Technology may change, but cash flow security remains a constant.
The face of the payments industry is changing rapidly with some of the most significant technology shifts the sector has ever seen—from signature-less credit cards, to e-wallets and the recent announcement of Apple Pay (much, it seems, to the dismay of PayPal!).
And while it’s likely to be some time before the full effects of these new technologies translate into altered patterns of consumer behaviour, it is a very interesting time to be the CEO of company in a ‘similar’, but not ‘same’, space. ‘Similar’, in that PaySmart is part of the e-payments industry, but very different to the retail sector, where primary and rapid uptake of this technology is inevitable.
For the businesses PaySmart works for and with, having control of cash flow will always be a priority. And one of the biggest benefits we offer our clients, who engage in the subscription or periodical payment model, is the increased certainty it provides around cash flow.
PaySmart is constantly monitoring emerging opportunities and looking for ways to use technology to broaden our product offer. We move with the market, and always aim to stay at least one step ahead. So the recent payments industry headlines are obviously of great interest to us and provide us with much to consider.
However, no matter how the technology moves, I think there will always be a place for subscription billing as a secure, proactive means of acquiring payment. And for business owners, if you asked them who they think should be in control of their payments, “the consumer or the business owner directly or through a third party provider like PaySmart?” – I think you’d still find the majority would want to have control of their cash flow, without having to administer it themselves.
But will they be forced by consumer power to adopt the new technology? Only time will tell.