According to new research released by the GoCardless Payment Success Index, enterprise businesses are losing more than $1 million a year to failed payment systems. The study, which analyzed information from 900 businesses and 55,000 customers, discovered that digital wallets are the worst culprits for failed payments: 12 percent of payments don’t go through successfully. The company found that installment businesses lose more than eight times more revenue than a subscription business. Even debit and credit card payments are not immune, with an 8.2 percent failure rate.
Fortunately, there is a new solution for accepting payments, launched by Samsung, a global leader in enterprise technology. Together with SoFi and Mastercard, Samsung has launched Samsung Money by SoFi. This new offering is the first mobile money management platform that combines a cash management account, debit card and a host of benefits for its users, including discounts on Samsung brand products.
Samsung Money comes built in with Samsung Knox, defense-grade security that protects user data for enterprise customers. In fact, the new Samsung Money app can be a valuable tool for enterprise businesses whose employees need spending accounts. Since Samsung Money is a debit card, employees can’t go over budget: they can spend what’s in the account and nothing more.
In addition to instant mobile payments and a physical debit card that can be used at any ATM without a service charge, the app allows users to review statements and transactions, and pause use – all without incurring any fees.
As a service provider for Samsung Knox, Mobile Goods is ready to help your enterprise business leverage the many advantages of the Knox Suite and Samsung’s range of business solutions. Contact us today to learn more.