Mobile Payment using Payment Terminal. Picture taken bij Jonas Leupe (www.brandstof.studio) for In The Pocket (www.inthepocket.com)

Level III (or level 3) data refers to providing specific line item details at the time of a purchasing card or government card transaction beyond what is required for consumer card transactions.

This data is incredibly important because including that with your transaction data significantly reduces risk and nets you savings on interchange fees. As a vendor, if you accept a lot of sales from government agencies or corporate purchases where a corporate credit or purchase card is used, inserting level 3 SKU data into the transaction will net you significant cost savings on processing fees.

In order to save…


https://www.pexels.com/photo/open-signage-hanging-on-glass-door-of-vicinity-331990/

Innovative banks and fintech companies have taken the lead in setting new standards for consumer banking. Banking products and services can now be accessible to a larger demographic who weren’t targeted before by incumbent financial institutions. An example of this is how Robinhood democratized investing for everyone.

It’s time to give the same attention to small businesses which provide direct employment to more than 60 million employees and cover 99% of all US Businesses.

The following graphic gives an overview of the fintech landscape focusing on SMBs. …


Over the past several years, major companies released their own cards along with their core products — Venmo, Uber, Apple, and Amazon are a few examples of companies offering cards as an alternative paying experience.

Recently, a myriad of hypergrowth fintech startups are making waves in the payments and fintech industry. One of the biggest examples right now is Brex, a fintech company that provides a suite of financial management solutions but is most notable for its corporate cards.

The key benefit of a corporate card is its centralized expense management capabilities, giving insight and visibility into every purchase made…


34 days and $17 are the average time and cost to process a single invoice. As the cost of this processing is high and the wait period is long, one would be expected that the payment accuracy would be near perfect, but alas, currently B2B payments have an 18% error rate. These statistics raise some questions: “why is processing an invoice so expensive,” “how is the error still so large,” and even “how can these stats improve?” The short answer is to adopt electronic invoices and digital payments.

While 67% of consumer payments are made electronically, it’s hard to imagine…


Regardless of the industry, evolving with consumer needs and market standards has become mandatory. Robotic Process Automation (RPA) automates critical business processes by using algorithms for repetitive tasks such as invoicing, expense management, emails management, recognizing potential leads, etc. A study by NASA observes that human error is responsible for 60%-80% of risks in high-risk industries. RPA reduces this risk by taking out humans in the loop across operations. Without adapting to the evolving market and use of technological solutions, businesses will begin to fall behind.

UiPath is an RPA platform that is used to automate redundant tasks. UiPath provides…


Go beyond just barcodes and tracking numbers to capture complete shipping data on the shipping label and package.

1.7 million packages get stolen or go missing every day in the US.

Up to 15% of all deliveries in cities fail to reach customers due to package theft or wrong addresses, according to the New York Times. That’s a staggering number.

This amounts of over $25 million in value every day just in New York City.

Did you know that if you receive a package that was delivered to you, but intended for someone else, you can legally keep that package? You are not obligated to return that package to sender. …


Paying vendors with credit cards can get your cash back that offsets fees, or even nets you profit.

The majority of corporate procurement and accounts payable (AP) departments pay their vendors using checks or ACH today. However, COVID-19 brought forth one of the most sudden changes in the dynamic between vendors and buyers.

Checks and ACH are highly non-secure ways to settle payments — exposing your bank account and routing numbers means that there’s a higher surface area for invoice fraud. Instead, payers can use a corporate credit card or purchase card to pay invoices that are sent by a Level 3 (Level III) certified merchant.

Invoices sent by these merchants include level 3 data that includes line…


By Rithvik Reddy

​Amidst widespread unrest and a pandemic, businesses go into survival mode.

When business owners cut costs and ship orders as fast as they still can, they often think about how they can reduce their cost of goods sold, streamline labor, and connect with customers more closely. Meanwhile, the expensive and time consuming processes that shadow the dealings between businesses are overlooked as a hindrance.

These dealings are the countless invoices and shipping labels that are processed every day by businesses across the country, and globe. An average of 40% of firms of all sizes indicated that most…


It is no secret that the ongoing COVID-19 global pandemic has severely strained supply chains around the world. From the meat packing industry to medical equipment/PPE suppliers, several industries have endured the virus’s effects. With about 95% of the surgical masks and 70% of the respirators used in the US manufactured overseas, this pandemic has exposed our dependence on other countries as well as glaring inefficiencies within our domestic supply chains (US Department of Health and Human Services). According to a 2020 global survey, 73% of buyers and users of freight transportation and logistics services reported the coronavirus having an…


Bridging the paper and digital worlds. Have your cake and eat it too.

​The Intelligent Document Processing market is rapidly accelerating at 70–80% Compound Annual Growth Rate (CAGR) as enterprises seek to harness the power of AI to improve compliance, governance, and cost-efficiency of processing documents into data. The market size is over $1 billion in 2020, according to the Everest Group.

Some key findings are:

  • Banking, financial services and insurance (BFSI) and healthcare industries are the early adopters of IDP.
  • Consumer package goods (CPG) and retail, travel and logistics, manufacturing, and telecom are also deploying IDP solutions to process documents such as proof of delivery, custom declarations, driver logs and maintenance logs.

Photon Commerce

The AI platform for fintech and commerce (photoncommerce.com)

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