Payment methods haven’t changed much in throughout history and here we have a rare transition to the way we pay for goods and services. We’ve progressed from the time of gold coins and paper money to plastic and now virtual. Much has been made recently with streamlining information and business itself with new technologies like cloud servers and Google Wallet. The question is what does this mean for the merchants who process credit cards as a part of their daily business?
This technology provided by Google in partnership with Citi, MasterCard, First Data and Sprint will be as beneficial to the merchants as it will be convenient for the consumers. Although it’s main attribute will be to provide ease of use and access to various forms of payment through one easy to use device, it will open up a new world of access for the merchants as well. This unprecedented exchange between consumer and merchant will create new ways to communicate and receive special offers and promotional material. The possibilities are endless, from sending special shopping hours to preferred customers to creating loyalty programs.
The pros seem endless but what are the cons? Obviously security is a main concern when we speak of putting all of our vital financial information in one device. Its true Google is notoriously known as big brother for all their information storing and sharing and why should their Wallet technology differ. In a recent article by Lance Ulanoff form PCMag he states, “I was impressed with its security plans, which include a PIN number for the wallet….. and the addition of a smart card reader chip that talks to the trusted partner First Data that will self destruct if someone tries to hack or crack it.”
We have trusted the credit card companies with our information for years and this technology although new should be a cause for alarm on security. As merchants you must roll with the advances as they come or become left behind. The adaptation of this tap and pay technology is another move toward total integration of us and the mobile world.
This opportunity should be grabbed by merchants alike to use it to their advantage and increase their visibility in the market place. Connecting with your customers outside your physical location can attract more overall business and add to revenues. Credit card merchant processors are excited about the possibilities the new technology can advance the way they do business. The technology is not yet fully developed and being run on a small limited market at the moment through Sprint Nexus 4G phones in partnership with Citi and MasterCard. To begin make sure your card merchant provides this service e as only a few do for now. CCMP, www.creditcardmerchantprocessor.com, is one of those selected companies ready for the transition to mobile payment solutions.
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Credit Card Merchant Processor
Card Merchant
Merchants Credit Card
Call us on: – 001 (860) -880-1669
