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This Week in Payments – 8/15/2014

Mobile Payments Will Make Credit and ATM Cards Almost Obsolete

by Matthew Friend, managing director of Accenture Payment Services via Forbes

Eight-track tapes, rotary phones, videocassette recorders. Think of outdated technologies and these probably spring to mind. Will plastic cards eventually join the list? Certainly the demise of credit and debit cards isn’t imminent, but they’re going to begin to lose their appeal in a world where transactions can increasingly be done by smartphone.

With payments more and more going mobile, retailers, banks, card companies, phone operators and just about everyone in between are scrambling for position. Mobile payments will hit $720 billion a year by 2017, up from $235 billion last year, according to the research firm Gartner. 

Lessons from an $8 million fraud

by Mark J. Nigrini, PH.D. and Nathan J. Mueller via Journal of Accountancy

In hindsight, it seems obvious: Nathan J. Mueller’s pilfering of financial services giant ING should have never been allowed to start, much less last as long as it did.

First, it was an accident that gave Mueller, an employee in ING’s reinsurance division, the authority to approve company checks of up to $250,000.

Then, the check his credit card company returned to ING could have exposed his theft in the first year, but the accounts payable department simply returned the check to him.


Amazon Launches a Mobile Card Reader to Undercut Square

by Jason Abbruzzese via Mashable

Amazon has announced its entry into the mobile payments market with Local Register, a card reader and mobile app for small businesses.

The new product competes directly with companies like Square and PayPal in the fast-growing market for payment transactions. The mobile payments market has been forecast by Forrester Research to hit $90 billion by 2017, growing quickly from the $12.8 billion spent in 2012.

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AuditFile Raises $3M To Offer Task Management For Accountants

by Kyle Russell via TechCrunch

Few jobs require more boring drudgery than what accountants have to deal with on a daily basis when performing an audit — they literally spend their time making sure that numbers in one column reflect what numbers in a bunch of other columns should add up to.

Beyond the nature of the work, the actual process for verifying all those numbers isn’t pretty. According to AuditFile CEO Steven Bong, most CPAs he’s encountered built their workflow on top of the Microsoft Office suite, keeping track of accounts in massive  spreadsheets and audit progress in Word documents.

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How are businesses going paperless? (infographic)

by Lynn Nguyen via GoCanvas

Consumers aren’t the only ones ditching paper: businesses of all kinds are leaving paper in the 20th century.

But why are they going paperless? And what are they doing to replace the forms such as inspections, time cards, and delivery confirmations that businesses can’t avoid? We asked our customers and here’s what they said in three major industries:

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