Being able to accept as many of the different and constantly evolving payment methods as possible is an essential aspect for the success of any retailer. Regardless of whether contactless, via Girocard, Apple Pay, Google Pay or PayPal: the payment should run smoothly, at best invisibly, so as not to disrupt or even interrupt the purchasing process. This is a challenge for the acquiring bank as the interface between the parties involved.
The requirement sounds quite simple at first: payments from consumers to retailers must be as simple and efficient as possible. This prevents purchase cancellations and negative customer experiences. Ideally, it must be possible for retailers to accept and process payments not only in the form of cards, but also by means of wearables, NFC, QR codes and other future formats. The bank responsible for acquiring as well as the manufacturers of terminals and the associated software must deliver here.
In order to actually be able to offer the whole variety of modern payment methods, a constant renewal of the systems used directly at the point of sale is necessary. One example is the use of new terminals that are TA-7.2/DC-POS-3.0 compliant, offer an integration option with existing POS systems and allow the use of payments terminals and other interfaces. On the one hand, regulatory requirements have to be complied with, and on the other hand, customer wishes have to be taken into account – for example, the delivery of digital purchase receipts.
Therefore, neither the terminal manufacturers nor the acquiring bank nor the merchants can avoid developing the necessary deep integration into existing and new POS and back-end systems. In any case, the parties involved must ensure that the payment runs ever more smoothly despite the complex processes in the background. After all, these back-end processes are completely uninteresting to the shopper, but quickly lead to frustration and purchase cancellation if they don't work.
The current primary challenge lies not only in the implementation of new regulations, but also in the constant observation and strategic evaluation of new trends. The latter include, for example, the acceptance of cryptocurrencies and the upcoming digital euro. Change therefore remains a driver in acquiring in the foreseeable future.