Category: Economics

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Chargeback triangle: There is hidden threat for merchants

In 2022, the loss to consumers due to fraud ticked up to $8.8 billion, an increase of 44% from 2021.

 

Chargebacks are a powerful tool for safeguarding consumers against credit card fraud, erroneous charges, or even poor-quality products and services. In chargeback disputes, the cardholder’s bank usually backs them up and refunds the charge amount from the merchant’s bank.

 

Banks and credit card companies have made it exceptionally simple for customers to dispute a charge, often to the point where it is quicker for them to contact their bank rather than the merchant. It has been observed that, following a chargeback, the purchasing behavior of consumers toward a merchant goes down by as much as 62%. However, it is important to note that more than 80% of chargebacks can be avoided if the customer first contacts the merchant.

 

“Banks are making it a lot easier for customers to dispute charges; they want to keep their customers happy, and with the growth of dispute inquiries, an increasingly competitive landscape, and the ever-evolving demands of their cardholders, banks have no choice but to make the process as easy as possible for their customers,” states Monica Eaton, CEO of Chargebacks911, the world’s first chargeback mitigation and prevention service provider.

 

Yet, “the Chargeback Triangle”, involving the consumer, merchant, and bank is a loophole that is often exploited by consumers.

 

Reports suggest that 86% of chargebacks are probable “friendly fraud” cases. Friendly fraud occurs when a buyer fraudulently tries to initiate a chargeback with their bank or card issuer by falsely claiming that the product was defective, not delivered, or unauthorized, instead of directly requesting a refund from the merchant.

 

In 2022, the average value of a chargeback was $192.53, with 23% of consumers admitting to committing friendly fraud. Merchants are now expected to pay over $100 billion in chargebacks in 2023.

 

Chargeback remediation can reverse the downward trend. Chargeback management solutions provide automated tools to reduce the time and resources required to respond to chargebacks, along with the help of agnostic solutions that assist merchants and financial institutions to standardize and automate otherwise manual processes every step of the way.

 

“Online retailers must make it easier for customers to reach out to their business by providing contact information that is easily visible to their customers. They must provide personal and exceptional customer service, and ensure that all return policies, shipping costs, fees, and sales tax are explained up-front and easily understood,” advises Eaton.

Monica Eaton, CEO of Chargebacks911 can speak on the following: 

  • What are the factors leading to an increase in friendly fraud and chargebacks?
  • How are banks contributing to the increase in friendly fraud?
  • How do chargebacks affect merchants?
  • How can chargeback management solutions help merchants and financial institutions?

About Chargebacks911 
Chargebacks911 is the global leader in chargeback prevention and remediation technology. As a provider or supplier to financial technology companies, Chargebacks911 helps safeguard more than 2.4 billion transactions per year on behalf of clients in 87 countries around the world. For details on Chargebacks911’s comprehensive chargeback management solutions, visit https://chargebacks911.com ​​​​​​​

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Bogota Financial Corp. adopts and receives regulatory approval of fourth repurchase program

TEANECK, N.J. — (BUSINESS WIRE) — Bogota Financial Corp. (the “Company)” (Nasdaq: BSBK), the holding company for Bogota Savings Bank (the “Bank),” announced that it has received regulatory approval for the repurchase of up to 249,920 shares of its common stock, which is approximately 5% of its outstanding common stock (excluding shares held by Bogota Financial, MHC), as previously approved by the board of directors of the Company. This is the Company’s fourth stock repurchase program.

Shares may be repurchased in open market or private transactions or pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

 

The repurchase program has no expiration date and may be suspended, terminated or modified at any time for any reason. The stock repurchase program does not obligate the Company to purchase any particular number of shares, and there is no guarantee as to the exact number of shares to be repurchased by the Company. The timing and amount of any repurchases will depend on a number of factors, including the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. Open market purchases will be made in accordance with Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

 

About Bogota Financial Corp.

Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from six offices located in Bogota, Hasbrouck Heights, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

 

Forward-Looking Statements

This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, changes in the quality of our loan and security portfolios, increases in non-performing and classified loans, ongoing effects resulting from the COVID-19 pandemic and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.

 

The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

Contacts

For Bogota Financial Corp.:

Joseph Coccaro

President and Chief Executive Officer

(201) 862-0660

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Fleetwash unveils formation of parent company to reflect future growth and innovation

Introducing: Kept Companies

 

FAIRFIELD, N.J. — (BUSINESS WIRE) — Fleetwash, a leading nationwide company for full facility maintenance, is thrilled to announce its establishment of its parent company, Kept Companies.

 

This strategic move, along with a comprehensive rebranding initiative, is aimed to propel the company into a new era of growth, innovation, and customer-centricity. The transformation reflects the company’s commitment to enhancing its position as a market leader and strengthening its foundation for growth in the facility maintenance industry.

 

Kept Companies will serve as the umbrella brand for Fleetwash and its subsidiaries. Kept Companies is now home to nine leading brands that offer unique expert-level service: Fleetwash, Fleet Clean, Krystal Klean, Climco Mechanical (previously Welker), EnviroClean (previously SprayWash), Grease Pro, GlideRite, SunScrub, and MaintainThat (previously Eco Sweep). Under the new parent brand, each subsidiary received a new brand identity and brand attributes, in keeping with Kept’s overarching brand look and values. These changes align with Kept’s evolving strategic direction and signal the company’s dedication to meeting the ever-changing needs of its customers while holding true to the expert-level services it has developed over the past 50 years.

 

“For the past 50 years, we’ve been operating under the company name Fleetwash, and for many years, this name worked perfectly to describe the service we provided: washing fleets of trucks. That began to change in the early 2000s, when we expanded to offer facility management services. Since then, we’ve multiplied our service offerings to go far beyond truck washing. This change is an exciting one for the future of the company as a whole,” said Jerry DiGiovanni, President of Kept.

 

Furthermore, with the consolidation under one parent entity, there is a strong emphasis on enhancing the overall customer experience. The leaders of Kept Companies have invested significant resources in developing a new intuitive and user-friendly website, ensuring seamless navigation and providing customers with easy access to relevant information, products, and support.

 

The restructuring efforts of Fleetwash, now under Kept Companies, have been met with widespread enthusiasm internally. Employees view the initiative as the company’s commitment to innovation, excellence, and adaptability while still holding onto the deep rooted services the company was built on.

 

About Kept

Kept is the parent company of nine leading facility maintenance brands. It started as a single mobile washing business, and today, offers a comprehensive suite of services, with over thirteen hundred skilled employees, and one thousand fully-equipped vehicles.

 

Since the beginning, hard work and perseverance have fueled the company’s success. The company’s continued investments in sustainability, innovation, and technology allow each of the Kept brands to provide the best service, at the best possible cost.

Contacts

For media inquiries:

Jerry DiGiovanni

President

Kept Companies

tel:19734175071

JerryD@keptcompanies.com

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Economics Education Government Lifestyle News Now! Politics Regulations & Security

Democrats recently seek to explain the debt ceiling crisis

The debt ceiling is the cap on the amount of money the U.S. government can borrow to pay its debts, explains Stefanie Conahan, an insider Democrat.

In a matter of weeks, the federal government will exceed this legal borrowing limit. And it’s not hyperbole to say that if Congress doesn’t raise the debt ceiling, it would be catastrophic for our economy and American families, she shared.

Historically, raising the debt ceiling is a bipartisan exercise in Congress. But on May 16, House Republicans were demanding draconian cuts to federal aid in exchange for voting to lift the debt ceiling. They’d rather tank the economy and throw millions of Americans into poverty than make good on our country’s financial obligations.

In the Off the Sidelines Spotlight, we’ll explore the debt ceiling, debunk the GOP talking points, and break down where we go from here.

If you remember one thing, it’s this: House Republicans are shirking their responsibilities—to American families, to our economy, to their oath of office—by refusing to vote to raise the debt ceiling.

So let’s cut through the noise. We’re breaking down what Republicans are saying about the debt ceiling—and then giving you the facts.

 

WHAT REPUBLICANS ARE SAYING: “House Republicans should not have to vote to raise the debt ceiling because WE don’t support new initiatives proposed by the Biden administration.”

THE TRUTH: Raising the debt limit has ABSOLUTELY NOTHING to do with new spending. It is purely backward-looking. In fact, much of the debt in question was incurred BEFORE President Biden took office.

WHAT REPUBLICANS ARE SAYING: “We don’t want to raise the debt ceiling and authorize new spending.”

THE TRUTH: Once again, nope. That’s not how this works. Raising the debt ceiling enables the Treasury to borrow for spending already authorized by Congress.

WHAT HOUSE REPUBLICANS ARE SAYING: “We’ll only vote to lift the debt ceiling if we make massive cuts to federal spending.”

THE TRUTH: Well, that’s true. House Republicans passed legislation that would increase the debt ceiling in exchange for cuts to federal spending for critical programs. That includes kicking one million seniors off Meals on Wheels, eliminating 30,000 law enforcement jobs, and gutting veterans health care. Not to mention cuts to Head Start, cancer research, housing assistance for low-income families, and more.

WHAT REPUBLICANS ARE SAYING: “Not raising the debt ceiling would be a DISASTER for the U.S. economy.”

THE TRUTH: We’re 100% in agreement with Republicans there. Failure to raise the debt ceiling would be catastrophic. Defaulting on our nation’s debts could mean:

  • Seniors could miss social security checks. Without social security, almost 22 million Americans would fall into poverty.

  • Veterans benefits could be delayed, and military service members could stop receiving paychecks.

  • Our country’s credit could be downgraded, spiking interest rates. That could raise mortgage, car and credit card payments.

  • According to Moody’s Analytics, stock prices could fall by roughly 20 percent, wiping out $10 trillion in household wealth and devastating the 401k and retirement accounts of millions of Americans.

 

SPREAD THE WORD: We need to make it crystal clear that Republicans ALONE are responsible for the debt ceiling crisis. By REFUSING to vote on a bipartisan basis, they’re putting partisan games over American families and our economy.

 

Read link below for more:

New York Times Editorial Board: Are Republicans willing to raise the debt ceiling?

 

 

— Stefanie Conahan

(team@kirstengillibrand.com)

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Business Economics Lifestyle Regulations & Security Technology Travel & Leisure

Cenntro announces receipt of Nasdaq noncompliance notice regarding late filing of quarterly report on Form 10-Q

FREEHOLD, N.J. — (BUSINESS WIRE) — Cenntro Electric Group Limited (NASDAQ: CENN) “(Cenntro” or “the Company),” a leading EV technology company with advanced, market-validated electric commercial vehicles, announced today that it received a written notice (the “Notice)” from The Nasdaq Stock Market LLC “(Nasdaq)” that the Company has remained noncompliant with Nasdaq Listing Rule 5250(c)(1) (the “Rule)” as a result of its failure to file both its annual report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K),” and quarterly report for the fiscal quarter ended March 31, 2023 (the “Q1 Form 10-Q)” with the Securities and Exchange Commission (the “SEC)” by the required due dates.

 

This Notice has no immediate effect on the listing of the Company’s shares on Nasdaq.

 

The Notice regarding the Company’s Q1 Form 10-Q was supplemental to the written notice received from Nasdaq on April 25, 2023 (the “Original Notice”). Under Nasdaq Rules, the Company has 60 calendar days from receipt of the Original Notice to submit a plan to regain compliance with the Rule. If Nasdaq accepts the Company’s plan, Nasdaq may grant an exception of up to 180 calendar days from the due date of the 2022 Form 10-K and Q1 Form 10-Q or until October 16, 2023, to regain compliance. The Company is currently engaged with its new auditor to formulate a plan and the related audit work to regain compliance with the rule. If the Company remains noncompliant with the Rule at the end of the 180-day extension period, the Company’s shares of common stock will be subject to delisting from Nasdaq.

 

About Cenntro Electric Group

Cenntro Electric Group Ltd. (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery, and other commercial applications. Cenntro plans to lead the transformation in the automotive industry through scalable, decentralized production, and smart driving solutions empowered by the Cenntro iChassis. For more information, please visit Cenntro’s website at: www.cenntroauto.com.

 

Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as “may,” “believe,” “anticipate,” “could,” “should,” “intend,” “plan,” “will,” “aim(s),” “can,” “would,” “expect(s),” “estimate(s),” “project(s),” “forecast(s)”, “positioned,” “approximately,” “potential,” “goal,” “strategy,” “outlook” and similar expressions. Examples of forward-looking statements include, among other things, statements regarding assembly and distribution capabilities, decentralized production, and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management’s current beliefs, expectations, and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro’s public filings with the Securities and Exchange Commission (the “SEC),” including the “Risk Factors” in Cenntro’s Annual Report on Form 20-F/A filed with the SEC on August 5, 2022 and which may be viewed at www.sec.gov.

 

Contacts

Investor Relations Contact:
MZ North America

CENN@mzgroup.us
949-491-8235

Company Contact:

PR@cenntroauto.com
IR@cenntroauto.com

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Business Economics Lifestyle Regulations & Security

AM Best revises outlooks to negative for McMillian-Warner Mutual Insurance Company

OLDWICK, N.J. — (BUSINESS WIRE) — AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).

These Credit Ratings (ratings) reflect MWM’s balance sheet strength, which AM Best assesses as strong, as well as its marginal operating performance, limited business profile and marginal enterprise risk management.

 

The revised outlooks reflect deterioration in MWM’s key balance sheet strength metrics, mainly in the form of reduced surplus, declining levels of overall risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR) and weakening balance sheet metrics. The company’s policyholder surplus declined by nearly 20% in 2022, driven by ongoing volatility on the underwriting side and supplemented by unrealized losses from the equity portfolio given its elevated common stock leverage. Ultimately, this volatility has generated an elevated reliance on reinsurance, rising underwriting and reserve leverage measures and declining levels of liquidity in MWM’s balance sheet.

 

Though management is focused on managing its exposures effectively and refining its book of business, MWM’s ability to support its current book, along with a growing personal automobile book of business, may be hindered over the near-term with its declining levels of risk-adjusted capitalization. Moreover, reinsurance market conditions may continue to present challenges for MWM in placing its program in a manner consistent with prior years, leading to potential higher retentions and lower limits, as the company experienced in 2022. Should further deterioration occur, the ratings may be downgraded.

 

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

 

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

 

Copyright © 2023 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

Lauren Magro
Financial Analyst
+1 908 439 2200, ext. 5181
lauren.magro@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 439 2200, ext. 5159
christopher.sharkey@ambest.com

Joseph Burtone
Director
+1 908 439 2200, ext. 5125
joseph.burtone@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 439 2200, ext. 5098
al.slavin@ambest.com

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ezCater brings Wawa’s signature Sizzli® sandwich and hoagies to workplaces across the Mid-Atlantic and Florida

Businesses can now order Wawa Catering from all 1,000 stores through the ezCater marketplace

 

BOSTON — (BUSINESS WIRE) — ezCater, the most trusted provider of corporate food solutions, and Wawa Inc.  announced Tuesday, the launch of all Wawa locations on the ezCater marketplace. Now, workplaces can order Wawa’s signature breakfast sandwiches, like the Sizzli®, and hoagies, from 1,000 store locations across Pennsylvania, Delaware, New Jersey, Maryland, Virginia, Florida, and Washington, D.C.


​“Thanks to this new partnership with ezCater, we now have the ability to reach more business customers with our fresh offers, perfect for breakfast, meetings, and corporate events,” said Steve Hackett, Director of Digital Experience, Wawa.

 

“We see this as a great way to provide even more convenience to the business community.”

 

In a recent survey, ezCater found that 67% of workers believe that skipping breakfast negatively affects their productivity in the workplace. Still, 60% of them skip breakfast two or more days per week, creating a big opportunity for employers to improve productivity by providing breakfast. With ezCater, Wawa can now reach these valuable business customers investing in food for work. Their catering menu includes a variety of breakfast, coffee, and lunch items, which come individually packaged or in trays, depending on the workplace’s needs.

 

“Our customers count on us to provide a variety of reliable caterers for all of their food for work needs, whether that’s for breakfast meetings, daily employee lunches, or anything in between,” said Mike O’Hanlon, Chief Partnership Officer, ezCater.

 

“Wawa’s iconic lunch staples and breakfast options like the Sizzli® make them fan-favorites. We’re so excited to now be able to offer Wawa Catering to ezCater customers.”

 

ezCater has more than 100,000 restaurants and caterers on its platform, from local independent restaurants to national chains. With its extensive expertise in corporate food solutions, ezCater helps its restaurant partners manage, analyze, and grow their catering businesses. To learn more about the ezCater Catering Growth Platform, visit www.ezcater.com/grow.

 

To place a catering order from Wawa, visit www.ezcater.com/brand/wawa-1.

 

Methodology

In March of 2023, ezCater surveyed 500 workers nationwide, that work onsite in a business office or hybrid, to analyze the role breakfast has on employee health, productivity, and satisfaction.

 

About ezCater

ezCater is the most trusted provider of corporate food solutions. With a network of more than 100,000 restaurants across the US on its platform, ezCater provides flexible and scalable food solutions for everything from recurring employee meals to one-off events such as sales calls and board meetings. ezCater is purpose-built for food for work and supported by best-in-class customer service, enabling companies to centralize and manage their food spend in a single, customizable platform. To explore corporate food solutions or place a catering order, visit www.ezcater.com.

 

About Wawa, Inc.

Wawa, Inc., a privately held company, began in 1803 as an iron foundry in New Jersey. Toward the end of the 19th Century, owner George Wood took an interest in dairy farming and the family began a small processing plant in Wawa, PA in 1902. The milk business was a huge success, due to its quality, cleanliness and “certified” process. As home delivery of milk declined in the early 1960s, Grahame Wood, George’s grandson, opened the first Wawa Food Market in 1964 as an outlet for dairy products. Today, Wawa is your all day, every day stop for freshly prepared foods, beverages, coffee, fuel services and surcharge-free ATMs. Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida and Washington, D.C. The stores offer a large fresh foodservice selection, including Wawa brands such as custom prepared hoagies, freshly-brewed coffee, hot breakfast sandwiches, specialty beverages and an assortment of soups, sides and snacks. Forbes.com Ranks Wawa as #24 of America’s Largest Private Companies in 2021 and #12 on Forbes 100 Halo List in 2022. For more information, visit us on www.wawa.com or follow us on Facebook, Twitter, Instagram, TikTok, and Snapchat at @wawa.

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Business Economics Education Lifestyle Technology

Knightscope recently lands $1.25 million contract

Rutgers University expands emergency communication capabilities with K1 Towers and phones

 

MOUNTAIN VIEW, Calif. — (BUSINESS WIRE) — $KSCP #SecurityRobot—Knightscope, Inc. [Nasdaq: KSCP] “(Knightscope” or the “Company),” a leading developer of autonomous security robots and blue light emergency communication systems, announced Tuesday that it received a $1.25 million contract for its K1 Blue Light Towers and K1 E-Phones. Rutgers, The State University of New Jersey “(Rutgers),” signed purchase orders for 145 devices in total.


Rutgers stands among America’s highest-ranked, most diverse public research universities and is the oldest, largest, and top-ranked public university in the New York/New Jersey metropolitan area. It has been using Knightscope’s emergency communication devices since 2022 and has been slowly expanding its footprint of the familiar blue light towers throughout the year. This latest purchase of 138 Towers and 7 E-Phones will be used to blanket 4 campuses with reliable emergency communications for students, faculty and visitors.

 

To learn more about Knightscope’s Autonomous Security Robots and Blue Light Emergency Communication Systems, book a discovery call or demonstration now at www.knightscope.com/discover.

 

About Knightscope

Knightscope is an advanced public safety technology company that builds fully autonomous security robots and blue light emergency communications systems that help protect the places people live, work, study and visit. Knightscope’s long-term ambition is to make the United States of America the safest country in the world. Learn more about us at www.knightscope.com. Follow Knightscope on Facebook, Twitter, LinkedIn and Instagram.

 

Forward-Looking Statements

This press release may contain “forward-looking statements” about Knightscope’s future expectations, plans, outlook, projections and prospects. Such forward-looking statements can be identified by the use of words such as “should,” “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” “proposes” and similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements about the Company’s path to profitability, the Company’s targeted annualized revenue run rate, the Company’s plans for top-line growth, the Company’s ability to deliver on its backlog of new orders, the benefits of the Company’s planned streamlining of its operations and rightsizing of its combined workforce and the Company’s ability to achieve improved margins. Although Knightscope believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. These risks and uncertainties include, among other things, the risk that the restructuring costs and charges may be greater than anticipated; the risk that the Company’s restructuring efforts may adversely affect the Company’s internal programs and the Company’s ability to recruit and retain skilled and motivated personnel, and may be distracting to employees and management; the risk that the Company’s restructuring efforts may negatively impact the Company’s business operations and reputation with or ability to serve customers; the risk that the Company’s restructuring efforts may not generate their intended benefits to the extent or as quickly as anticipated. Readers are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” in Knightscope’s Annual Report on Form 10-K for the year ended December 31, 2022. Forward-looking statements speak only as of the date of the document in which they are contained, and Knightscope does not undertake any duty to update any forward-looking statements, except as may be required by law.

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Business Economics Lifestyle Technology

B Generous, creator of the world’s first philanthropic credit product, recognized for innovation in PayTech Awards 2023

Fintech-for-good company offering a groundbreaking Donate Now, Pay Later™ platform named a finalist in “PayTech for Good” award honors

 

PARSIPPANY, N.J. — (BUSINESS WIRE) — #AI—Provenir, a global leader in data and AI-powered risk decisioning software, today congratulated its customer B Generous for being recognized as a finalist in the “PayTech for Good” category of the PayTech Awards 2023.

The PayTech Awards celebrate and recognize outstanding achievements in the use of technology in the finance and payment industry worldwide. The “PayTech for Good” category recognizes technology providers that actively put the wider community first and demonstrate the values of connection, collaboration, and generosity above and beyond the usual confines of business goals.

 

A B2B2C fintech company and fully licensed U.S. loan broker and loan servicer, B Generous created the world’s first philanthropic credit product, allowing donors to Donate Now, Pay Later (DNPL), financing their donation over time without having to pay anything out-of-pocket at the point of donation. Donors get the full tax deduction and the nonprofit receives the full funds immediately, while the donor gains flexibility to pay over 3, 6 or 9 months with no interest or fees. DNPL fundamentally solves the liquidity problem for nonprofits, without putting pressure on donors’ finances, allowing people to give what they want, not merely what they feel constrained to give.

 

With the opportunity to pay over time, 82 percent of donors double their donation — a number rising to 89 percent among donors giving $1,000 or more. B Generous donors give $460 on average – 3.5x more than the average charitable donation of $128.

 

A key element of B Generous’s offering is near-real time credit decisioning, powered by the Provenir Data and AI-Powered Risk Decisioning Platform, which offers a streamlined single point of access to myriad bureaus and data sources for more accurate credit decisioning.

 

“Provenir congratulates B Generous for being recognized as a distinguished finalist in this year’s PayTech Awards,” said Kathy Stares, Provenir’s Executive Vice President for North America. “We are proud to support B Generous’s innovation in transcending the liquidity problem for nonprofits, while easing the pressure on donors’ finances.”

 

About Provenir

Provenir helps fintechs and financial services providers unlock the secret to smarter credit risk decisioning.

 

The company brings together the power of decisioning, data and AI to drive instant decisions. This unique offering gives organizations the ability to power decisioning innovation across the full customer lifecycle, driving improvements in the customer experience, access to financial services, business agility, and more.

 

Provenir works with disruptive financial services organizations in more than 50 countries and processes more than 3 billion transactions annually.

Contacts

Kelly Poffenberger

Lutz Public Relations and Marketing (for Provenir)

kelly@lutzpr.com
714.553.9071

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Business Economics Lifestyle Technology

3 Trends that can help SMBs exceed in E-commerce: AI, buy now_pay later & buy online_pick-up in store

In the U.S., revenue earned from retail e-commerce is estimated to exceed one trillion dollars in 2023.

 

The online shopping revenue in the U.S. is projected to surpass 1.5 trillion dollars by 2027. According to research by Fundera, 16% of all retail purchases are made on e-commerce sites and it is also anticipated that e-commerce will handle 95% of all consumer transactions by 2040.

 

However, pain points for SMBs can vary based on industry and company, but some are universal. As per market research, SMBs can lose up to 30% of potential revenue each year due to inefficient processes.

 

SMBs need to look towards better targeted marketing, increased customer retention, seamless automation, and efficient sales processes. By using AI, product recommendations can be personalized based on past purchase history, improving conversion rates by 915% and order values by 3%. AI can also optimize pricing, enhance customer service, segment customers, forecast sales and demand, and even enable smart logistics. Chatbots are becoming increasingly popular, with 40% of consumers using them to engage with retail companies in the U.S.

 

“Unpredictable shifts in consumer buying habits triggered by rapidly unfolding technologies have created even more challenges for retailers wanting to service their customers online, especially for SMB Davids who are trying to keep pace with the e-commerce Goliaths,” notes Mikel Lindsaar, CEO and Founder of StoreConnect. “AI is revolutionizing the e-commerce industry by enabling personalized shopping experiences, improving supply chain efficiency, and enhancing fraud detection.”

 

Some of the other top e-commerce trends in 2023 revolve around new payment methods.

 

Buy Now, Pay Later (BNPL) solutions have been increasing worldwide. Statistics show that the global use of BNPL increased by a staggering 400% between 2019 and 2021, now accounting for 3% of the e-commerce market share. Retailers have introduced BNPL services, and consumers are increasingly using them for their daily purchases. There are currently around 360 million BNPL users worldwide, and the BNPL market is worth over $150 billion. Additionally, BNPL lending in the U.S. is predicted to reach $114 billion by 2024.

 

Buy Online, Pick-up in Store (BOPIS) is also gaining popularity. The global BOPIS industry was valued at $243.89 billion in 2021 with a projection of $703.2 billion by 2027, growing at a CAGR of 19.3%. U.S. shoppers spent $95.9 billion through BOPIS options in 2022, accounting for 9% of all e-commerce sales. In the U.S., the BOPIS market is expected to exceed $150 billion by 2025. For brick-and-mortar stores, BOPIS increases the chances for retailers to make additional sales once their consumers arrive to pick up their online orders.

 

According to research, the average percentage of online shopping carts abandoned before purchases are completed is 68.63%. However, a significant 63% of those cases can be recovered with the correct set of offerings, such as providing various payment options.

 

“With online purchases coming in from all directions, and a heightened demand for a more personalized and rewarding shopping experience, e-commerce SMBs trying to survive and thrive need to accommodate these trends without adding additional labor and expense, and having different payment options not only provides convenience for customers, but it also helps to increase sales and reduce cart abandonment rates,” concludes Lindsaar.

 

Mikel Lindsaar, CEO and Founder of StoreConnect can speak on the following:

  • What are the latest trends in the e-commerce industry that SMBs need to implement?
  • How can AI help SMBs compete with the bigger e-commerce companies?
  • Why is it important for SMBs to have a range of payment options for consumers?
  • What are the factors that are leading more consumers to use BNPL and BOPIS?

 

About StoreConnect

Mikel Lindsaar, CEO and Founder of StoreConnect, is an experienced technology entrepreneur whose mission is to infuse small and medium-sized businesses with the power to be successful in eCommerce 3.0 and scale to meet growing demand. Small businesses can’t waste time setting up their business on a platform only to repeat the process by changing platforms when they want to scale, nor do they want to waste time figuring out how to integrate multiple platforms. StoreConnect (built on the World’s Number 1 CRM, Salesforce) gives clients a complete, powerful, configurable eCommerce and CRM solution where they can manage their website, online and in-store sales, provide amazing customer service, run all their digital marketing campaigns and have up-to-date detailed metrics, reporting and full understanding of their customer. They were awarded Salesforce’s 2021 International Partner Innovation Award of the year for the Retail sector. They are changing the ease with which small businesses are run — with a manageable price tag. StoreConnect is Time. Well Spent.