also committed to ensuring their customers feel secure and stay well-informed throughout the entirety of the lending experience.
The client wanted to develop an application that would facilitate the bridge lending process and give more control to users in terms of making a proposal a plan, choosing the investors and defining the total projected investment cost. The client also wanted application users to be able to assign investors to their project based on the amount they would be willing to invest. Additionally, the application needed to have the ability to manage legal paperwork and allow for contracts and other documents to be signed using an electronic signature.
Chip and PIN or Chip and Signature cards, depending on the authentication techniques used, are quickly phasing out conventional magnetic stripe credit and debit cards in order to comply with new Europay, MasterCard, and Visa (EMV) standards. Nearly a year and a half after the deadline, many businesses still are not properly equipped to accept EMV cards and they will be held accountable for any fraudulent transactions that happen in their stores as a cause of this.
EMV is already a standard in all major markets outside of the U.S. EMV payment cards contain a microprocessor chip that creates a unique, single-use code for every transaction and requires a Personal Identification Number (PIN) for validation. Traditionally, credit and debit cards that only had a magnetic stripe that stored unchanging information, making it easy for that data to be copied and used fraudulently.
By the end of 2014, RealtyTrac.com reported that 1.1 million properties in the United States had undergone foreclosure proceedings. That number, which is rather unsettling, represents the lowest figure that the market has seen since the housing market bubble burst in 2006. With millions of properties needing to be serviced, mortgage and real-estate professionals have been inundated with an abundance of labor intensive tasks. Hence, the necessity to be more resourceful and efficient has become paramount in order to maintain success. This presents a lucrative opportunity for software proprietors to capitalize on by offering field service management applications.
The rapidly approaching EMV compliance deadline of October, 1st 2015 marks a liability shift to the least secure entity in the payments chain. To aid their customers in the quest to accommodate EMV standards, a transportation in-vehicle technology solutions company presented Chetu with the task to upgrade their Point-of-Sale (POS) offerings.They wanted EMV payment terminals with the applicable ISO standards to accept mag-stripe, EMV, and contactless card functions, programmed with all the appropriate AIDs and support for offline batch processing. Chetu's software solutions allowed this proprietor to offer secure and reliable POS terminals to adapt to the changing payments infrastructure
In the wake of the New Year, lenders are gearing up to adopt the latest protocols the Consumer Financial Protection Bureau (CFPB) enacted with the Truth in Lending Act / Real Estate Settlement Procedures Act (TILA/RESPA) integrated disclosure rule. Dubbed "know before you owe", the revised document formats and accompanying regulations for closed-end credit transactions on real estate property will take effect Aug. 1st, 2015. The new policies put forth by the CFPB, in its fundamental state, consolidates the currently existing Good Faith Estimate (GFE) and Truth-in-Lending (TIL) disclosures into the "loan estimate" documents. The new loan estimate form must be prepared and sent to consumers no later than three business days after a lender receives the application information. Additionally, it unifies the HUD-1 and final TIL into the "closing disclosure" documents, which must be provided to the consumer three days prior to loan consummation. It is hypothesized that this will alleviate the overwhelming paper bundles borrowers receive when shopping for mortgages, and simplify mortgage disclosure documents to make it easier for the average consumer to examine, understand, and compare critical information such as costs of closing, payment schedules, and interest rates.
The payments industry is evolving to meet the demands of making payment information more secure and transactions more convenient. Businesses, banking entities, payment processors, and payment gateways are expanding their capabilities to accommodate emerging payment technologies. To keep pace with the consumer demand, upgrading the entire infrastructure is paramount to the continued success of players in the payments industry. Software providers have a unique opportunity to offer software platforms that help entities accommodate payment technology trends and ensure that the payments providers are at the forefront of the changes within the market. In 2015 there will be a revolution in the payment industry as it marks a shift toward the use of EMV chip card technology, mobile payments, and cryptocurrencies.
With advances in technology shaping the way society conducts business, it comes as no surprise that the traditional way of making standard purchases has evolved throughout the years. Innovative technology in payment platforms has given way to the emerging trend of mobile payments. Mobile payment technology allows consumers to use their smartphones to complete payment transactions. This is made possible by the use of near-field communications (NFC) and/or quick response (QR) codes.
To make payments using NFC hardware, at the point of sale (POS), users touch their phone to a NFC device, and the phone sends secured payment information to the vendor to complete the sale. This hardware based technology requires both the consumer and the merchant to have NFC enabled devices. For those that do not have devices embedded with NFC hardware, quick response codes can be used to make payments. QR code applications can be downloaded natively to a user's smart device. At the POS, a barcode matrix made up of black and white squares is generated by the merchant. The user then opens the QR application and uses the camera to capture the code. Once captured, the user confirms the amount and the payment is completed. Vice versa, the user can generate a QR code using an e-wallet application, and it can be scanned by the merchant to execute a payment.
The client is a leading direct ACH payment and paper check processor that provides businesses the ability to transfer funds into or out of a merchant's bank account. Up to this point, the client depended on a 3rd party agent to capture transactions from the merchant.
The client requested from Chetu the design and development of an in-house merchant portal to capture transactions directly from the merchant and integrated with their existing ACH payment gateway in order to process those transactions in real time.
By building an in-house merchant portal integrated with their ACH payment gateway, the client would minimize its commission costs and could offer advanced customization and reporting features to the merchant. The objective was to build a fully configurable and scalable merchant portal for white labeling that would allow the merchant to submit transactions to be processed by the client's payment gateway and provide the merchant a response in real time.
A payment gateway should allow you to accept payments quickly and easily. The key component of any payment gateway is to process transactions securely and keep your customer's money and data secure. A secured payment gateway helps you gain the trust of your customers so they are willing to hand over their money. A payment gateway costs money but also helps you grow your business.
There are a vast array of payment gateways to choose from, each with their own benefits and problems that could affect the services you can offer through that payment gateway. Determining whether the pros outweigh the cons can make finding the right payment gateway for your business a time consuming process.
Quite interestingly I have seen “Payment Gateway” and “Payment Processor” being used as interchangeable terms.
It would be worth noting that the “Payment Gateway” and “Payment Processor” are two completely different entities in the card payment industry world.
What is Payment Gateway?
Payment Gateway is an application service provider that authorizes payments for businesses, online retailers or traditional brick and mortar.
In simple terms a Payment Gateway can be thought of as an interface between merchants and payment processors. The Payment Gateway accepts payment request from merchants and forwards this to payment processor for further processing.
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