Vincent Thomas, Founder and Chief Executive Officer of Billhighway.com and Automated Payment Highway, Inc, shared some of his thoughts with us on the cards and payments industry. Here's what he had to say!
1.Â Â Â Â Â Â What is the most exciting development in payments affecting your business?
We see mobile payment innovations as exciting developments impacting our business, especially as consumers and nonprofits alike increasingly adopt mobile solutions for a faster, more convenient experience.
Specifically, those innovations that take mobile payments to the next level in terms of "contactless" transactions by far have the most impact. We see the interest in contactless payment transactions being driven by the widespread adoption of contactless debit and credit cards. Safety and security are of utmost importance, as well, in the move toward contactless mobile transactions.
Another key area of development is the open mindedness of traditional banking and finance and ID players to explore the merger of accounting related tools with traditional banking solutions.
2. Do you think there is a disconnect between the payments industry and the clients they work with?
Yes, there is absolutely a disconnect between banks and their consumer and business clients.
It's a confusing landscape out there. There are too many solutions for clients to muddle through to find what works for them.Â In many cases, a client has to force-fit a solution to meet their specific requirements or environment.Â More often than not, payment solutions are difficult to use, not intuitive, and require a deep background in accounting.
Also contributing to the disconnect is a lack of integration between financial and business systems.
It's critical for accounting software, financial processing, payments, CRM systems, and other solutions to easily integrate and streamline workflow. We still see organizations having to overhaul the systems of each individualized department when a new solution is added to the organization.
3.Â Â Â Â Â Â What changes do you see as necessary to make contactless payments a nationally adopted system?
Ideally we would like to see efficient standards in play, especially industry rules and practices that ensure seamless interoperability. However, as innovators ourselves, we are mindful that any standards effort must protect and encourage the open platform thinking that stirs innovation.
What is most realistic, and critical, is that merchants have to drive the change that best meets the demand of the market.Â At the end of the day, customers want solutions that deliver the biggest value to them in terms of convenience, security, and ease of use.
Vincent will be presenting a case study on creating one central payment system for a national organization at Cards & Payments USA.
To learn more about Vincent and the cards and payments industry, click here.