BluePay is pleased to bring you this valuable information from our partner, Due, makers of a free digital wallet that allows users to easily make and accept payments online.
As a business owner, you know that you need to make informed decisions about aspects of your business, including payment methods like credit card processing. This includes knowing whether you will add credit cards to your payment methods, what type of technology and service provider you will use, and how you will protect your customers’ data and your reputation as a trustworthy business. One of the ways to improve your decision making is to continually read and research what is happening in the payments industry.
There are many available resources – online and offline – that can help you with credit card processing:
Many organizations issue research reports annually about the state of the credit card processing industry as well as payments. These reports are rich with information related to current statistics, key terms, issues and challenges, potential solutions, the regulatory environment, as well as the current climate related to consumer and business perceptions about credit cards. Research organizations to consider include IBIS World, Market Research, PriceWaterhouseCoopers, The Nilson Report, and Report Linker. Some of these research firms charge for their extensive reports but offer free executive summaries or press releases that summarize their findings.
Credit Card Organizations
It’s the credit card organizations like American Express, Visa, and Mastercard that are intent on helping business owners have the best experience possible with processing credit cards. They are behind the movement to create a higher standard for security and the entire transaction process, including lowering certain fees. Each organization regularly issues content on their sites like blog posts, thought leadership articles, and reports geared to explaining more aspects of the credit card processing system. Recent emphasis has been on the security measures and developing technology designed to create the most secure online and offline transactions for credit cards.
Industry Trade Publications
Numerous publications cover all aspects of credit card processing, which can provide insightful information for your business. These publications are often online, which makes it easier to stay updated. Some examples include Mobile Payments Today, PYMNTS, and Payments Source. You can also find information related to enterprise payments in other types of publications like Entrepreneur, TechCrunch, Forbes and more.
Consumer and Business Advocates
Numerous organizations work on behalf of consumers and businesses to protect them from fraud and other criminal activities as well as from businesses that lack ethics. These advocacy groups can provide you with information as well as offer support and advice directly when you need it. For consumers (and businesses to learn from), there are groups like the Consumer Federation of America, the National Consumer Law Center, the National Association of Consumer Advocates and Consumer Action. Other organizations advocate for small businesses, including the Small Business Advocacy Council, the Small Business Association, and the National Small Business Association.
Numerous credit card processing companies and payments solutions providers have their own blogs that cover a wealth of topics related to the business issues and trends you face related to your payment methods. Many speak directly to small business owners and merchants that are struggling with the decision on the best credit card processing strategy to implement, including how to minimize transaction fees while addressing any security vulnerabilities. Look for those industry blogs that focus primarily on informational posts that often link to the research they have used as the basis for the article. This will lead you to even more information designed to help you with enterprise credit card processing.
Trade Shows and Conferences
Industry trade shows related to payments, fintech, regtech and credit cards are an excellent place to experience a meeting of the minds about the issues and trends that impact credit card processing. The events offer panels, workshops, and keynote addresses as well as a showcase of products and solutions designed around assisting with more secure payments for online and offline environments. Some examples of conferences include the CNP Expo, Card Forum, PAYMENTS, and Payments Summit.
Continual Learning Curve
Because of constantly shifting issues and trends that impact payments, technology, and security, it's important to keep learning and regularly consulting with these resources in order to always be able to make the best decisions based on the current environment. These resources and others can serve as benchmarks for anything related to enterprise credit card processing, helping you serve your customers in a way that builds trust and sustains the relationship while protecting you from the liability and risk associated with these types of payments.