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Why Partnering with an Agile Payment Processor Is the Smart Move
Payment processing is an essential part of any business. Forward-thinking merchants are pursuing omnichannel experiences that will yield the highest number of conversions in the most efficient way. However, many merchants still rely on legacy payment processors. Software developers need to create the next generation of modern and agile payments processing technology to help merchants achieve their goals.
To learn more about why choosing an agile fintech payment processing partner is good for both merchants and software integrators, PaymentsJournal sat down with John Buchanan, Senior Vice President of Sales at AFS, and Don Apgar, Director of Merchant Services Advisory Practice at Mercator Advisory Group.
PaymentsJournalWhy Partnering with an Agile Payment Processor Is the Smart Move PaymentsJournal Why Partnering with an Agile Payment Processor Is the Smart Move PaymentsJournaljQuery(document).ready(function ($){var settings_ap20374014 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"20374014",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_377633_28",settings_ap20374014); }catch(err){ console.warn("cannot init player", err); } });
Modern software is difficult to integrate with legacy processing
One problem with legacy payment processors is their incompatibility with modern technology. “Legacy systems are often built with the original concept of payment processing in mind,” explained Buchanan. “We’re talking about any industry that has been around since the ‘60s and ‘70s.” Legacy platforms are often disjointed and extremely limited. Even with the onset of EMV chips, legacy platforms still relied on “dumb” terminals – plastic machines with rubber keys.
These days, customers have variable preferences for how and where they want to pay: curbside, in-line, at the table, etc. “Today’s solution must be omnichannel,” Buchanan continued. “Software developers need to build technology that enables merchants to meet their consumers where they are ready to transact.”
Unfortunately, the term “omnichannel” is sometimes misrepresented as simply having multiple payment processors. But if the various channels do not communicate with one another and consolidate payment data, those extra features will not add enough benefit to justify their inclusion. “You’ve got to make sure that it’s not just a legacy platform with a bunch of flashy collateral,” said Apgar. “It’s got to be built for a purpose.”
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By The PaymentsJournal PodcastPayment processing is an essential part of any business. Forward-thinking merchants are pursuing omnichannel experiences that will yield the highest number of conversions in the most efficient way. However, many merchants still rely on legacy payment processors. Software developers need to create the next generation of modern and agile payments processing technology to help merchants achieve their goals.
To learn more about why choosing an agile fintech payment processing partner is good for both merchants and software integrators, PaymentsJournal sat down with John Buchanan, Senior Vice President of Sales at AFS, and Don Apgar, Director of Merchant Services Advisory Practice at Mercator Advisory Group.
PaymentsJournalWhy Partnering with an Agile Payment Processor Is the Smart Move PaymentsJournal Why Partnering with an Agile Payment Processor Is the Smart Move PaymentsJournaljQuery(document).ready(function ($){var settings_ap20374014 = { design_skin: "skin-wave" ,autoplay: "off",disable_volume:"default" ,loop:"off" ,cue: "on" ,embedded: "off" ,preload_method:"metadata" ,design_animateplaypause:"off" ,skinwave_dynamicwaves:"off" ,skinwave_enableSpectrum:"off" ,skinwave_enableReflect:"on",settings_backup_type:"full",playfrom:"default",soundcloud_apikey:"" ,skinwave_comments_enable:"off",settings_php_handler:window.ajaxurl,skinwave_wave_mode:"canvas",pcm_data_try_to_generate: "on","pcm_notice": "off","notice_no_media": "on",design_color_bg: "111111",design_color_highlight: "ef6b13",skinwave_wave_mode_canvas_waves_number: "3",skinwave_wave_mode_canvas_waves_padding: "1",skinwave_wave_mode_canvas_reflection_size: "0.25",skinwave_comments_playerid:"20374014",php_retriever:"https://www.paymentsjournal.com/wp-content/plugins/dzs-zoomsounds/soundcloudretriever.php" }; try{ dzsap_init(".ap_idx_377633_28",settings_ap20374014); }catch(err){ console.warn("cannot init player", err); } });
Modern software is difficult to integrate with legacy processing
One problem with legacy payment processors is their incompatibility with modern technology. “Legacy systems are often built with the original concept of payment processing in mind,” explained Buchanan. “We’re talking about any industry that has been around since the ‘60s and ‘70s.” Legacy platforms are often disjointed and extremely limited. Even with the onset of EMV chips, legacy platforms still relied on “dumb” terminals – plastic machines with rubber keys.
These days, customers have variable preferences for how and where they want to pay: curbside, in-line, at the table, etc. “Today’s solution must be omnichannel,” Buchanan continued. “Software developers need to build technology that enables merchants to meet their consumers where they are ready to transact.”
Unfortunately, the term “omnichannel” is sometimes misrepresented as simply having multiple payment processors. But if the various channels do not communicate with one another and consolidate payment data, those extra features will not add enough benefit to justify their inclusion. “You’ve got to make sure that it’s not just a legacy platform with a bunch of flashy collateral,” said Apgar. “It’s got to be built for a purpose.”