Most industries and businesses continue to face several challenges, despite the ones overcome caused by the global pandemic. The payments industry is no exception, and it’s during these difficult times it is even more important to understand the key challenges, so agencies are able to manage and overcome them. When it comes to the future of payment processing and point-of-sale (POS) systems, three challenges come to mind:
- True partnership
These are the three areas agencies should be focusing on. Here are some insights into how agencies can tackle these challenges to make payment processing easier for their clients.
Over the last few years, technology and security have pushed major changes in software and hardware with the introduction of the EMV chip card. Those big shifts are finally simmering down, and now it’s time to focus on the details – sophisticated upgrades to software systems and functionality that will continue to make the payment experience easier for retailers and, more importantly, their customers.
A recent study by the National Retail Federation (NRF) and Forrester2 reports the top initiative for payment leaders over the next 18 months is to better support omnichannel retailing scenarios.
Insurance agencies will need to make savvy decisions about the improvements required to make sure their customers can pay any way they want – from cash to card to mobile contactless payments. That means third party providers need to be prepared to help insurance agencies understand their processing options and advise them on the most cost-effective and high-impact choices available.
The biggest hurdle agencies will continue to experience is selecting the right payment processing partner.
Deloitte’s report on payment trends explains that the greater prevalence of exponential technologies – distributed ledger technology (DLT) and cryptocurrencies, Internet of Things (IoT) as point of sale (POS), digital wallets, tokenization, and more – will expand consumers’ and merchants’ options for how to pay and receive payment1.
This further emphasizes the importance of having the right payments provider that will futureproof their business so they’re able to accept any type of payment a policyholder wants to present to them.
For example, while support for mobile payments like Apple Pay, Samsung Pay, and other digital wallets continue to evolve, agencies need to implement the right software in place so they can approach new mobile payment processors to discuss adding their services in the future.
It’s critical to find a payments provider that is committed to understanding exactly what their clients need to manage payments right now and years from now. With the speed at which the world and technology are changing, it’s hard to predict beyond a few years.
The partnership a payments provider has with its clients is the essential driver behind all these future improvements. Why? Because there are more POS players in the market than ever, and the options can be overwhelming, especially for a new agency. It would be vital for an agency to adopt a platform with a provider that simplifies the process and reduces confusion.
It’s important for a payments partner to understand the client’s business inside and out, to know what types of payments they want to accept. Then, it’s possible to deliver a custom solution that’s cost-effective and reliable and will result in the futureproofing they need.
So, there you have it – the three things to focus on going forward. Agencies should always be searching for thoughtful partnerships with forward-thinking payments providers that will provide the best experience for their customers today and every day ahead.