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Commenting on a February 2023 ETA study, Advancing
The very point of sale
The ve ry point of sale Economic Inclusion: Empowering Underserved
Communities with Fintech, Kelley noted digital services
can help small businesses in underserved communities.
"New digital payment options, for example, mean that
people no longer have to wait weeks for a physical check,"
Give laggards ETA researchers wrote. "Online purchases now account
for billions of dollars in monthly purchasing volume and
another chance ETA member companies strive to continually improve the
electronic payments and financial ecosystem to ensure its
security, efficiency, and availability to as many consumers
By Dale S. Laszig as possible."
DSL Direct LLC Expanding access to financial services empowers all
consumers, researchers added, by helping them take
onsidering all we do by smartphone—check- charge of their financial health to create a resilient,
ing in and checking out; scanning QR codes;
streaming movies, music and podcasts; and inclusive economy. The report is available at https://electran.
C engaging on social media—making calls is org/wp-content/uploads/2023-ETA-Advancing-Economic-
practically an afterthought. Technology has made us gen- Inclusion-Whitepaper.pdf.
eralists by providing an array of apps and capabilities that Tough choices
no one but a total geek could totally master.
As consumers and businesspeople, we frequently make
There's no doubt paytech has become simpler, but its difficult decisions about which payment methods to use
expanding array of choices can make life complicated for or accept and which technology platforms best serve
consumers, merchants and service providers. Following our needs. If our lives were as straightforward as our
are examples. technologies, these choices would not be overwhelming.
• Consumer choices: At checkout, consumers can ap- Consider, however, the cumulative impact of all our
ply loyalty points at the POS; obtain instant credit; decisions on our families, communities, companies and
professional networks. It may be true that tech allows us
open a store account; tap phones, wearables or con-
tactless cards; pay by cash, crypto, foreign currency, to do more with less, but it has also given us less time to
react, think and strategize.
credit or debit; and choose to receive print, email or
text receipts. When we dismiss people for not being technically savvy,
• Merchant choices: Merchants can process payments financially literate or professionally successful, we miss
across channels via fixed POS devices, mobile appli- opportunities to connect, engage and learn from each
cations, websites, and digital and livestream media other. The more interesting question is why these people
to meet customers wherever they shop. They can are focusing on areas outside of our mainstream culture.
also manage their businesses from anywhere with When a merchant is using ancient POS equipment, look
all-in-one systems that do more than process credit beyond the legacy tech for something remarkable and
card payments. innovative. When a person is using a feature phone,
• Service provider choices: Merchant acquirers, pro- look for a game-changing product, service or project,
cessors, payment gateways and software developers and remember Michelangelo worked for long stretches
can embed payments directly into service offerings of time on a scaffold far from modern conveniences and
to provide instant customer onboarding and a con- maddening interruptions.
sistent, uninterrupted customer experience. Numer-
ous businesses leverage payment facilitation to cre- When a chatbot makes you want to scream, "representative,"
ate seamless commerce, using traditional payfacs, at the top of your lungs, remember your service provider
payfac-as-a-service and other customized integra- is using machine learning and artificial intelligence to
tion models. ensure every consumer is seen and heard, and the AI is
doing its best to fill that gap. Save your vocal cords for
Life outside the margins more important matters like sporting events and choir
practice. Let's give technology laggards the benefit of the
Jodie Kelley, CEO of the Electronic Transactions doubt and follow this popular T-shirt's advice: "Everyone
Association, cited speed, security and reliability as around you is fighting a battle you know nothing about.
payments industry hallmarks that consumers and Be kind. Always."
businesses rely on when receiving, spending, sending and
holding money, stating, "ETA encourages policymakers to Dale S. Laszig, senior staff writer at The Green Sheet and managing
create a positive policy environment to support continued director at DSL Direct LLC, is a payments industry journalist and content
innovation and the use of technology to improve financial strategist. Connect via email dale@dsldirectllc.com, LinkedIn www.
outcomes for all members of society." linkedin.com/in/dalelaszig/ and Twitter @DSLdirect.
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