This blog has stressed the importance of payment innovation for quite some time. As technological advancements spur new business processes, it's important for vendors to keep up with any pertinent changes to their industry.
Innovation is a big topic around a number of sales processes these days, particularly in the B2B realm. As we have discussed in the past, B2B payments are becoming an increasingly online practice, as eCommerce platforms continue to evolve to meet various processing needs.
Harvard Business School professor Josh Lerner is also stressing the importance of payment innovation, having written a new book aimed at teaching corporations how to integrate innovation into every component of their operations, including payments. Lerner and several prominent executives will soon be giving several keynote speeches at the 2013 Innovation Project - an event that figures to place a heavy emphasis on payments.
PYMNTS.com issued a press release on the event.
"This is not a news flash: Payments is about the most complex platform industry there is and igniting innovation in payments is anything but a given these days, even if a company is doing it within the construct of a successfully operating platform," the release says. "The complexity, as we all know, rests with the discipline of having a strategy that can create the delicate balance across all stakeholders, deliver traction in a relevant timeframe and drive profits."
Vendors that keep up with changes in the payments industry will be able to better serve their customers while keeping processing costs to a minimum. New payment solutions have led to changes in PCI compliance, just as the transition from traditional to online transactions have resulted in the need for payment gateways designed to process purchasing cards with level 3 data.
Regardless of how you spin it, innovation is not going to slow down in the industry. Those that work with a B2B payments consultant will put themselves in the best position to succeed going forward.