Payment integration essential for accommodating new consumer trends
October 09, 2013

Many businesses are updating their credit card processing technology to accommodate rapidly changing consumer trends. In fact, Scott Forshay, senior strategist at the Austin, Texas,-based consulting firm Mutual Mobile, wrote in Mobile Commerce Daily about how smartphones have radically changed the traditional retail experience.

According to Forshay, many consumers who own smartphones and tablets prefer to use those devices to make purchases and research products with greater flexibility as opposed to traditional in-store methods. As a result, brick-and-mortar stores are finding ways to implement e-commerce options or otherwise make the traditional point-of-sale experience more convenient for customers.

"Thanks to today's mobile-heavy environment, that traditional idea of the consumer shopping experience is as good as gone," Forshay wrote.

As a result, businesses in a variety of industries are making efforts to update their transaction processing capabilities to accept payments from multiple platforms. However, adapting to these changing consumer behaviors is about much more than the simple act of transaction processing. What's often more important is the ability to gather and store valuable data from the point of sale. A recent article from the Financial Times said investments in technology that expand the channels through which businesses can accept credit card payments are only effective if firms can properly integrate new revenue streams. The more transactions companies process, the more important it is to be able to effectively organize data from individual payments.

Payment integration services are a valuable tool for small and medium-sized organizations that want to maximize revenue. Many of these organizations often rely on paperwork to manage their finances. Advanced technology can eliminate many of these time-consuming tasks and give business owners the peace of mind of knowing their transaction information is properly stored in an easy-to-use system.

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