We all know that retail technology has been a rapidly changing environment over the last several years, but nothing has been changing as fast as the third-party payments and loyalty programs.
Many years ago, when credit cards got its start, numerous experts said that we were going to be in a check less-cash less society. While credit cards did reduce the use of cash and checks, it never came close to eliminating them. Then several years ago the debit card was introduced, and again, many experts said we were going to eliminate check and cash transaction. While the debt card has had a much greater impact on checks and cash, it still did not eliminate them.
Today though, with the rapid change, we are seeing in payment processing, we may finally be on the edge of eliminating checks, except for very few limited face to face transactions and substantially reducing the use of cash. The wallet is doomed!
“Mobile Payments” are changing the way we handle paying for items and as an ICB it is critical that you understand these changes because it will have a major impact on how you do business. So the question is, “Have you spoken to your payment provider recently?” If not, you need to without delay.
With changes that have taken place with mobile payments and more importantly, the significant changes which will be taking place over the next year or two, it is important you have a payment provider who is going to keep up with the changes. If they don’t, you and your customers will be very disappointed.
For years, many payment providers were just a third party who was your representative who got you set up with a major payment provider like Heartland or First Data. Then they sat back and collected a small part of the fee you paid for your credit and debit card transactions. They didn’t do much else. If that is the type of provider, you are still working with you need to take a hard look because it is probably time to change.
From security issues to new uses of payment methods at the POS and Online or the interactive buying processes, if you are not working with a provider who is actively engaged in the changes in technologies, especially mobile payments, then you will be in for a lot of customer frustration, potentially lost sales and the inability of using technology to grow your business. It’s that important, in the pass payment processing was only a function used to close the sale. Today it is now an intricate part of the total sales process.
It may be to your advantage to contact a technology strategist to determine your present payment situation and to help understand what you should be doing based on your future plans prior to call your current or prospective payment provider. Having a stronger payment knowledge base before your call helps establish the guidelines you will need to follow moving forward. Call us if you think we can help, we are always happy to hear from our readers and answer any questions you may have.