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Today In Payments: Toast Reduces Headcount Amid Coronavirus; SBA Faces Difficulties With Relief Loans

Today in Payments

In today’s top news, Toast is decreasing its headcount amid the coronavirus, and Amazon is halting its shipping service as it needs workers for more pressing tasks. Plus, the Small Business Administration (SBA) is facing challenges with relief loans as it contends with an old computer system and too few staffers.

POS Toast Cuts Staff In Half As More Restaurants Close

Toast, the restaurant point-of-sale (POS) software company, said it would have to cut approximately half of its staff as the coronavirus closes businesses throughout the country. The company assists new and upscale restaurants in updating their technology.

Amazon Pulls Plug On Its Shipping Service

Amazon is halting its shipping service as it needs those workers for more urgent matters. Amazon Shipping launched in beta in Los Angeles and London, but the eCommerce company is pausing the service because of staff shortages caused by the pandemic.

SBA Struggling To Meet Demand For Relief Loans

Too few staffers and an old computer system is making it difficult for the SBA to contend with the high demand for COVID-19 relief loans. The $349 billion Paycheck Protection Program for small businesses launched on Friday (April 3).

Ex-Fed Head Bernanke: Prepare For Long Recovery

Ben Bernanke, the former chair of the Federal Reserve, said during an online event that it could take years before the U.S. economy bounces back from the impact of the COVID-19 pandemic. He said the U.S. economy could fall 30 percent or even more in the quarter.

NEW DATA: 10 Things That Can Curb Subscription Commerce Churn

The coronavirus pandemic is advancing, causing a large economic downturn and making customers reduce their spending where they can — and subscription plans are in the crosshairs. How can providers maintain their subscribers even with evolving financial priorities?

How Firms Can Speed Past The $150B Toll Of Legacy AP And AR Processes

Companies in the United States generate roughly $9 billion in paper invoices annually, representing roughly three-quarters of all companies per the U.S. Federal Reservice. If these companies migrated en mass to electronic invoicing, they could save as much as $150 billion yearly per Fed projections.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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