Payment processing has continued to evolve in recent years, while much of the latest news regarding the technology has surrounded two matters - the importance of security and major shifts in the information technology (IT) sector's reception of new offerings. Be it payments through ACH cards or near field communication (NFC) technology, the changes have elevated the need for IT-savvy merchant services owners.
One example occurred earlier this month, when Starbucks acquired the services of a major provider of payment processing, according to Reuters. Though the latter was only a startup business, it quickly began to go toe-to-toe with much longer-tenured payment solutions providers that had held a strong reign over the industry. Now, Starbucks has set out to completely revolutionize its payment processing capabilities, working to improve security and ease-of-use. Following the deal with Starbucks, which included an extra $25 million investment from the coffee giant, the payments solutions provider continued to refine its offerings to other companies. The American Banker recently reported that the same payment processing company, which doubles as the next step of social media capabilities, is now beginning to offer merchants flat fees for its monthly costs.