Michael Concannon
Head of Strategy & Development, Fintech and Payments Association of Ireland
Small businesses and startups are embracing cutting-edge merchant services to keep up with the evolving expectations of their customers.
These solutions are revolutionising how payments are accepted, how back-end processes are managed and how consumer data can be used to add value for the merchant — big or small.
Merchant services offer convenient payments
To meet customer expectations, businesses demand diverse payment acceptance options, from being able to accept credit/debit cards and digital wallets, as well as cash. State-of-the-art point-of-sale (POS) systems now enable businesses to accept payments securely and efficiently.
Most importantly, these newer systems require minimal setup and use the latest cloud-based technologies, which ultimately enhance customer experience. They also help protect sensitive data using advanced security measures like tokenisation and encryption.
Automating different sides of the business
Merchant services can now also integrate seamlessly with back-end systems like accounting, inventory and customer relationship management (CRM) platforms. This connectivity automates workflows, minimises errors and reduces manual data entry, allowing businesses to focus on growth. For instance, sales transactions can instantly update inventory and generate purchase orders.
The reconciliation process has also become simpler, thanks to real-time tracking and automated tools that match payments to invoices. This reduces discrepancies and improves financial accuracy.
One of the most transformative aspects
is the ability to harness data insights.
Harnessing data for efficiency and decision-making
One of the most transformative aspects is the ability to harness data insights. Analysing customer spending habits helps businesses optimise operations, personalise customer experiences and make informed decisions. Whether it’s identifying popular products or peak times, data-driven strategies foster stronger customer relationships and drive growth.
Enhancing customer experiences
BPFI and its affiliate, FPAI, work with both incumbent providers (such as traditional banks) and newer entrants to the market to share perspectives across areas of common interest such as technology, innovation and regulation. Ultimately, this benefits small businesses that can enhance their customer’s buying experience, help build trust, streamline operations and create opportunities for long-term success. The time to leverage these innovative tools is now.
