Mobile Payments Set to Transform Acquiring
A panel at the Northeast Acquirers Association 2014 Winter Seminar and Outing says acquirers could be transformed by offering retailers value-added features associated with mobile payments, such as data crunching to help merchants run their businesses more efficiently and profitably. The initial step in realizing this transition is persuading consumers to make the switch, according to Merchant Warehouse CEO Henry Helgeson. LevelUp’s Christina Dorobek says mobile payments can offer retailers reduced transaction costs and yield a treasure trove of data on consumers’ habits, while Isis’ Tony Abruzzio cites the higher level of security that mobile payments provide. Paydiant Mobile Systems’ Jed Rice says rewards will be an essential ingredient in convincing consumers to embrace mobile payments. Dorobek says merchants who use punch-card loyalty programs may be especially receptive to digital loyalty tech. “You know the merchants who are forward-thinking,” Rice points out. The panelists suggest acquirers learn as much about mobile payments as possible to inform their decisions when advising merchants on tech choices, as a response to the current uncertainty of what the right approach is.
From “Mobile Payments Set to Transform Acquiring”
ISO & Agent Weekly (01/31/14) McKinley, Ed