Merchant Service Innovation
Innovation Changing The Merchant Service Industry New Technologies Evolving Payment Acceptance
As with most industries technology is always advancing and when it comes to credit card processing the industry is at the forefront. Innovation and new technologies force evolution in the merchant service industry. Not too long ago credit card processing meant two things, either a credit card terminal at a local retailer or the ability to purchase something online. Those forums haven’t changed a lot over the years, however, the manner in which to do them has. And with new technology comes new methods which have forever changed the landscape of the industry. Being on the forefront of new technology relative to the industry is what has kept many of us still in it. With each new technology is renewed energy and excitement in the merchant service industry.
Many new technologies have changed the merchant service industry and here are just a few.
When Square became public, it forever changed the industry. They spent millions of dollars on advertising to quickly become a household name. Before Square, every merchant account boarded went through a credit approval process no matter what the size of business it was. The approval process meant filling out forms, waiting for a response, and finally setting up either a device or website. Square made it quick and easy for business owners to get setup and processing credit cards within minutes because there is no credit check to be had. The result was quick adoption by many small businesses, and other entities in the industry began looking at their risk assessments relative to small businesses.
Mobile wallets are still fairly new but have a world of potential, and many believe there will come a day that we won’t be carrying cards in our wallets. Many providers are strategizing to come up with new and innovative ways to eliminate credit cards, and some of them have been very successful. However, many experts believe this is a generational issue. As Americans, we believe in old habits. The older population is less trusting of technology, where younger Americans grew up with it and are very trusting of it. Because of this many believe that mobile wallets will become a natural extension of the younger millennial generation. Only time will tell, but with the millennials growing up in a technology-driven world, their sure to make changes.
Point of Sale Devices
Credit card terminals are going away! We’re all used to seeing the old block style type credit card terminals sitting at our local retailers. However, those are being replaced by tablet systems. For years business owners had to manage their stores by using disparate systems for things such as accounting, staff management, loyalty programs, and of course credit card processing. However today there are thousands of providers that have taken on the integration of all those functions and put them into one software management system. Technology and the decreased costs of tablets have allowed this to happen and with positive results. It’s easier now to run and manage a business than it ever has been.
Many innovations have forever changed the credit card processing industry. Just as soon as a new technology or application comes available, someone is always looking to wrap payments around it. It’s inevitable, and it’s what keeps this industry exciting and at the forefront. Merchant services and the world of credit card processing is always evolving, which is why business leaders should always be asking their representatives, Is There A Better Way?
If you still have questions or would like more information about any of these topics, feel free to reach out to us. We provide honest, straightforward, unbiased, representation to save you hours of frustration and headaches. To learn more about how Digital Financial Group can help you and your business, feel free to reach out to us at firstname.lastname@example.org or call 623-764-7471.