The popular movie franchise Back to the Future, speculated at what the future might hold in the year 2015 with such devices as automatic drying/fitting jackets, flying cars, instant meals, and the ever popular hoverboards. While this type of technology may not be what the 2015 hold in store for us, advancements in technology have certainly been at the forefront of our culture and there’s no reason to think that will change any time soon. One thing that the Back to the Future technology speculations share is a “coolness” factor, and while many of our new technologies today have a “coolness” factor (Smart phones, tablets, Social media), the driving force in technological advancements revolve around convenience and simplicity.
10 – 15 years ago, the merchant processing industry was ruled by the companies that could offer the cheapest rates and best customer service, and while these factors are still important when choosing a merchant services provider, the most important factor now is the technology. The life of a business owner is busier than ever with a global economy and the free-flow of information making it more and more difficult to compete in any marketplace. Because of that, most business owners want services like merchant services to more or less run themselves. And so, the combination of the most user-friendly systems, and the best credit card processing hardware and software are prime factors for business owners choosing their merchant services.
Despite offering multi-faceted functionality, comprehensive point of sale systems are less popular than one might think. They can help maintain inventory, payroll, and can be customized for any given business, but at the end of the day, these systems are complicated, and may ultimately take more time away from the business owner, while simpler systems such as Phone Swipe (processing solutions that plug directly into a smart phone) are becoming more and more popular because they are easy to use, convenient, and mobile.
Technological advancements that are catered towards downsizing, simplifying, and creating convenience are reigning supreme on the marketplace. So much so, that many merchants are willing to pay more to accept credit cards so that they can have this convenience at their fingertips. Where will technology take us next? As more and more business owners become aware that technology is the difference between success and failure, more and more companies will reformat their business into a tech company likely creating a variety of options for consumers to choose from. Saturation and over-stimulating consumers will become the concern, and the most pleasing design and simplest functionality will prove to rise above.