The Most Important Part of Payment Processing

Posted by Jesse on Oct 22, 2013 in Payment Processing

Looking back over the last few years we have seen a lot of change in the payments world.  We have seen the emergence of mobile processing, government regulation created and taking effect, and virtual currencies coming and going.  Reviewing all the wonderful and confusing changes we see what worked well and what didn’t.

 

Through it all there is one thing that has remained constant.

 

Listen to your merchants.

 

If you look at the news feeds today you are bound to see something about mobile payments and how it will change the world, you’ll see a POS that will take over x% of market share, and the next PayPal killer.  Last month we saw the same thing.  Over the summer there was something about bitcoin.

 

Very rarely is there a great article written by a merchant.  We have seen some great case studies, but we have also seen merchants ruined by apathetic processors.  Many times small merchants invest big to find it didn’t perform as expected.  Technology is pushed by sales forces seeking to sell you your next solution rarely concerned about your margin or necessary ROI.

 

The unfortunate thing is we don’t see listening becoming more common.  It’s important that we see more of it.  Processors must listen to the concerns of merchants.  Solutions need to fix real issues, not apply technologies.

 

Listen to your client.