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On average, small and medium businesses in the US spend 15 days and $6000 in labor costs to chase delayed payments EVERY YEAR. As of 2020, there were 3.7 million micro-businesses. That was 532,800,000 working hours down the drain. Surprising, isn’t it?

Small businesses have always been first hit by economic changes. The pandemic making maintaining cash flows for small business owners irregular is the most recent example. A report by JP Morgan Chase revealed that many businesses were affected primarily because consumers cut their spending.

Mobile POS systems have, by and large, replaced cash registers and manual bookkeeping. These innovations have reduced human error, oversight, and fraudulent activity for smaller businesses that previously lacked a proper payment gateway. And that’s not all these apps have done.

QR code payments are short for Quick Response code payments because they allow users to access information almost right away. Like all things electronic, their usage grew by an impressive 11% in the pandemic’s wake.

Household services are jobs of a domestic nature requested by homeowners for the proper running and maintenance of their property. They include everything from cleaning to cooking, and basically, everything else that keeps a house in running order.

The COVID-19 pandemic has transformed the way businesses operate. Health concerns, the need to reduce human contact, and changing shopping habits have increased the use of contactless payment options.

ScanPay offers a mobile digital payment app for contractors and other service professionals that makes financial transactions easier for all parties involved.

According to a 2020 report by the Insurance Information Institute, consumers collectively lost $3.3 billion to identity fraud. The scares of Halloween may not be real, but if this statistic is anything to go by, the scare of choosing and using the wrong payment solution is quite realistic.

In 2020, mobile payment technology collectively welcomed 6.5 million users, most of whom were Gen Z and millennials. They’ve streamlined the technological aspect for several small businesses and professionals.

In mid-2020, a US Bank study found 82% of the time that businesses failed had to do with the fact that they didn’t understand their cash flow. The lockdown only made things more unpredictable for small businesses and created an 'all bets are off' situation for those who did manage their cash flow properly.

ScanPay is unique in that it allows service providers to create invoices and collect payment immediately on the job site without the need for additional hardware or card readers.

QR codes are often perceived as a convenient, fast, and easy way to share information. They can be found everywhere, from billboards, magazines, newspapers, and even on the sides of buses. QR codes are now also being used as a payment method globally.