In 2015, convenience is a primary driver of innovation. In the payment processing space, providing customers with options for purchasing goods or services can improve their experience and open your business up to new customers. According to a survey by market research firm Ovum called "2015 Global Payments Insight," a customer-focused approach to omnichannel payment processing is catching on among retailers. 

"While half of the retailers recognized in their responses that the customer is king, and the key driver to increase their payments investment, many are still hesitant to invest in technologies they are wary of," explains PYMNTS. "It's worth noting that 93 percent of retailers surveyed said they believe consumers want access to a broad selection of payments tools — which, based on the trends highlighted in the survey, includes mobile payment-enabled terminals."

While mobile payment platforms can offer a new channel for businesses to capitalize on, it's important to understand the costs and risks associated with a new platform. If your business lacks the bandwidth to adequately manage multiple channels of payment processing, a third-party service provider can help ensure best practices. Instead of rushing to implement the latest or most high-profile mobile payment solutions, businesses should consider the ramifications of opening up another channel for customer payments. Platforms like Apple Pay offer an alternative that can grow loyalty, but companies should conduct a cost-benefit analysis before hurrying to implement them. This way, decision makers can satisfy their customers while prioritizing efficiency.

Contact Vantage today to learn more about our solutions for retailers. From implementation to management and monitoring, we help companies operate secure and efficient systems that give their customers the options that offer the greatest value.