Adapting to technological advancements is crucial for companies to maintain economic viability in the 21st century. Today, systems are evolving at such a rapid rate, organizations that aren't able to change accordingly run the risk of looking dated and out of touch in the eyes of their customers.
This is particularly true when it comes to payment technology. Legacy business software solutions and inventory management systems will likely hinder a company's productivity, but organizations can hide them in the back office. Customers won't see what sort of systems are being used to operate behind the scenes. That's not the case with payment solutions. If a company doesn't accept credit cards or doesn't contain an eCommerce option, customers are going to know about it.
An article in Marketing Week titled "Living in Digital Times" examines the technological revolution and how it affects customer-facing processes. Lucy Tesseras, the author of the article, spoke with Jocelyn Cripps, a digital marketing executive, who shared the importance of companies enhancing their procedures, particularly in the payments realm, to keep up with digital advancements.
"We have identified a number of areas, which if not optimized, can cause people to fall off, "Cripps said. "The way businesses charge, the information they provide and the validation process [are all important]. By working closely with the merchants and understanding how money is transferred, we can be a lot smarter."
While implementing modern payment technologies will enhance a company's reputation and image in the mind of a customer, vendors still have to look out for themselves. Regardless of the solution, it must allow vendors to process level 3 payment data with line item detail. Working with a B2B payments consultant will help merchants obtain the solutions they need to stay ahead of tech advancements while optimizing the value of each transaction.