Monthly Archives April 2019

The pros and cons of payment processing integration

Payment processing integration can be very valuable to your business. It allows for transaction data to transfer automatically into your accounting or ERP system when you make a sale – whether its online, through a mobile app or using a point of sale terminal. Here are a few of the pros and cons of integration.

Time and Money

Payment processing integration can save your business valuable time that would otherwise be spent manually entering transaction data.  This not only reduces the cost of labour and frees up your employees to tackle other tasks, but also eliminates human error. While there is usually an upfront cost for setting up integrated payment processing, it’s generally affordable and will likely save you money in the long run.

Security

Integration can also help with your data security. End-to-end encryption provides a high standard of security while still giving you visibility and access into your business operations and sales records. This security protects your business from threats that are outside of your control, so you can worry less about data breeches and fraud that could potentially compromise your private information.

Customer Service

An integrated payment solution will give you more data to analyze in order to improve your business. Tracking sales can improve your targeted marketing and promotions while giving you a keen insight into your inventory and deliveries. Tracking this data efficiently can have a huge impact on your customer service that will ultimately drive more business to your company.

Vendor Negotiation

Unfortunately, despite all the benefits of payment processing integration, it can also put you in a terrible situation when it comes to negotiating your rates and services with your vendor.

While software integration can be very valuable, you need to be very aware of its potential for exclusivity before you commit. Otherwise, you could find yourself in a position further down the line where your rates have increased but you have no feasible way to switch vendors. Your hardware is integrated with your current vendor and swapping would both be expensive and cause a massive interruption in service.

Conclusion

The best bet is to do your research and find a payment processing integration solution that is not exclusive to any sole vendor or system and has clear guidelines in place in regard to switching vendors while maintaining your data and integration tools.

The end-goal is to have your point-of-sale integrated with a secure yet flexible software suite that will help you save time and money, but not at the expense of locking you in with any one specific vendor. That way, if you end up needing to negotiate rates or services, you’re not stuck in a situation where your vendor is firmly holding all the cards.

What does 5G mean for you and your business?

smartphone-5g

For months, major carriers have been hyping 5G networks and their potential offerings: faster speeds, more stable data connections, and (another) massive influx of Internet of Things (IoT) devices. 5G networks have been in development for a while, and they’re expected to launch worldwide by 2020, working in tandem with current 3G and 4G tech.

Despite the hype, we haven’t seen much in the way of proof apart from some basic tests and fixed rollouts to certain cities in 2018.

However, that’s all about to change. On April 3rd, three major telecom carriers in South Korea abruptly launched the first real 5G network — just an hour before Verizon tweeted that they launched their own 5G network in Minneapolis and Chicago.

With these high-profile launches, 5G suddenly feels very real. Here’s how it’s going to affect you and your business going forward.

Upload and Download Speed

According to a study by Ericsson, 50 percent of US customers will have access to 5G in as little as five years. 5G represents the next generation of data and will eventually replace your basic 4G LTE connection. This means drastically faster download and upload speeds. Average download speeds of 1GBps are projected to be the norm, which is very fast for mobile connectivity.

The benefits of increased average speeds are self-explanatory — the less time you have to spend fighting with the internet, the more time you have to spend on running your business.

Latency

One of the less obvious benefits but perhaps the most substantial when it comes to tech innovation is the reduced latency that 5G will bring. Latency is how we measure how long it takes for a packet of data to travel from one point to another. The lower the latency, the faster your device can communicate with its target.

Not only is this extremely important for businesses that rely on IoT enabled devices, but it can also strengthen your company’s tech infrastructure and lower the vulnerability of your devices.

Reliability and Flexibility

5G is expected to be very reliable when it comes to connectivity. That means your connections will stay strong and drastically cut down on interruptions. The benefits of this reliability are most clear when considering their application in devices relating to self-driving vehicles or medical support.

In addition, 5G networks promise to be much more flexible then their 4G counterparts. For example, businesses will be able to create multiple virtual networks with just a single physical system. This is called Network Slicing, and it will lead to a better user experience for your customers and provide a robust and cohesive infrastructure for you.

Capacity and Energy

5G is being designed to have a much greater capacity, which means that a single network can better support multiple resource-intensive items at once. HD streaming, IoT devices, virtual reality, high-speed data transfer — all these services can be very demanding. With 5G, you will be able to maintain high speeds even when multiple users on your network are running demanding software at the same time.

Despite all these perks, 5G will be a benefit to your energy consumption. It’s being designed to demand less power from your devices, meaning 5G will actually extend your battery life instead of draining it faster.

Conclusion

From secure banking and automation to digital medicine and self-driving cars, 5G will have a major impact on the world. It’s the catalyst for the jump that fast, reliable connectivity will make from our desks to practically any device on the planet, mobile or stationary. It will be one of the most impactful changes to the internet since its invention.

5G will affect everyone, from the Fortune 500 to your local grocery store. It’s important that you consider how this new technology might affect your industry, because those that are most prepared to take advantage will surely prosper.