Customer Service: A Big Challenge for Payment Processors

The credit and debit card industry thrives on payment processors and the services they offer; unfortunately, customer service and support seem to be taking a backseat to other factors for many companies. At Host Merchant Services, we believe there is an unfortunate financial motive at play that explains why this is happening.

Consolidation is one of the reasons customer support seems to be lacking these days among the biggest payment processors. Investment bankers see great potential in this industry, and they are approaching big players to make them even bigger players. And therefore customer service has become a big challenge for payment processors.

Once an investment banking firm starts working with a payment processing firm, the prospect of a merger is never far behind. This is how Wall Street operates, and this is how major payment processors acquire their peers and get bigger. Unfortunately, this is also how customer support goes away.

The problem with these consolidated giants is that their customer support platform begins to suffer through growth. Value-added services start piling up, and the smaller merchants will take them because they are bells and whistles, which are always very appealing. The problem is that these features are offered at the expense of customer support. These companies become so large they have to use call centers where you are put on hold for a long period and speak with representatives who aren’t very helpful or knowledgeable about the industry and your account.

Granted, there is nothing wrong with a processing firm offering some bells and whistles for their customers such as free equipment. This would be a very valuable feature for a smaller business that is either starting or expanding to add a new location. In this case, the merchant would love to get new credit card terminals for free, but what about support for this service?

When payment processors offer too much and get too big, they tend to become merchant technology companies. This is when Wall Street investors recommend scaling back on customer support, which is a costly proposition for processors. This is also when online help desk packages are rolled out to replace call centers. There are some large credit card processing companies out there that don’t even have a phone number to call if you need help or would like to sign up. It’s not even an option, which we don’t think is right.

At Host Merchant Services, we believe that customer support is of greater value than the gimmicks the big guys offer. We also believe that customer support will be the next frontier of the credit card processing industry. Once big processors start losing market share due to inadequate merchant support channels, the industry will once again pay attention to this important aspect of the business.

The Importance of Customer Service In The Payment Processing Industry

In the dynamic world of payment processing, customer service plays a crucial role in ensuring smooth transactions and building strong relationships with merchants and consumers. Why is it so important? A knowledgeable customer care representative can handle difficult customers efficiently and help in the growth of the company. On the other hand, a bad customer care executive can ruin the deal and also destroy the company’s reputation.

Good customer service helps to build trust and confidence in the merchants as well as the customers. And especially when it is about any financial information trusted customer support is crucial. With a skilled customer support team any payment processor can easily develop a sense of reliability and enhance reputation.

Efficient customer service reduces frustration for all parties involved. Imagine waiting endlessly on hold or receiving generic automated responses when you need urgent help! Payment processors that prioritize personalized support not only save time but also ensure that issues are resolved quickly.

Outstanding customer service can lead to increased loyalty from both merchants and customers alike. Building long-term relationships requires going above and beyond mere transactional interactions. By delivering top-notch support consistently, payment processors can create lasting partnerships based on trust.

Any payment processor depends on fast and better payment processing and a strong and reliable customer support and service mechanism.

Quality Customer Service: Biggest Challenge for Payment Processors

1. High call volumes: For any customer service team high call volume is not a positive sign. If the call volumes are high then delays are natural. The delay starts with the call of the customer when no executive is free to take the call. The second part is resolving the issue after understanding the query or problem of the customer. This can lead to long wait times and frustrated customers.

2. Complex technical issues: Payment processing systems are complex, and when something goes wrong, it can be challenging to troubleshoot and resolve the issue quickly. Technical glitches or system downtime can significantly impact customer satisfaction.

3. Lack of communication: Effective communication between payment processors and their customers is crucial for providing quality service. However, there are often gaps in communication channels, leading to delays in resolving issues or providing updates on account statuses.

4. Fraud prevention: Payment processors must constantly stay vigilant against fraudulent activities that could potentially harm their customers’ accounts. Balancing security measures while ensuring a smooth user experience can be difficult.

5. Limited support hours: Many payment processors have limited support hours, which may not align with the needs of all customers who require assistance outside traditional business hours.

6. Language barriers: After globalization, many payment processing services provide their services globally. Language in different regions of the world varies and it leads to a strong language barrier. Language barriers become a significant challenge for customer service representatives trying to assist non-native speakers effectively. For the company, it adds more expenditure to hire and train customer support staff to cater to customers of different languages.

7. Ongoing training requirements: Customer support and services are always evolving. Therefore it is important to update the staff with proper training and orientation regularly. With evolving technology and industry regulations, payment processor staff need continuous training to stay updated on best practices for handling customer inquiries and concerns.

8. Integration issues with third-party software: Some merchants use third-party software that integrates with payment processor systems but may encounter compatibility issues or difficulties during implementation or troubleshooting processes.

9. Slow response time from other stakeholders: Occasionally, resolving certain customer queries requires coordination with external parties such as banks or card networks; however obtaining timely responses from these stakeholders can sometimes pose challenges

Strategies for Improving Customer Service in the Payment Processing Industry

1. Prioritize Training: One of the most effective strategies for improving customer service in the payment processing industry is to prioritize training for your customer service representatives. Ensure that they are well-versed not only in the technical aspects of payment processing but also in providing excellent customer support.

2. Enhance Communication Channels: Customers want quick and easy access to the customer service representative. By offering multiple communication channels like phone, email, live chat, etc can lead to a good customer experience. Additionally, a comprehensive FAQ page on your website can help to answer the most common questions for your customers. Make sure these channels are easily accessible and staffed by knowledgeable representatives who can quickly address any concerns or issues.

3. Implement Self-Service Options: Empowering customers with self-service options can significantly reduce wait times and enhance their overall satisfaction. Provide online portals where customers can access account information, make payments, or initiate refunds without needing to contact a representative.

4. Monitor and Analyze Customer Feedback: Customer feedback is crucial for any company for improvement and growth. Therefore, payment processors should regularly monitor and analyze customer feedback to identify areas of improvement within their customer service processes. Use this valuable information to proactively resolve issues, streamline workflows, and enhance overall satisfaction.

5. Invest in Technology Solutions: Technology is ever-evolving. You should be ready to accept and implement new technologies in your customer service system. AI can easily reduce the burden on your staff by handling customer inquiries efficiently. Technologies such as artificial intelligence (AI) chatbots or interactive voice response systems (IVRs) to automate routine inquiries or provide instant responses outside regular business hours.

By implementing these strategies, payment processors can strengthen their relationships with merchants while fostering loyalty among end-users who rely on seamless transactions every day

Banks Are Hoarding Bitcoin to Protect Against Hackers

On October 21, 2016 there was a DDoS attack that efficiently shut down several internet services for an extended period of time. Some of the websites include Github, Twitter, Spotify, The New York Times, Pinterest, Netflix, and many, many others. As a precaution in case of further attacks, banks are now stockpiling Bitcoin to pay off hackers if an attack is underway. Bitcoin are the preferred currency of online criminals due to their anonymity and difficulty to trace.

The reason the hackers were able to take down so many different websites at once is because they attacked a DNS hosting company, Dyn. Many popular and high-traffic websites use Dyn, and this made the attack much stronger than launching it on each website individually.

Banks have taken notice of the recent attacks, and now some are looking at several different options of how to minimize losses that may incur from said attacks. While no policy has been confirmed as of now, it appears that many banking companies believe that a bribe in the form of the online currency may cost them less money than suffering an attack.

It is currently unknown which particular businesses are taking this route, and it may remain that way for the foreseeable future. Only time will tell if this pay off method will be a worthwhile option. There is some worry that this kind of negotiation will cause more criminal groups to increase threats and attacks in hopes of making easy money, but hopefully that is not the case. Depending on what happens in the future, other companies, not just banks, may look into bartering with Bitcoin as well.

Who is Likely to Have Their Identity Stolen?

Identity theft is a growing problem. Part of the reason for this rise in the number of people having their identities stolen is the use of the internet for social and commercial interaction. A recent study has shown that people who spend the most time and do the widest range of activities online are up to four times as likely to have their identities stolen. They routinely share personal information on multiple online channels, and this behavior increases their degree of online exposure.

A growing number of people see the convenience of online activities as being more important than privacy and security. While many companies are working to create methodologies and technologies to protect people’s identities online, cybercriminals are becoming more sophisticated with each passing day. They’re able to capture sensitive information from a wide range of people, and it’s getting harder to catch them. People trying to reduce their risk of becoming a victim of identity theft should be careful about what information they share online and what sites they share it on.

The increasing popularity of social media is also making people more vulnerable to identity fraud. Each day millions of people interact on social media. Yet few of them know how to protect their identities online. In an attempt to generate revenue through the use of targeted advertising, these sites encourage users to share as much personal information as possible. Users trust the social platforms and freely share private information. Sadly, many social platforms lack effective policing and security methods so their users’ information is vulnerable to nefarious characters.

People who share their full name including middle name, date of birth, home town, school name, location, and graduation date, relationship status, pet names, affiliations, hobbies and interests on social media run a great risk of becoming a victim of identity theft and other types of fraud.

“Selfie Pay” is the New Way to Make Purchases

Did you ever think you would be able to pay a bill with a selfie? Facial recognition is being rolled out as a way to authorize online transactions in markets in Europe as you read this. MasterCard’s “Identity Check Mobile,” also known as Selfie Pay, is being launched in Austria, Belgium, the Czech Republic, Denmark, Finland, Germany, Hungary, the Netherlands, Norway, Spain, Sweden and the UK. In these markets, MasterCard customers (who wish to) can download an app and authorize online payments by snapping a selfie or scanning their fingerprint with their smartphone. This is following a trial introduction of a similar program using biometric technology in the U.S., Canada, and the Netherlands. According to MasterCard, the app will be accessible throughout the rest of the world at a later date in 2017.

The facial recognition authorization app was designed to enhance security and speed up transactions that don’t occur in face-to-face situations. With Selfie Pay, e-commerce is going to benefit, since customers won’t have to remember a password every time they make a purchase. Instead of memorizing a long password requiring a capital letter, a special character, and at least one number, the app works by memorizing your face with a digital ‘map’. After the Identity Check Mobile app is downloaded, users are asked to take a photo of their face. That picture is used as a point of reference for the user from then on. In the event that someone tries to bypass the system by holding up a picture of the person, for example, Identity Check Mobile sends a prompt for the user to blink.

So what kind of encryption is in place to protect the sensitive user data? A MasterCard spokeswoman said, “As an industry, we are moving toward storing biometrics in all instances at the device level. Fingerprints are stored at the device level, and we are currently prototyping facial recognition to be converted and stored as encrypted code on some devices.”

American EMV Adoption Marks One Year

Just over 12 months have gone by since the merchant services and credit card processing industry in the United States faced the historical EMV liability shift. October 1, 2015 was the big day.

Switching to the Europay, MasterCard and Visa (EMV) system has been a major responsibility in terms of installing terminals and educating shoppers and merchants about the use of chip cards.

Credit card processing has not been affected as much; in fact, fraudulent transactions due to counterfeit cards have decreased substantially since October of last year. Nonetheless, the shift has also uncovered some realities that American retailers must confront.

The Good News about Chip Cards

In the United States, more than 700 million credit and debit chip cards are currently in circulation. This is certainly encouraging to learn a few weeks prior to the busy holiday shopping season. Nearly 45% of shoppers who have the new cards are using them more than three times per week. There are about 2 million merchants that have implemented the new chip card terminals, and more than half of these retailers are small-to-medium businesses.

The Current EMV in the United States

The most salient problem with the liability shift is related to the terminal experience. Merchant service providers report getting complaints from their clients about the extra time it takes to complete a chip card transaction with the new terminals, which require shoppers to insert or dip their cards and input a PIN on a keypad.

The old “swipe and sign” transaction of legacy credit and debit cards used to be a lot faster, but it was also very problematic in terms of counterfeiting and fraud. In Europe, chip cards have been around for more than a decade, and thus credit card companies such as MasterCard and Visa are working on ways to speed up the checkout experiences, and this is already being implemented in some places.

Credit card processing companies are reporting another unpleasant reality associated with the switch: the increase in chargebacks has been inversely proportionate to the reduction in counterfeit fraud cases. For businesses such as restaurants, chargebacks have been a major hindrance because owners were not prepared for the sudden deluge. Payment networks such as MasterCard have indicated that chargeback volume will decrease as chip cards become the new American standard.

Verifone CEO Comments on the Future of Payments

Ever since its beginnings in the 1980s, Verifone has been known as a major global provider of point-of-sale (POS) technology and innovative solutions for the merchant payments industry.

After three decades of being a dominant market player, Verifone is more than just a provider of credit card terminals; the company is seen as a respected enabler of retail commerce around the world. The company, which these days is headquartered in Silicon Valley, believes that the introduction of the Europay, MasterCard and Visa (EMV) system in the United States is one of the most complex challenges it has faced during its corporate history.

In a recent interview with a renowned industry publication, Verifone’s CEO Rich Galant explained that the switch to the EMV chip card system is the best thing to happen to American retailers in years; however, the event that triggered the switch will always live in infamy.

The 2013 breach of the Target retail chain forced merchants and leaders of the payments industry to take a hard look at the national credit card processing infrastructure, which was seriously overdue for an overhaul. At the time the Target breach occurred, the legacy magnetic stripe system seemed to work well, at least on the surface; nonetheless, credit card fraud was rising to dangerous levels.

By forcing all retailers to switch to EMV, the payments industry has received a golden opportunity to reinvent their networks, systems and procedures so that merchants and shoppers can benefit alike. One of the first issues emerging from the switch is that shoppers noticed that register transactions took longer; this is an issue that is already being addressed by major payment networks such as Visa and MasterCard.

Even with the faster chip card system, American shoppers believe that more could be done to modernize payments. To this effect, Verifone is already looking towards a future of mobile payments that may not only do away with cash but also with credit card terminals; after all, cloud computing and the Internet of things are supposed to do away with bulky hardware.

Fraud Costs Cut in Half Since the Introduction of EMV

Great news for the credit card processing industry: Just one year into the shift towards the Europay, MasterCard and Visa (EMV) system in the United States, and counterfeit fraud costs have been slashed by just over 50%.

According to a report issued by credit card giant MasterCard in mid-September, counterfeit fraud costs are being sharply reduced thanks to more American merchants adopting the EMV system for accepting chip cards.

The report covers the period from April 2015 to April 2016, and it looks at the two million American businesses that have successfully installed the new terminals. The situation for merchants who have not yet switched to the chip card system is not looking good, as their counterfeit fraud costs climbed an astonishing 77%.

MasterCard described the reduction in fraudulent transactions thanks to chip card terminals as being very positive for shoppers, merchants, and banks.

This positive trend can be attributed to a sharp drop in counterfeit credit and debit cards. When American shoppers complete transactions with their new chip cards, unique codes are being created for every purchase. These codes can only be produced when the chips on the cards communicate with the new EMV terminals. This level of sophistication was absent from the old magnetic stripe system.

Shifting to the chip card system initially brought about some technical and behavioral concerns. Although credit card processing has not been substantially changed by the shift, there has been a learning curve for consumers plus longer lines at the register in some stores.

The initial terminal woes are being alleviated by smart practices. When European merchants switched to the chip card system years ago, they also went through some growing pains; however, those were eventually overcome. The same can be expected to happen in the United States as MasterCard plans to roll out M/Chip Fast, which is an enhancement that will speed transactions at the register. This enhancement will hopefully be in place in time for the busy holiday shopping season.

FitPay: A Truly Wearable Payment Option

In the fragmented world of mobile payments, one company is taking advantage of unifying existing technologies for the benefit of shoppers.

FitPay is a California company that was envisioned by veterans of the mobile payments industry. This innovative tech firm has paid close attention to shoppers who have been largely underwhelmed by “contactless” mobile payments powered by the near-field connectivity (NFC) chips found in select smartphones.

Tech giants from Apple to Google to PayPal have attempted to disrupt the mobile payments scene through various methods. Digital wallets, NFC smartphones, and even key chain fobs have not become ubiquitous, and one of the reasons for the lack of widespread adoption is that major tech firms are trying to establish a new standard of payment instead of leveraging existing technology.

FitPay sees a problem with coming up with a new payment standard. When it comes to transactions at the cash register, the United States has proven to be averse to change. One clear example of this aversion is the implementation of the Europay MasterCard and Visa (EMV), which is not moving along as swiftly as industry analysts expected.

FitPay: Taking Advantage Of The Emerging Technology

Instead of coming up with yet another new payment system, FitPay is taking advantage of two technologies on the rise: wearable smart devices and EMV terminals. The company has developed an API with a corresponding SDK that can marry credit and debit cards to wearable devices such as smartwatches. Part of the strategy is to give shoppers a functional enticement to wear their smartwatches by allowing them to make payments at EMV terminals.

The idea behind being able to pay with smartwatches and other wearable devices is that many shoppers do not feel comfortable taking out their smartphones at the checkout lines. With smartwatches, however, they are already wearing the device loaded with a credit or debit card that they can use anywhere an EMV system has been implemented. This new and exciting contactless payment platform is scheduled to launch in November, just in time for the busy holiday shopping season.

What Are Wearable Payment Options

Well, it’s pretty straightforward. A wearable payment option refers to using devices that you wear on your body to make payments without needing cash or cards. These devices can come in forms like smartwatches, fitness trackers, bracelets, or embedded chips in clothes or accessories.

The way these wearable payment options function is through a technology called near-field communication (NFC). By connecting your device to your bank account or credit card information you can securely transfer money with a tap or wave of your wrist. This removes the hassle of rummaging through wallets and purses to find the card while waiting in line at a store.

One of the key benefits of using wearable payments is their convenience and ease of use. With this technology strapped to your wrist or attached to your clothing, making a purchase becomes as effortless as lifting an arm or touching a button. There’s no need to carry around bulky wallets filled with cards that could potentially be lost or stolen.

When it comes to security concerns about adopting this payment method, rest assured that wearable payments come with security features that safeguard against fraud and unauthorized transactions. Many devices nowadays require authentication, such, as fingerprint scans or facial recognition before processing any payments.

Like any technology wearables also have limitations and drawbacks. Some retailers haven’t upgraded their point-of-sale systems to accept NFC payments which limits the places where wearable payment options can be used for purchases.

However, we shouldn’t forget that these technologies offer exciting possibilities for developments in transaction methods. There might be some limitations as compared to cards and wallets that are common today, but the future is promising.

How Does It Work?

Wearable payment devices such as smartwatches or fitness bands allow individuals to link their bank accounts or credit cards through an app. This integration enables transactions with a tap or a swipe, on these devices. This feature enables individuals to make payments by tapping their device on a compatible point-of-sale terminal.

When you make a purchase the device uses Near Field Communication (NFC) technology to send encrypted payment data to the merchant’s terminal. The transaction is then processed instantly deducting the specified amount from your linked account.

This seamless integration eliminates the need to carry wallets or search for cards at checkout counters. With a tap of your wrist, you can effortlessly breeze through payments without dealing with cash or swiping cards.

In addition, many wearable devices offer features like transaction history tracking and budget management tools that help users stay organized and effortlessly keep track of their spending habits.

In terms of functionality wearable payment options are designed with user-friendliness and intuitiveness in mind. They utilize existing technologies such as NFC and biometrics to ensure transactions while providing convenience at every step.

Benefits Of Using Wearable Payment Options

The advantages of using payments are all about convenience and ease. Of fumbling through your wallet or bag to find your credit card you simply need to tap your wrist or wave your hand over a payment terminal. It’s quick and seamless. It removes the hassle of carrying cards.

Another great thing about wearable payments is how they simplify transactions in places. Especially during festivals when the shops are crowded, this payment option comes as a blessing.

Wearable payments also offer a layer of security compared to traditional methods. With features like authentication and tokenization, it becomes much harder for unauthorized individuals to access your information. This gives you peace of mind knowing that even if you misplace your device it would be challenging for someone to carry out fraudulent transactions.

Moreover, wearing smart devices that integrate payment capabilities means fewer items to carry around or potentially lose. By consolidating functions into one compact accessory – such as a smartwatch or fitness tracker – you have everything conveniently accessible on your wrist without the need for bulky wallets.

The advantages of utilizing wearable payments are centered around convenience, speed, enhanced security features, reduced clutter, from cards, and increased opportunities for integrating loyalty rewards programs.

Limitations Of Using Wearable Payments

However, it is important to acknowledge that wearable payment options also have their limitations and drawbacks. It is crucial to consider these factors before embracing this technology.

A key limitation is the issue of compatibility. Not all devices or merchants support wearable payment options, which means there may be situations where you cannot use your device for transactions. Additionally, different wearables may have varying levels of compatibility with payment platforms making it challenging to switch between devices without facing obstacles.

Another drawback is the reliance on technology and battery life. Wearable devices require a power source to function hence it becomes necessary to ensure that your device remains charged at all times. If your device runs out of battery while you’re, on the go you will be unable to make any payments until it is recharged.

There are concerns, about the security of payments. Even though encryption and authentication methods have improved there is always a risk of data breaches or hacking attempts. Storing information on a device that could potentially be lost or stolen raises understandable security concerns.

The cost can also be a barrier for some people considering payments. These devices often come with a high price tag compared to traditional payment methods like credit cards or cash. Additionally, there might be fees associated with using wearable payment platforms or services tied to wearables.

The Future Of Wearable Payment Options

Undoubtedly the future of payments looks promising. With technology advancing and a growing demand for convenience wearable devices are becoming a part of our daily lives. They seamlessly integrate into our routines. Enhance how we carry out transactions.

Source: Statista – Wearable devices usage in selected countries as of September 2023

One captivating aspect of the future of payments is the potential for convenience. Just imagine a world where you can effortlessly pay for your morning coffee or groceries by tapping your smartwatch or bracelet eliminating the need to rummage through your wallet or purse. Wearables can make transactions faster and more efficient than before.

Furthermore, as technology continues to evolve, so do security measures surrounding wearable payments. Biometric authentication such as fingerprint scanning or facial recognition can provide an extra layer of protection against fraud and unauthorized access to personal information.

We can anticipate innovations, in payment options as we move forward. There will likely be a range of wearables that cater to individual preferences and styles. The range of possibilities is vast, from fitness trackers that also function as payment devices to clothing that has payment capabilities built in.

Online Dating Users Scammed Out of Millions [2023 Update]

Dating sites pervade the Internet. This is nothing new. In fact, they have been around and in use almost since the World Wide Web became a global sensation. Scammers and fraudsters pervade society. This is also nothing new. What is new is that they have moved mainstream and have become more technological and innovative in their approach. These individuals have morphed together with online dating sites to create quite a problem. The new adage has become ‘If she sounds too good to be true, then click the ignore button.’ Sadly, too may are not heeding attention to this warning, resulting in more than a few online dating users being scammed out of millions.

FBI Information on Online Dating and Romance Scams

Bad Online Behavior Abounds

Much of this problem arises from individuals hiding behind their computer screen to commit crimes. People who might otherwise never commit such crimes face to face now feel empowered and emboldened by their ability to swindle people out of their hard earned money without ever having to meet them. They become fraudsters in the truest sense. These are not just people across the globe we are talking about either. They are everyday people down the street. In fact, they might not even be women at all, as these scammers are true masters of disguise. They can be whoever the individual at the other end of the computer connection wants them to be.

Beware and Avoid Becoming the Next Victim

Online romance fraud affects nearly every type of individual. For some, the feeling of desperation and loneliness has become so bad that they want to believe the other person behind their online dating experience really does love them. They are willing to fork over thousands of dollars in order to fulfill this void. Still others are in a happily committed relationship already, yet they find something intriguing about having their own online persona. They can act out their wildest fantasies without anybody knowing about it. Then, fate steps in and scammers and fraudsters who know exactly how to play upon their emotions hoodwink them in.

Online Dating Scams and How to Avoid Them

Do not become the new victim of an online romance scam. Dating sites are working diligently to protect their customers, but individual vigilance is required here. Do not be afraid to meet others using this Internet revolution, but be cautious at the same time. If the other person sounds too good to be true, they probably are!

More Helpful Resources for Avoiding Online Romance Scams

Dating or Defrauding: Protect Yourself from Online Romance Scams

Romance Scams in 2023 – What to Watch Out For

More Businesses Than You Think Still Pay By Check

Modern payment methods in the United States range from EMV chip cards to digital wallets to bitcoin; however, there’s one traditional form of payment that has managed to survive the shift towards digital.

Use of Paper Checks by American Business Entities

The use of paper checks by American business entities and individuals remains uncomfortably high in the 21st century. A 2013 survey by the Association of Financial Professionals indicated that half of all U.S. companies were happy using old-fashioned checks for their payment transactions.

In 2016, a survey conducted among 120 American retailers revealed that only half of respondents were interested in going digital for their payment methods; among those that were still using checks, 10% stated that they had no intention of switching to electronic payments ever.

The most surprising data of the aforementioned 2016 survey is that they half of the respondents explained that 3/4 of their payments were still made by writing out checks. Some of these retailers do not accept checks from shoppers, but they will still write and mail a check when they need to make a payment to a vendor. The only electronic payments they make are to international vendors.

When it comes to the adoption of electronic payment methods and advanced credit card processing, the U.S. is notorious for being a slow adopter. Many Latin American nations have virtually eliminated checking accounts in lieu of express deposit accounts with debit cards for consumers and electronic ledgers for business entities; this is a financial trend that dates back to 2005. Even the switch to EMV credit card processing is taking much longer than expected in the U.S.

Retailers and other businesses still using company checkbooks in the U.S. need to realize that a significant amount of fraud is perpetrated through gaining access to checking account information, which can be easily collected from each and every check printed.

Electronic payment platforms and credit card processing offer far more security measures to prevent theft and fraud, and they tend to be less costly than checking accounts. Automating the accounts payable process with digital platforms is clearly the most sensible way of doing business in the 21st century, and this is something that the American enterprise world should realize. Host Merchant Services takes pride in helping businesses switch over to using electronic payments, which are far more secure and up-to-date in the 2016 business world.