What to look for when investing in credit card processing technology
October 10, 2013

Innovative electronic payment systems have become a central focus in the transaction processing industry. Advancements in smartphone and mobile technology have significantly reduced consumer dependence on cash for making purchases in stores. In fact, a recent article published in The New Yorker said physical payments take up valuable space and often move slowly through financial systems. As a result, more businesses are choosing to accept mobile credit card payments to maximize revenue.

New innovations in transaction processing technology present exciting opportunities for small and medium-sized businesses. However, before implementing these new services into existing operations, organizations of all sizes must understand the most important elements that make up effective payment technology.

Lindsay Aranha wrote in Payment Source, an industry news website, that stores and other companies will struggle to experience the full benefit of these services if the technology is not able to properly integrate transaction data from multiple channels. Similarly, organizations must also be prepared to analyze the information they gather from integrated payment systems to create additional ways to enhance the customer experience through other channels. For example, store owners can leverage transaction data to reward their most loyal shoppers and boost long-term retention rates.

No matter what innovations people come up with in the future, the key to offering electronic payment systems is the ability to seamlessly connect multiple transaction sources into one easily accessible database.

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