This year’s Money 2020 conference was a sweeping success. CEOs and representatives from all around the world came to discuss current and emerging trends within the payments industry. Topics ranged from the growth of mobile payments to new commerce platforms, but one topic widely discussed and agreed upon was how retailers will control consumer relations. The talks at Money 2020 indicated that with keeping up with new payment technologies can greatly benefit retailers.
What is Money 2020?
Money 2020 is a conference that attracts payments industry experts from all over the world to discuss the current state of the payments industry as well as where the industry will go in the future. The 2013 conference was held in Las Vegas and many discussions were centered around the topic of mobile payment technology. However, the most surprising topic involved a trend that is promising for retailers in a world that is heavily drawn to e-commerce: retailers will always perform better in consumer relations.
How Retailers Have an Advantage
Experts at Money 2020 claim that a consumer is more likely to place their trust—and their wallets—in the hands of retailers. Recent growths in mobile payment technologies like retail smartphone apps and mobile wallets have made it easier to purchase goods at retail locations and on retail websites. The Money 2020 head of marketing, Sanjib Kalita, used Starbucks as an example in a recent Forbes interview:
“When you buy a cup of coffee with the Starbucks app, the brand in the wallet is Starbucks and of course the transaction happens there. All steps of the [consumer] relationship are contained within the microcosm of Starbucks. Even a couple of years ago, this would have not been an option, and in the near future, it will be the norm.”
In short, retailers now have a larger level of trust and relationship with consumers rather than other financial institutions, such as banks, when it comes to making payments. The “norm” will be for customers to buy products using their mobile apps and wallets as opposed to swiping a debit card or even paying cash. This gives retailers more power and control over how consumers shop.
Retail Merchant Services from Instabill
Although Instabill specializes in offshore merchant accounts for e-commerce businesses, we also provide great domestic solutions for US retail merchants. You can find the perfect credit card processing solution for your storefront business with Instabill. With low rates and industry-leading merchant services, you will have access to a long list of POS software and terminals that will work best for your store, and you may qualify for one of Instabill’s mobile merchant accounts to accept payments through your smartphone or tablet. With the flexible payment options that come with our retail merchant accounts, you can build consumer relations and watch your business grow.
Apply Today to Get Started
Instabill’s merchant account application is free and designed to save you time. In just minutes, you can submit an application form and connect with a merchant account manager who will work diligently to match you with one of our domestic acquiring bank partners. You could begin accepting credit card payments in as little as one week. If you are ready to learn more about Instabill’s retail merchant accounts or domestic merchant services, or if you are ready to apply, you can contact us at 1-800-318-2713 to speak with a live representative.