Video: Big Opportunities for Merchant Acquirers

Is it possible for technology to be both a challenge and a solution? For today’s merchant acquirers, that’s the reality they live with on a daily basis.  

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Technology Offers Big Opportunities for Merchant Acquirers

Jun 27, 2017

Video: Big Opportunities for Merchant Acquirers

Is it possible for technology to be both a challenge and a solution? For today’s merchant acquirers, that’s the reality they live with on a daily basis. The recent Transact 16 event in Las Vegas provided a backdrop for in-depth discussions on how merchant acquirers can respond to the challenges – and opportunities – in their industry.

Now is the time

Adapting to evolving merchant needs and consumer expectations isn’t just an option for merchant acquirers; it’s a requirement to thrive and even survive. And time is of the essence. Offering customized and value-added solutions is the only path forward, and technology is where most are turning to step into the next evolution of merchant acquiring. From new integrated point-of-sale (POS) systems to mobile and digital wallet options, consumers and merchants are all asking for the latest technology, and merchant acquiring businesses need to be prepared to deliver.

Thinking differently about data

New technologies mean merchant acquirers are thinking differently about data. While there is limitless opportunity for acquirers to utilize the gold mine of data provided in the payments industry for research and to grow their portfolio strategies, one of the most common themes associated with Big Data is security.

As the push to move infrastructure and data to the cloud continues, industry experts worry that the pace of growth is outstepping the ability to secure the data from constantly evolving fraudster attacks. Add in merchants that are struggling to keep up with the technology and you have an even bigger challenge.

But there is reason for optimism. Innovations like integrated security with software and device offerings, as well as subscription-based security, are filling in the gaps and providing merchant solutions for data security and management issues.

Digital engagement

The bottom line? Providing payment options and purchasing experiences that mirror the way consumers want to pay will determine the winners in the payments space. Robust omnichannel strategies and digital wallet payment options are just the beginning.