If you own a business with a physical location that sells products or services to consumers what should be made of all of the changes happening in the payment landscape today?
Yes, it is completely overwhelming for someone who isn’t familiar with all the options available. There are significant innovations and changes frequently taking place in the world, particularly in the USA. Which processors to use, how to set up, who can you trust, and what should I invest in the system? Should you continue to work with the existing processor or seek a new one? What is the rate I am getting to potential new rate? There are so many startups out there offering different solutions?
It highly depends on your goals and how robust your business needs are (ie: inventory management, multiple locations, customer relationship management, etc). If you are looking to simply accept payment cards at your business Square has done a great job of staying modern with their platform. They are releasing a new reader that accepts all the payment methods(Chip & Pin, traditional swipe, and Contactless(Tap to Pay). This means you can pay with your Gratitude PrePaid Mastercard as well as mobile devices (Apple Pay, Samsung Pay, Android Pay) and cards. All processors and POS companies such as square are revamping their systems to ensure the specifications are met for EMV. If you are not familiar with EMV it is a global consortium that oversees an operating standard to enhance security for payment transactions. The ecosystem collectively must follow these standards to operate efficiently in today’s world.
You also have all the Independent Sales Organizations who service merchants on behalf of merchant banks to process payments. It is in their interest to upgrade everyone to accept all forms of payment to meet all standards.
The bottom line is there are several key parties in the value chain who are driving the innovation, consumers have many new options to pay, and merchants need to be ready for the wave of new methods hitting the markets.
If you are the owner of a business would you want to turn customers away if someone forgot their wallet at home who wanted to pay with their phone or bracelet? Do you want to be liable for transactions you shouldn’t be liable for?