This is an exciting time in payment technology. The innovation taking place is paving the way for better payments experiences not only for customers but for business owners as well – and I can confidently say this is just the beginning.
I couldn’t be more excited to be a part of an industry seeing such growth, innovation, and creativity. Giving and receiving payments is core to our everyday lives as consumers and (in some cases) as business owners, and being able to bring simplicity and innovation to a process that is so ingrained in our society is exciting, to say the least.
I wanted to take a moment to discuss my thoughts on the state of the industry, where it is headed, and what all of this means for the business owner.
Rapid Change, and More to Come!
I am a firm believer in the fact that we are quickly becoming a cashless society. I know personally it’s rare that I have cash in my wallet, yet I can very easily remember a time when this was not the case.
Just ten or fifteen years ago, those large, clunky dinosaur age credit card terminals plugged into the phone line were the coolest thing out there. Business owners and consumers alike were in awe of such a convenient new way to give and receive payments. Fast forward to today, and now people are tapping their phones and watches, or even using their fingerprints to confirm identity at checkout.
This rapid pace of change is a testament to the fact that we are making huge leaps in progress for payments. We are currently in a state of massive innovation, creativity, and growth – essentially on the precipice of a game changer.
The Next Big Thing In Payments
So, what’s next for the payment technology industry? For consumers, . A huge emphasis is being placed on convenience for the on-the-go consumer, and business owners and payment technology companies alike are answering the call. We are beginning to see more and more the ability to order coffee through mobile apps, or check-out at a retail store with an employee with a mobile swiper instead of standing on line.
For business owners, however, there is a slightly different landscape. Unfortunately, there’s a long way to go to really simplify things for the average business owner. Accepting payments, especially credit cards and the newer technologies, is still a pain, especially for small to medium sized businesses. There exists the pressure to keep up with consumer demand, but there also exists the need to do what is best for the business itself.
For business owners, it’s no longer just about payments, it’s about gaining access to data. Making smart business decisions comes from a place of truly understanding sales trends and activity – and the best way for this to be done is a payment technology platform that compiles that data for you. Manual processes are inaccurate and time-consuming – but unfortunately, we still see so many business owners either not tracking data or doing so in a very manual way.
Changes in Business Require Changes in Tech
Now, more than ever, we are seeing business becoming omni-channel. This means they are accepting payments in a variety of ways – online, in-store, over-the-phone, through invoicing… the list goes on! With all this data out there, it is important that business owners have the technology to keep up and track it in a meaningful way. Fattmerchant is on the forefront of this technology, giving our members access to all of their sales data in one convenient location.
You might assume all of these feature upgrades for merchants come with a hefty price tag – but this is not the case. Payment processing already has the bad reputation as a “necessary evil” for business owners since it is often so expensive. I am happy to say that not only does Fattmerchant offer savings through flat-rate and subscription models, we are starting to see more and more flexibility for merchants in the industry as a whole. The introduction of simplicity and transparency in pricing for merchants is a huge step in the right direction for a traditionally opaque and complicated industry.
My biggest advice to business owners in the current state of payments is to find the solution that works best for your business. So many merchants settle for what they think is their only option, even if the technology or pricing structure aren’t a perfect match. Make sure you can scale with your provider, save money, and ultimately grow.