PYMNTS
APRIL 23, 2020
The biggest benefactor of the Paycheck Protection Program (PPP) is a Dallas, Texas-based hotelier named Monty Bennett, who has received $59 million from the program intended to help small or medium-sized businesses with the economic crisis. Bennett is the chair of Ashford Hospitality Trust , which manages a number of hotels including Atlanta’s Ritz Carlton and the Marriott Beverly Hills.
Katz,Sapper&Miller
APRIL 23, 2020
The CARES Act (the “Act”) hallmark provision is the potential for loan forgiveness under the Paycheck Protection Program (PPP). As PPP funds are received by businesses, now is the time to strategize for maximum loan forgiveness. The PPP has been advertised as a grant, and, in many respects, it can function like one. However, the onus is on businesses to earn 100% loan forgiveness.
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PYMNTS
APRIL 22, 2020
If your $1,200 federal COVID-19 stimulus payment has been deposited into your bank account by the Internal Revenue Service (IRS), consider yourself one of the lucky ones. An IRS spokesman told PYMNTS that only about 80 million payouts – about half of the expected total – had been issued as of last Friday (April 17). That leaves many taxpayers waiting, but the spokesman couldn’t provide a schedule of when payments will be issued.
PYMNTS
APRIL 21, 2020
COVID-19 has changed daily routines around the world as more consumers have had to stay at home, only venturing out into public for necessities. This is leading companies of all kinds to navigate how to reach them remotely. Financial institutions (FIs) are among the entities that are working to securely meet clients where they are through mobile and online channels to complete tasks that would more often be completed in person.
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PYMNTS
APRIL 20, 2020
Arne Sorenson, Marriott International Inc.’s CEO, said the deadly coronavirus pandemic will change the experience of staying in a hotel — at least temporarily — according to a report by Bloomberg. He told Bloomberg Television’s Leadership Live broadcast on Monday (April 20) no one knows when the lodging industry will rebound from impacts of COVID-19.
PYMNTS
APRIL 23, 2020
Financial institutions (FIs) are feeling the pressure to offer increasingly personalized, digital-first services to keep customers satisfied. Crafting the seamlessness customers want means FIs are overhauling their digital infrastructures to enable access to fast, interactive and engaging banking experiences. More banks are therefore moving away from legacy core systems to embrace cloud-native architectures to power automation and meet the speed expected by consumers, securely.
Accountant Advocate brings together the best content for small business accounting professionals from the widest variety of industry thought leaders.
PYMNTS
APRIL 22, 2020
While being the victim of fraud is never good, there is something to be said for at least being able to identify where exactly one went wrong. Clicked the wrong link in an email, trusted the wrong authoritative voice on the other end of the phone, downloaded the wrong app hiding a malicious little piece of malware. It doesn’t make the resulting data theft any more pleasant, but at least one can hope to learn something and resolve to do better in the future.
PYMNTS
APRIL 24, 2020
There is a great deal of economic uncertainty in the world today, as many banking managers and executives are acutely aware. These circumstances have brought to the fore what has long been a central concern for lenders: assessing and managing credit risk. This vital task is complicated even in normal times due to the multitude of financial risk factors in play at any given time.
PYMNTS
APRIL 24, 2020
The coronavirus outbreak is still ravaging countries worldwide, but it has not eliminated consumers’ and businesses’ need to transact, finalize complex arrangements like trusts, or speak with their bankers about financial products. Financial institutions (FIs) are thus confronted with having to serve customers who can rarely venture outside amid stay-at-home and quarantine directives but may need to visit physical branches to complete certain actions.
PYMNTS
APRIL 21, 2020
A partnership between The University of Oxford , Saïd Business School and Mastercard will launch an online education program to teach business leaders about the strengths and perils of the modern day internet. Called the Oxford Cyber Future Program , the six-week class will cover artificial intelligence, cybersecurity, threat analytics, data privacy and digital ethics, a press release states.
Speaker: James Kahler, COO of Full Course
Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.
PYMNTS
APRIL 22, 2020
Paay, a startup credit card database storing millions of transactions, has been unsecured for weeks and only now closed again, according to a TechCrunch report. The database works with other payment processors, verifying payments to make sure there is no fraud going on for outside vendors. Paay’s mistake was not having a password installed on its server, which allowed anyone to see the data inside.
PYMNTS
APRIL 23, 2020
In some ways, the rapid onset of the coronavirus pandemic in the U.S. and around the world has meant massive changes for the gig economy — both for the platforms that power it and the workers that staff it. But the effects of those changes complex and nuanced, Wonolo Head of Supply Monica Plaza noted during PYMNTS’s latest On The Agenda conversation with Payoneer CEO Scott Galit; Roadie Founder and CEO Marc Gorlin; and Karen Webster.
PYMNTS
APRIL 22, 2020
While the digital age has opened up doors for businesses to expand internationally, it’s a bit misleading to say that it’s easier than ever for small firms to step foot into new geographic markets. Online-native companies and the cloud-based applications they run on have indeed lowered barriers for small and medium-sized businesses (SMBs) to connect with customers, business partners and even employees across borders.
PYMNTS
APRIL 21, 2020
Ripple announced on Tuesday (April 21) that it is filing a lawsuit against YouTube , alleging that the popular video platform isn’t doing its due diligence to identify and remove crypto-related scams, according to a company blog post. Ripple said it wants to protect its customers from disingenuous online giveaways and impersonations pretending to be from the company.
Speaker: Jamie Eagan
As organizations strive for agility and efficiency, it's imperative for finance leaders to embrace innovative technologies and redefine traditional processes. Join us as we explore the pivotal role of digitalization and automation in reshaping what is commonly referred to as the “last mile of reporting”. We’ll deep-dive into why digitalization is no longer a choice, but a necessity for finance departments to stay competitive in a fast-paced environment touching on: 2024 trends for the Office of
PYMNTS
APRIL 21, 2020
In times of turmoil, you go toward whom you trust. The coronavirus pandemic — which has forced all of us online — is exposing just who in financial services has embraced digitization, and who is truly digital native. We now must bank entirely online, by necessity. And many of us must transact entirely online, by necessity, to get the goods and services we need on a daily basis.
PYMNTS
APRIL 23, 2020
Branch visits are vital to customers’ financial lifestyles, despite mobile and online banking’s growing popularity. All generations, including 64 percent of baby boomers and 56 percent of those from Generation Z, largely prefer opening accounts in person rather than doing so online, for example, meaning in-branch experiences at financial institutions (FIs) need to be just as advanced as their online offerings.
PYMNTS
APRIL 21, 2020
The retail bankruptcy watch intensified Tuesday (April 21) as the department store sector was hit by reports of yet another major player looking at that option. Lord & Taylor, now joining Neiman Marcus, is considering a bankruptcy filing as the COVID-19 lockdown continues to decimate non-essential retail. According to Reuters , chapter 11 protection is one of several options being explored including relief from creditors and alternative financing.
PYMNTS
APRIL 22, 2020
California became the first state to issue a stay-at-home order on March 19. All 50 states have since issued social distancing guidelines, with consumers everywhere wondering when the mandates will be lifted, when the economy will reopen and whether it will be possible to resume living their pre-COVID-19 lives. But regardless of their states of residence, consumers’ lives had already changed dramatically since the pandemic was first announced.
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PYMNTS
APRIL 23, 2020
Expedia Group has announced a new CEO and said it has agreed to a buyout, according to The Wall Street Journal. Vice Chairman Peter Kern will take the helm of Expedia, which contains Travelocity, Orbitz and Vrbo under its umbrella, and has been without a CEO since last December. Acting Chief Financial Officer Eric Hart will now serve in his role permanently.
PYMNTS
APRIL 24, 2020
Inertia is a powerful force in the world of payments and commerce, and one that explains the persistence of things that seem like they should have been disrupted long ago. Paper checks , the biweekly pay cycle, contact-based payments — the technology has long existed to banish those antiquated ideas and replace them with a digitized variation that is faster, smoother, more accessible and more secure.
PYMNTS
APRIL 22, 2020
Hard Rock International is not expecting business to rebound before 2021. “There’s going to be a real challenge, especially here in the United States, as far as ramping the business back up,” Hard Rock Chairman James Allen told CNBC Wednesday (April 22) regarding the impact of the coronavirus pandemic. “We’re planning on that taking a year.”. Founded in London in 1971 and based in Florida, Hard Rock operates hotels, casinos and restaurants in 76 countries, according to the Hard Rock website.
PYMNTS
APRIL 24, 2020
The People’s Bank of China (PBOC) is launching a pilot program to trial its new digital currency yuan with 19 local businesses, including the U.S. chains Starbucks, Subway and McDonald’s. The digital currency trial is being held in Xiong’an New Area, a city being built south of Beijing. China is the first country to launch a central bank digital currency (CBDC) or digital currency electronic payment (DCEP).
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PYMNTS
APRIL 22, 2020
Global concern over the coronavirus spreading on contaminated surfaces in public places is unleashing rapid development of innovative biometric products that could assist a touchless society. The New York City Police Department recently stopped using its fingerprint identification security procedure for employees entering buildings, for example, contributing to a spike in demand for contactless identification alternatives.
PYMNTS
APRIL 24, 2020
Representatives from Colorado and Oregon, states known for liberal cannabis laws, want the cannabis industry to be included in future Paycheck Protection Program (PPP) legislation. Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO) introduced legislation this week to ensure that that happens, allowing cannabis companies to be eligible for the PPP, along with Economic Injury Disaster Loans and other emergency loan advances.
PYMNTS
APRIL 21, 2020
The coronavirus pandemic has some organizations playing payment rails musical chairs in their accounts payable (AP) departments as they adjust payment strategies (and methods) to suit their needs in a volatile, remote working environment. For many AP teams, the paper check has presented immediate challenges with staff no longer able to step into the office to print and send checks (and no one on the accounts receivable end to accept them).
PYMNTS
APRIL 24, 2020
With travel bans in place and work-from-home orders implemented, business trip volume has all but plummeted to zero. That may initially seem like bad news for corporate travel and expense (T&E) management providers whose revenues are largely comprised of spend that occurs during business trips. But while corporate travel spend is down, expenditure across a range of other categories is up — way up, in some scenarios, according to Webexpenses CEO Adam Reynolds.
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PYMNTS
APRIL 23, 2020
The coronavirus has forced a reckoning with daily financial life, with belt-tightening and budgeting. And as tens of millions of Americans stay at home, work from home, shop from home (and have things delivered), and as the kids are learning at home – cars and vans and trucks sit idle in driveways and on side streets. It stands to reason that the risk of accidents declines when the vehicles (and the drivers piloting them) are off the roads.
PYMNTS
APRIL 22, 2020
Travelex , the British foreign exchange company, is seeking a buyer, the Financial Times (FT) reported. “As part of its continuing assessment of strategic options to maximize value for its stakeholders, the Board of Travelex Holdings Limited has decided to seek offers for the Travelex group, and has communicated this intention to Finablr ,” Travelex said in a statement, according to Reuters.
PYMNTS
APRIL 23, 2020
Business payment and accounting solutions provider Gilded said that digital currency data provider CoinMarketCap has implemented its cryptocurrency payment technology, according to an announcement. CoinMarketCap had reached out to Gilded to provide a solution that would automate invoicing as well as crypto payments, while bringing more payment options for clients.
PYMNTS
APRIL 22, 2020
In a time period dominated by retail sales declines, the hardest hit has been the automotive industry. While March retail sales dropped 8 percent overall, new cars dropped as much as 36.9 percent for some brands as dealerships were shut down due to concerns over the personal contact inherent in the auto sales process. Used cars suffered a similar fate amid the coronavirus pandemic.
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"Offer payroll and do it yourself,” they said. “It’ll be fun!” Spoiler alert: It was not fun. Most CPA firms know that they need to offer payroll services to their clients or risk losing them to another firm that will. However, many don’t really want to. It is often time-consuming and complex due to changing tax laws and regulations, and with the growing staffing shortages, most just don’t have the resources.
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