|By Business Wire||
|March 5, 2014 05:09 PM EST||
While PayPal is better known and long-established, 13 challenger brands including Square and Amazon Payments are gaining recognition and credibility in the rapidly changing payments marketplace, according to Merchant Paymentality™, a Cogent Reports™ study from Market Strategies International.
“Currently, PayPal is the only alternative web- and mobile-based payment processing provider among a field of 35 competitors to earn ‘Star’ status for brand equity, and it is the only brand used by a majority (53%) of micro- to mid-sized businesses and private enterprise owners,” said Keith Bossey, senior vice president of the Financial Services division of Market Strategies. “However, several other non-traditional providers, many of which are much younger than PayPal, have earned the ranking as brand equity ‘Leaders’.”
The Cogent Reports study compiled brand equity rankings based on a combination of brand awareness, consideration and overall brand impression. Results were indexed and then grouped into four levels: Stars, Leaders, Players and Drifters/Rookies. With its exceptional awareness and impression ratings, PayPal essentially defines “Star” status, but with above-average ratings of their own, “Leader” brands are positioned for growth in a space with plenty of room to grow.
|Top 14 Non-Traditional Payment Processing|
|Providers by Brand Equity Score|
|13||Mobile Pay on Demand|
In addition to increasing awareness, wider acceptance of alternative payment solutions is on the rise. According to the study, more than one-third of private enterprise owners and businesses with fewer than 500 employees not currently accepting payments via web account payment services, mobile devices or wireless/mobile wallet solutions plan to do so in the near future.
“There is a seismic shift going on in the payments world right now,” added Bossey. “While it’s true the field is currently dominated by a few established market leaders such as PayPal, Square and Amazon Payments, there is still plenty of opportunity for a host of challenger brands.”
Driving the movement toward wider reception of new payment acceptance alternatives is the belief among merchants that these methods will be less expensive than traditional credit card processing fees and confidence that customers will recognize and appreciate these new payment options.
“Meeting the needs of customers and paying less is a very compelling argument for making the switch,” said Bossey.
Merchant Paymentality also reveals interest in alternative payment solutions is highest among younger decision-makers and businesses at the larger end of the small business spectrum. Another group of early adopters—and an increasingly important segment of the small business market—is private enterprise owners, consisting largely of home- or web-based businesses.
According to Bossey, this latter group represents the leading edge of awareness and acceptance of alternative payment providers. “So, if you want to see where alternative payments are headed, just visit your local food truck at lunchtime and order your payment to go,” he said.
About Merchant Paymentality
In October and November 2013, Cogent Reports interviewed a sample of 2,504 US-based merchants that were recruited from the ResearchNow opt-in online panel. Respondents were either business decision-makers for for-profit companies with fewer than 500 employees and with a total annual revenue of at least $50,000 (89% of the sample) or private enterprise owners who, separate from any full- or part-time employment, own or run a private business enterprise that sells goods or services, either in-person or online, with a total annual sales revenue of at least $25,000 (11% of the sample). All businesses or enterprises must have been operating for at least one year. By applying minimal statistical weighting, the business decision-maker data reported in this study are representative of the US micro to mid-sized business market in terms of number of employees and total annual sales revenue as described by the Small Business Administration and Hoovers’ business databases. Due to its opt-in nature, this online panel (like most others) does not yield a truly random probability sample of the target population. As such, it is not possible to compute a margin of error or to statistically quantify the accuracy of projections. Market Strategies International will supply the exact wording of any survey question upon request.
About Market Strategies International and Cogent Reports™
Market Strategies International is a market research consultancy with deep expertise in communications, consumer/retail, energy, financial services, healthcare and technology. Offering custom research services and syndicated research products, the firm provides insights from more than 75 countries, focused in the areas of brand, communications, CX, product development and segmentation. Its syndicated products, known as Cogent Reports, help clients understand the market environment, explore industry trends and evaluate and monitor their brand and products within the competitive landscape. Founded in 1989, Market Strategies is one of the largest market research firms in the world, with offices in the US, Canada and China.
Collecting data in the field and configuring multitudes of unique devices is a time-consuming, labor-intensive process that can stretch IT resources. Horan & Bird [H&B], Australia’s fifth-largest Solar Panel Installer, wanted to automate sensor data collection and monitoring from its solar panels and integrate the data with its business and marketing systems. After data was collected and structured, two major areas needed to be addressed: improving developer workflows and extending access to a b...
May. 27, 2015 01:00 AM EDT Reads: 1,832
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
May. 27, 2015 12:00 AM EDT Reads: 4,146
Containers Expo Blog covers the world of containers, as this lightweight alternative to virtual machines enables developers to work with identical dev environments and stacks. Containers Expo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Bookmark Containers Expo Blog ▸ Here Follow new article posts on Twitter at @ContainersExpo
May. 26, 2015 11:00 PM EDT Reads: 650
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impac...
May. 26, 2015 09:00 PM EDT Reads: 4,826
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. 8th International Big Data Expo, co-located with 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. As advanced data storage, access and analytics technologies aimed at handling high-volume and/or fast moving data all move center stage, aided by the cloud computing bo...
May. 26, 2015 08:45 PM EDT Reads: 1,418
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 26, 2015 06:00 PM EDT Reads: 1,577
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the...
May. 26, 2015 05:30 PM EDT Reads: 3,969
Over the years, a variety of methodologies have emerged in order to overcome the challenges related to project constraints. The successful use of each methodology seems highly context-dependent. However, communication seems to be the common denominator of the many challenges that project management methodologies intend to resolve. In this respect, Information and Communication Technologies (ICTs) can be viewed as powerful tools for managing projects. Few research papers have focused on the way...
May. 26, 2015 05:00 PM EDT Reads: 1,698
As the world moves from DevOps to NoOps, application deployment to the cloud ought to become a lot simpler. However, applications have been architected with a much tighter coupling than it needs to be which makes deployment in different environments and migration between them harder. The microservices architecture, which is the basis of many new age distributed systems such as OpenStack, Netflix and so on is at the heart of CloudFoundry – a complete developer-oriented Platform as a Service (PaaS...
May. 26, 2015 05:00 PM EDT Reads: 1,577
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
May. 26, 2015 05:00 PM EDT Reads: 4,729
You use an agile process; your goal is to make your organization more agile. But what about your data infrastructure? The truth is, today's databases are anything but agile - they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver new features and capabilities needed to make your organization competitive. As your application an...
May. 26, 2015 05:00 PM EDT Reads: 3,384
Move from reactive to proactive cloud management in a heterogeneous cloud infrastructure. In his session at 16th Cloud Expo, Manoj Khabe, Innovative Solution-Focused Transformation Leader at Vicom Computer Services, Inc., will show how to replace a help desk-centric approach with an ITIL-based service model and service-centric CMDB that’s tightly integrated with an event and incident management platform. Learn how to expand the scope of operations management to service management. He will al...
May. 26, 2015 05:00 PM EDT Reads: 1,335
High-performing enterprise Software Quality Assurance (SQA) teams validate systems that are ready for use - getting most actively involved as components integrate and form complete systems. These teams catch and report on defects, making sure the customer gets the best software possible. SQA teams have leveraged automation and virtualization to execute more thorough testing in less time - bringing Dev and Ops together, ensuring production readiness. Does the emergence of DevOps mean the end of E...
May. 26, 2015 04:00 PM EDT Reads: 5,216
Amazon and Google have built software-defined data centers (SDDCs) that deliver massively scalable services with great efficiency. Yet, building SDDCs has proven to be a near impossibility for companies without hyper-scale resources. In his session at 15th Cloud Expo, David Cauthron, CTO and Founder of NIMBOXX, highlighted how a mid-sized manufacturer of global industrial equipment bridged the gap from virtualization to software-defined services, streamlining operations and costs while connect...
May. 26, 2015 03:00 PM EDT Reads: 3,201
The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential. The DevOps Summit at Cloud Expo – to be held June 3-5, 2015, at the Javits Center in New York City – will expand the DevOps community, enable a wide...
May. 26, 2015 03:00 PM EDT Reads: 1,849