Category: Technology & Security

Quick Invoice: Get Paid Faster with an Optimized Workflow

Posted on by fortis2025

Despite gains in digital invoicing, many businesses still struggle to scale their accounts receivable (AR) operations. Manual processes like mailed statements from the AR team or the customer’s accounts payable (AP) department, can cause considerable lag in receiving payments. 

One survey found that 87.6% of businesses in Western Europe faced delinquent B2B payments. Over half of the respondents said that switching from manual to e-invoicing processes resulted in faster payment times. On the customer’s side, AP teams are increasingly concerned about the invoice approval process and find manual review to be an issue.  

This challenge presents an opportunity for ISVs seeking a competitive edge. A payments platform that enables quick invoicing and streamlines the payment process provides a valuable, high-demand service. Quick invoicing through an embedded payment system allows merchants to send invoices via SMS or email and accept electronic payments. Ideally, the process should be simple and convenient for both the payee and the payor. 

Segment from episode one of Embedded. This demo explains how to leverage quick invoicing within the Fortis ecosystem.

Benefits of Quick Invoices 

Let’s look at some advantages of quick, digital invoicing: 

  1. Create invoices quickly 
  1. Automate reminders before and after the due date 
  1. Allow for overpayment or partial payment 
  1. Offer several payment methods 
  1. Review all past and open invoices from both the payee and payor side 
  1. Pay from multiple devices 

These features benefit both parties. The merchant is able to set clear payment terms and effortlessly send electronic invoices and reminders. At the same time, the customer can quickly review open invoices, choose how to pay based on their preferences, and pay from their phone, tablet, or desktop. Customers can also adjust payments for cash flow fluctuations—such as making a partial payment during low periods and submitting the remainder later.  

A Payments Partner for You  

As the leader in embedded payments, Fortis has developed its payment platform to match the needs of a modern business. Our embedded payment solution empowers organizations to streamline their billing through quick invoicing, automation, multiple payment options, and more.  

To learn more about how you can optimize your payment process, check out our recent Quick Invoicing feature.  

What is a Retained Amount for ISVs?

Posted on by fortis2025

Service fees for software have come a long way. Software developers continue to evolve and change the way they charge their merchants. For instance, some developers may find it helpful to avoid charging a monthly or yearly one-time fee for their software services, keeping a portion of each transaction instead. Moreover, some would prefer to hold a convenience fee or withhold a donation, but don’t currently have a way to separate the charges from merchants’ transactions. Fortunately, this is where a Retained Amount feature can help. 

How Retained Amounts Work 

Sometimes called split funding, a Retained Amount withholds a percentage of a merchant’s deposit. The funds are then distributed into two or more bank accounts, which enables ISVs to better segment costs and deduct fees.  

For example, let’s say a merchant receives $100 from a transaction. The ISV’s processing fee is 2%, and they want to reserve an additional 2% from each transaction to cover the cost of the software. That would mean $2 would be used for the processing fee and $2 would be sent to the ISV’s account automatically. In many cases, the ISV has a specific reserved account for these fees and is paid a residual.  

Organizations often leverage this option to refine their payment processing workflow and reduce manual transactions. 

Segment from our first Embedded episode. Kevin, SVP of Product and Innovation, talks about Retained Amount and how it works.

Use Cases for Retained Amounts 

There are a few different ways merchants and ISVs can use the Retained Amount feature, some of which are creative. Outside of general fees, you can use it for: 

  • Donations 
  • Convenience fees 
  • Affiliate rewards 
  • Allowing end-consumers to split a bill 

Despite the many use cases, there are a few drawbacks. Refunds, chargebacks, or determining who pays what fee can be challenging to organize. For that reason, it’s critical to map out a clear vision for the entire payment process and communicate it to both the internal team and end-users.  

The Fortis Difference 

As a leading embedded payments solution, Fortis offers a simple way to streamline Retained Amounts for ISVs and merchants. Our award-winning APIs, sandbox tools, quick onboarding, chargeback management, and enhanced workflows enable you to rapidly customize your payment processes. 

To learn more about Retained Amounts and how you can optimize your payments, speak with our experts today.  

ETA Names Kevin Shamoun of Fortis as Vice Chair of their AI Committee  

Posted on by fortis2025

The Electronic Transactions Association (ETA) has named Kevin Shamoun of Fortis as the Vice Chair of their Artificial Intelligence (AI) Committee.

With almost two decades of experience working with Independent Service organizations (ISOs) and financial institutions, Kevin offers extensive experience in the payments industry. He has been responsible for designing, deploying, maintaining, and securing critical systems for multiple organizations.

Kevin is no stranger to leadership roles, as he founded the payment gateway Zeamster in 2019 and already serves as ETA’s Chair of the Technology Committee. His current role at the ETA has allowed him to develop resources for merchants and other ETA members to leverage emerging payment trends. 

As a leading member of the ETA’s AI Committee, Kevin will lend his operational and technical knowledge to explore how the industry can use AI to improve payment efficiency and security. He will work together with Russell Moore, Director of Corporate Strategy & Development, Global Payments, and Donald Riddick, Chief Legal Officer, Featurespace, to better define AI and its use cases with the payment industry.

About ETA 

The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $44 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers. 

Why Does PCI Scope Matter to Business Owners?

Posted on by fortis2025

As a business owner, why should you care about PCI scope? It may not seem important, but it can easily impact your business if you aren’t taking the necessary measures.

What Is PCI?

Payment Card Industry (PCI) Compliance, is “a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment” (source). 

PCI Compliance is monitored by the PCI Security Standards Council (PCI SSC). They help to ensure that payment and fintech companies adhere to specific guidelines, practices, and standards to ensure payment data is stored and managed securely.

What Does PCI Scope Mean Exactly?

PCI Scope is what parts of your business environment the PCI SSC determines must meet their guidelines. Since their guidelines deal with the proper storing and management of cardholder data, they consider anything that stores, processes or transmits data as “in scope”.

What Does It Mean to Be Out of PCI Scope?

When you partner with a payment or fintech company that keeps PCI “out of scope”, it means that they take the necessary steps to ensure payment data security for your business on your behalf. 

These companies are required to submit thorough paperwork to the PCI SSC every year demonstrating their compliance. They also partake in annual PCI training and require all employees to be knowledgeable in cardholder data safety practices.

Why Should I Partner With Someone Who Keeps PCI Out of Scope?

Partnering with a payment or fintech company that keeps you out of scope for PCI has numerous benefits, such as:

  • Reducing compliance and operation costs
  • Increase cardholder data security
  • Reducing breach risk and liability
  • Expert knowledge and reliability

Ready to partner with us? Click here.