The payment industry is becoming more dynamic every day. The level of disintermediation with the emergence of alternative payments and payment gateways is increasing. In the near future, consumers will be able to buy goods and services at many retail establishments with traditional credit cards, Google Check out™, Revolution Money, Amazon.com Rewards Visa®, mobile phones, and more. Businesses will increasingly look for products that make their business more efficient and attractive to the consumer. From TPP gateways to streamlined services, chances are the business will also look to other sources besides a Bank for the solution.
From businesses to consumers, this should be motivation enough to create a co-opetition among the parties to leverage each others strengths and relationships to create a win-win combination. Banks can continue their focus to develop core deposits and loans. ISOs can focus on meeting the merchant’s needs and sales. TPPs can focus on technology and developing the best solutions to meet the Bank and Merchant’s needs. The reality in the end is if the Merchant’s needs are met, it will be a win-win situation for all parties involved.
By: Jorge Fernandez, CEO | First Payment Systems and CenPOS
Robin Ferrari, Director of Marketing | iStream Financial Services
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