Is your payments strategy keeping up?
Mobile technology adoption “innovation is moving at a scarily fast pace.” So said Bill Gates several years ago. Never have those words been truer than today when used to describe this new economic era of on-demand and convenience-driven commerce. Chase Merchant Services notes there is currently a tectonic shift in how distributors distribute goods, how merchants sell those goods and how consumers consume them.
Today the point of sale is no longer just a checkout counter. The spread of digital payment methods means the new POS can be a smart phone, TV, watch, retail kiosk or even an embedded sensor in a refrigerator or thermostat. As they experience instant gratification from one merchant, consumers begin to expect the same from all providers.
Across industries and geography, businesses are struggling to adapt. Innovations in digital commerce, including web- and mobile app-based technology and electronic payment methods, are fueling a dizzying array of capabilities to match supply and demand and enabling alternative payment methods.
By necessity, payment acceptance strategies are moving to the forefront of business model considerations, affecting operating issues that go beyond cash flow and working capital forecasting. In this new economy, payments systems inform and influence IT capability requirements, website design, marketing strategies and more.