During a time of so much change, it’s important to fulfill the mission of enabling merchants to offer omnichannel payments, while providing ISOs and software developers with the opportunity to open up new revenue streams and monetize payments faster.
Among the many lessons that businesses have learned from the pandemic is the need to be agile. While no industry was left untouched by COVID-19, retailers and restaurants were hit particularly hard.
Those who were better-prepared had technology in place that allowed them to quickly pivot while still bringing in sales. Most had to scramble, finding their existing POS and payment systems lacking with no ability to adapt easily, quickly or affordably.
Therefore, software developers and ISOs must go into payment partnerships with a full understanding of what capabilities their merchants are seeking, including flexibility and choice.
Merchants must remain nimble. With POS and payment technology evolving so rapidly, the right payment partner will shoulder the burden of tech innovation and offer a broad array of processor connections, devices, integrations, contactless payment options, QR code payments, automatic card updates, “Tap on phone” (also known as SoftPOS) and more, making it easy for the merchant to make adjustments without having to toss everything out.
Payment security is a necessity to protect merchants and consumers alike. Investigate a potential partner’s PCI certifications and the measures they take, such as tokenizing stored information, to keep payment data safe.
Merchants need tools to build an all-in-one omnichannel payment solution or reinforce e-commerce solutions with card-present options requiring minimum development effort.
More than ever, customers today expect options when it comes to in-store and online shopping and payments. To remain relevant, merchants must respond by giving customers choices of where, when and how they shop and pay.
Merchants need the ability to leverage the power of data, inform decisions about internal operations, and build a 360-degree view of their customers that can help them influence purchases and increase marketing ROI.
These are just a few capabilities you should consider. Others include availability and quality of support, API readiness, white-labeling, cross-border payment capabilities and more.
Chief strategy officer,
NMI
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