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Posts Tagged ‘paybaQ’

Shoppers Trust Businesses Who Share More Information – KikScore Online Trust Survey Finds

Wednesday, December 14th, 2011

We are excited to announce our first KikScore Online Trust Survey.  Since we are a business that serves the small business community we wanted to learn first hand what shoppers and website visitors are saying about their browsing experience, especially how it relates to small business websites. The KikScore Online Trust Survey provides an overview for small businesses, shoppers and the greater community about trust and reliability trends. It especially focuses on how consumers approach the trust and credibility issue as they perform local searches for small businesses in various search engines.

The Context and Background for the KikScore Online Trust Survey

Really since the inception of the internet, small businesses have faced the constant challenge of proving that they are trustworthy and reliable online businesses and website visitors should trust them.  Lacking the large marketing budgets and brand names, small businesses face the battle of demonstrating to website visitors that they are legitimate and trustworthy businesses.  This online trust challenge has resulted in billions of dollars in losses for small businesses.

Recently, to add to this challenge that small businesses face is the rise of local search.  As more consumers perform local searches on Google and Bing, search results are returning more and more small local businesses.  Website visitors have the increasing opportunity to visit small business websites of plumbers, realtors, contractors, lawyers and local stores such as dry cleaners and transact on many online small business websites.

We set out to study what are the trends for shoppers as well as small businesses for demonstrating trust through both local search and online shopping.

The KikScore Online Trust Survey & Report Findings

Here are some of the key findings from our report:

  1. The fear of being defrauded or a victim of an online scam has led more than 90% of consumers that shop online not to complete a transaction;
  2. 87% of website visitors feel safer buying from websites that feature information about the business and the track record of the business;
  3. 85% of website visitors that perform local searches are more willing to hire a small business service provider that has a trust seal on their website;
  4. Over 60% of website visitors are more likely to buy from a website that posts information and details about the management of an online business; and
  5. More than 90% of website visitors that perform local searches are more willing to trust a service business that posts information on their website about their business history and track record.


Key Implication from the Online Trust Survey for Small Businesses – More Information Means More Sales

The main takeaway from the Survey is that website visitors want to know who is “behind the online business” and information about the business itself.  Further, the data indicates that one way to combat the online trust challenge for small businesses is to address the information asymmetry that exists between website visitors and small businesses.  The recurring theme through the data from the report is that local searchers and shoppers want transparency through reputational information when they reach a small business website. This finding tends to makes sense from a layperson’s psychological approach to approaching something unknown.  From a human relations perspective, once a person finds out more information about a previously unknown subject/person, that person then can make a much better assessment about the credibility and trustworthiness of that subject/person.  The same approach generally holds true for a website visitor to an unfamiliar online business.

From this key finding, the KikScore Report provided these following recommendations for small business to act on to start addressing the information asymmetry:

  1. Start providing key information about your small business on your website;
  2. Important information to provide can include, details about the management team, financial history, location information, website history and security information, customer service and privacy policies, certification and awards and introductory videos;
  3. Display real customer feedback and testimonials about a shopping experience or your customer’s experience hiring your small business to provide a service; and
  4. Using and displaying a trust seal(s) that help you show website visitors that your business has been validated and provides information about the reputation of your small business.

The important point for small businesses from this report is to use these four steps outlined immediately above as a way to use information about your own business, your management team, your own track record and make that transparent to website visitors.  These steps will help small businesses address the online trust challenge and directly help balance the information asymmetry between website visitors and small online businesses.

Case Study: PaybaQ Proves the Importance of Displaying Reputational Information

As a part of the Report, KikScore included a case study from a small business that had already implemented the recommendations above to provide an illustration of how one small business owner successfully tackled the online trust challenge.  The case study is of Brian J. Esposito the CEO and founder of PaybaQ.

Shortly after launching PaybaQ, a peer-to-peer lending site, Mr. Esposito faced low signups, abandoned shopping carts and abandoned registrations.  Mr. Esposito, being a prior Inc5000 listed business owner, sought to use his own reputation as a way to show website visitors his website was trustworthy and reliable.  After Mr. Esposito signed up for KikScore and started using the KikScore Confidence Badge to provide more information about his track record as a business owner and also offer a way to provide feedback, PaybaQ experienced a 20% increase in conversions.

As seen from the increase in PaybaQ’s conversions after using the KikScore Confidence Badge to display reputational information about the business owner, management team, website and policies, information transparency is the fundamental method for small businesses to demonstrate trustworthiness and achieve success online.  Mr. Esposito noted: “Immediate access to information and transparency into any company is crucial, especially startup small businesses.  Implementing a seamless solutions on PaybaQ.com gives my potential users exactly what they need, a quick snapshot of my company, team members, and even myself.  This tool helps show browsers who find our site through Google and Bing that they are on a safe credible site that they can trust.”

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Posts Tagged ‘paybaQ’

Congrats to Our Longtime Customer PaybaQ on 2011 W3 Award for Their Innovative & Unique Website

Monday, October 24th, 2011


Over the weekend we found out that our long time customer, PaybaQ won a very prestigious W3 Award for outstanding website design.  Paybaq was selected by W3 from over 3,000 entries. The founder of Brian Esposito has been a longtime KikScore customer and proudly displays his KikScore seal on PaybaQ’s website.  PaybaQ is a new age micolending site that has been growing fast and is getting a lot of attention. His KikScore seal has actually helped him increase registrations and sales on his award winning site over 20%.

To find out a little more about PaybaQ, Brian and his CTO Peter Hermsen told us their small business story just last month in one of our most highly read interviews on this blog!  They are clearly on a roll and this great award is just one further step in the growth and development of PaybaQ. Here are the details on the award that PaybaQ received.

Congrats Brian and team.  Keep it up!

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Posts Tagged ‘paybaQ’

“Putting Your Money baQ Where it Belongs”: A SmallBiz Interview with the CEO and CTO of paybaQ

Thursday, September 8th, 2011

Today’s small business interview is with the founder and CEO of paybaQ, Brian J. Esposito, and the CTO, Peter Hermsen. You may remember Brian from his last interview with us when we talked about his Inc. 5000 company, AVEYOU Beauty Boutique . However, his enthusiastic entrepreneurial spirit inspired him to launch a new business, paybaQ, which focuses on helping people deal with their microloans online. Brian and Peter proudly gave us their business story and shared many tips that contribute towards the success and prosperity of small businesses.

Tell us about paybaQ and who you focus on serving?

BRIAN J. ESPOSITO: paybaQ was established in 2010 to fulfill a need: to address and solve the age old problem of personal undocumented microloans. The paybaQ platform allows users to document, arrange payment between two or more parties, and establish a positive personal Generosity Rating (Giver) & Responsibility Rating (Receiver). paybaQ’s purpose is to eliminate the awkwardness of borrowing or collecting personal microloans. Through our secure and simple system you will not only become more responsible, but possibly save a relationship from becoming spoiled.

“Money doesn’t have to be the root of all evil, it could grow into something good”.

Your paybaQ hub has everything you need to organize and monitor any transactions you perform with paybaQ.com.  Here, you can easily review account details and history, as well as view detailed reports on your transactions. You also have access to any reminders for transactions that have not yet been completed, and you can integrate your account with social network profiles to easily add contacts you may be lending or borrowing money from. No more wondering when you are going to be paid back; with paybaQ, you can set the terms of the microloan and easily remind the borrower(s) through email, text message, and/or through private messaging that monies are due. Lending and borrowing money has never been so hassle free. Although our top priority is creating more responsible individuals, privacy and security of our site and system is of the utmost importance.

Now you can do that all on the go with our iTunes app: http://itunes.apple.com/us/app/paybaq-mobile/id454232420?mt=8.

How did you get started dealing with microloans online?

BE: This was an idea that I have had for a few years.  Especially when the financial crisis hit in 2008, I realized the timing was perfect to launch.  Money, family, friendship, and responsibilities are at rocky paths when it comes to lending or borrowing money for any reason.  Even when times are good these transactions could always have the tendency of going bad.  paybaQ’s system has all the necessary pieces in place to try and avoid those situations from happening.

What was one of the biggest challenges you faced and overcame in launching paybaQ?

BE: The biggest challenge was where to begin.  The paybaQ model has so many different pieces that it can branch off to.  During our initial meetings, brainstorming’s lead to hours of great ideas, but no real progress.  We finally figured out that we had to scale back all those additional concepts and get paybaQ off the ground and running on its core principles.

What tools would you recommend for small businesses in the online world?

BE: Small business should be required a specific set of tools to protect themselves, their families, and more importantly their employees and customers.  In the online world these tools should include SSL Security, Privacy Policies, Hacker Proof Services Monitors, PCI Compliance, Review/Feedback Services, and additional items that can be added to your site to increase trust and credibility.  There are only a handful of companies that have earned instant trust in the consumer world; for the rest of us, it will be a constant uphill battle to convert potential customers into actual customers.  That all begins with how you treat your current customer base and how your image and brand are perceived in the consumers eyes.

Security is of growing importance to all small businesses for a number of reasons. What are the most challenging issues at your company with respect to security?

PETER HERMSEN: Providing timely access to data by members while deterring unauthorized access.  We recognize the challenges faced by the commerce community with respect to security and privacy.  No matter what you do to secure your data, someone will try to figure out a way to crack it.  That’s why we partner with Authorize.net.  With them as a partner, we don’t have to worry about keeping any credit card information on our site.  We only maintain a balance of loan tokens, which have no value to anyone with the exception that they allow users to register loans.  In fact, we give the first 5 credits for free.

Based on your expertise, what two or three things do you think small businesses should be doing concerning online marketing?

BE: It’s very important to stay fresh and relevant.  I always say the minute you stop doing something, your competitor hasn’t.  Keeping this in your mind at all times will fuel you to keep striving for greatness.  Being the biggest is not important, but being the best is.  It is also important to understand marketing and its results.  Very few things are an instant success.  You have to keep with it.  Of course this is within reason.  You can’t keep pouring good money after bad.  Every business has different expectations and needs.  With ours, due to our position we are happy gaining a customer a day, but of course that does not apply to everyone.

If you had to pick two lessons that you’ve learned from launching and maintaining your business, what would they be?

PH: Launching a business and developing the software are definitely different things.  From the development side, the business waits (patiently) while development carries on.  Now that we’ve launched, we’re just learning about maintaining.  There are hurdles which must be crossed as you transition to a production site.  We made it past them, but have definitely learned that no matter what, you always have to plan on software taking longer than anticipated.  Also, when working in a new financial venture, you find that potential financial partners enter with good intentions; then, when they don’t fully understand your premise, withdraw gracefully.  Unfortunately, the development team engages with creating software to support partners, and have to start over when a new partner is introduced.  Unfortunately, there aren’t any standards. Google Checkout, PayPal, Yahoo, private payment gateways; all of them are different.

BE: I’ve learned to not give up on a vision or dream.  I’ve learned even your closest friends and even sometimes family members will try to deflate you. I haven’t figured out if these are malice words or if they are just trying to protect you from failure.  Failure is great, failure is better than anything you can learn in school or from a book.  Some of the greatest lessons and creations were born from failure at some point.

How do the folks at paybaQ let loose after a busy day working?

Due to our partnership with The Hearst Corporation for the rights to use Wimpy from Popeye, we like to let loose on Tuesdays for Hamburger night.  We will travel around our area in search for the greatest hamburger.  When paybaQ really takes off we may increase our distance a bit.  “I will gladly pay you Tuesday for a Hamburger Today:” © King Features Syndicate, Inc.  Hearst Holdings Inc.

Do you have any parting thoughts for our readers and the small business community?

The small business community is an elite group.  We are made up of people who took a risk and went after our passions.  Everything in life has ups and downs.  It is important to find a balance so you can save on the ups to get you through the downs.  Unless you are a 1-person operation your actions and decisions can have great affects.  Remember you have employees, vendors, suppliers, and customers that may depend on you.  This is a great amount of responsibility you have taken on, and you should be proud.  Our group will continue to be the backbone of our economy and we must prove to the world that we deserve that role.

Thanks to both Brian Esposito and Peter Hermsen from paybaQ for a great interview! If you have any questions or comments for them, feel free to write them below.

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Posts Tagged ‘paybaQ’

KikScore’s Online Trust Seal & Confidence Badge for SmallBiz Featured in Business Insider & SmallBiz Technology

Tuesday, June 21st, 2011



We usually try our best to keep this blog about the adventures, challenges and stories of small business and startups and providing tips for the community.  Today, however, is an exception and we wanted to pass along our special thanks to some folks and make our readers aware of KikScore being in the news yesterday.  Our friends including Ramon Ray and Joseph Mutitjo at the fantastic  SmallBiz Technology blog did a feature post covering KikScore and one of our great customers, paybaQ.  That article was picked up at Business Insider as well too so yesterday was a two for one news special for us.

So in case you missed the articles yesterday here is the SmallBizTechnology titled Dealing With Shopping Cart Abandonment Issues? Customers Unsure That They Can Trust Your Business? Consider Trust Seal Provider KikScore.  Also here is the article from Business Insider’s coverage of KikScore.

Lastly, as I mentioned in my comment to the Business Insider article.  If you are a small business or a blogger and would like to try out KikScore for FREE for 60 days, please leave a comment here, send us a tweet to @KikScore on Twitter or post a comment on the KikScore’s Facebook Fan Page.

Special thanks to Ramon and Joseph for taking the time to cover KikScore.  And as always thanks to the community and our fabulous customers for continuing to support and use KikScore!



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