Merchants no longer want to feel confused when processing transactions.
Yakima, WA -- (SBWIRE) -- 10/03/2016 -- Merchants no longer want to feel confused when processing transactions. What they demand, more than anything, is knowledge. Knowledge on how the transaction mysteries actually work.
Essentially, these mysteries refer to knowing whom to call when a problem appears, what to know about EMV chip cards, and how to protect their point-of-sale systems from hackers.
Most merchants interpret payment processing as a very intricate process that is impossible to learn, pairing this with the issue of trying to run a retail business, the complexity increases even more.
In the words of J. Brandon Maxwell, president and chief executive of M Culinary Concepts, a Phoenix-based catering business: "Most merchants don't want to think about it, they don't want to be burdened by it".
Another issue for merchants is the importance of not knowing how to prevent incidents from happening, precisely because of their lack of information they have on payment processing. They are not very familiarized with the whole spectrum of things, and thus they cannot prevent accidents from happening at their companies. A clear example of this is Jim Buhr, chief financial officer and chief information officer at Bashas' Supermarkets, a Chandler, Ariz.-based grocery chain. He expresses the necessity of knowing what is happening at any given moment with the payment process. He expressed his discomfort saying that, if they shut down for an hour, they can lose millions. The chain's payment system did indeed fail for a few hours in August, costing the company $1 million in sales, some of which was not recoverable, Buhr said. Seventy percent of its overall transactions are made with credit, debit, or electronic benefits transfer cards.
It is in these cases where merchants are requesting external aid in order to help them plow through this problem.
Buhr ultimately discovered which payments organizations could help him in the aftermath of a data breach that occurred a few years ago. "Merchants don't really find out who can help until breach already happens," he said. Contacting the card brands and processors Bashas' Supermarkets used yielded little aid until a fraud expert at First Data Corp. guided him.
Another concerning issue for them is the confusion surrounding EMV adoption in the payment industry.
The moral of the story here is that the payment industry needs to do a better job of educating merchants about the so-called "mysteries" of this industry, rather than making things more complicated.
To learn more about Netcom PaySystem payment processing solutions, simply fill out a quick online application at www.netcompaysystem.com to get started and a representative will be in contact within 24-48 hours or for faster service please feel free to contact us at 800-875-6680.
Company Name: Netcom PaySystem
Contact Person: Media Relations
Country: United States