Video: The Digital Transformation of SMBs, a Discussion at TRANSACT 2019
7-31-2019
We are in the midst of a digital revolution in payments that will affect how commerce is performed in the future. One sector of commerce that will feel the pressures of this digitization are small-and-medium businesses, or SMBs.
At TRANSACT 2019, one of the major presentations held was “Digital Transformation of SMBs: Future of Commerce” with speakers Todd Mazurek, Senior Director at Visa, Diana Unay, Director of Social Media Marketing at Visa, Wimbish Potter, Vice President of Product Delivery at Paysafe, and Josh Park, Senior Director of Acquirer Partnerships, Authorize.NET, and CyberSource at Visa, as moderator.
The panel focused on addressing key issues to help merchant acquirers and ISOs promote digital payments to SMB merchants in order to expand acceptance, customer loyalty, and additional services.
One such issue that was discussed revolved around how some merchants, particularly those of older age, are uncomfortable with making the leap to digital. This is partly due to not knowing how to go about said leap. “I think they are aware of it, but they don’t know how to do it,” Potter says. She continues, “our job is to teach them what is out there.”
The panel also talked about what SMBs should be considering in the future as payments technology continues to evolve. “Merchants need to think about this from a payment experience,” Mazurek says, “because getting to know your customer, that’s the key thing for a small business.”
Click here to watch the full presentation, and click here to read more about TRANSACT and ETA events.
About ETA
The Electronic Transactions Association (ETA) is the world’s leading advocacy and trade association for the payments industry. Our members span the breadth of significant payments and fintech companies, from the largest incumbent players to the emerging disruptors in the U.S. and in more than a dozen countries around the world. ETA members make commerce possible by processing approximately $56.75 trillion annually in purchases and P2P payments worldwide and deploying payments innovation to merchants and consumers.
ETAs membership spans the breadth of the payments industry to include independent sales organizations (ISOs), payments networks, financial institutions, transaction processors, mobile payments products and services, payments technologies, and software providers (ISV) and hardware suppliers. For more information, visit electran.org.
