Woman using a tap credit card on a scanner |Why You Need a Future-Ready Payment System | OLS Payments

Why You Need a Future-Ready Payment System

Business environments are continually evolving, whether it’s due to new technologies or shifting customer demand, and a leading way to mitigate risk is by taking proactive steps toward future-proofing. Scalability is a particularly important aspect for businesses to consider as part of their efforts to become future-ready with their payment system. 

While in the ever-expanding payment system landscape, customer experience remains paramount, the global adoption of multiple emerging and alternative payment methods has led to payment processing that is complex, time-consuming, and difficult to scale. To create a future-ready payment system, businesses will need to partner with a payments orchestration partner who can help them keep pace with technology changes, meet customer expectations, and increase business value.

Businesses that embark on a more agile transformation, implement evolving technology, and adapt to new consumer demands will be rewarded with a strong competitive advantage. OLS Payments can help businesses by offering powerful, flexible solutions that provide merchants with access to the latest payment capabilities, allowing them to provide a great customer experience.

What are the key benefits of a future-ready payment system?

The benefits of a future-ready payment system are wide-ranging and include the ability to accept more payment types, keeping implementation and operational costs down, enhancing transaction processing security, becoming less tethered to any acquirer, boosting the frequency of shopping, and staying competitive using modern technologies. For a customer, future-ready payment systems deliver a frictionless transaction experience that is convenient and secure.

6 Benefits of a Future Ready Payment System

#1 – Accept More Payment System Types

Offering additional payment methods, including emerging and alternative payments methods, allows merchants to reach a wider variety of consumers. To maximize revenue, a payment orchestration partner can help businesses as they develop the right mix of payment options while also reducing payment processing complexity. OLS not only supports every major payment network in the United States but also an increasing number of international payment types as well, and is capable of implementing private label solutions. 

#2 – Keep Implementation Costs Down

The OLS solution operates on every major platform, and the platform was specifically designed to integrate with existing and new solutions. Additionally, the OLS switch includes security technology, specifically encryption, tokenization, and compliance functions, rather than having it offered as separately licensed software. Furthermore, the OLS platform includes built-in support for big data analytics. Altogether, this range of features, technologies, and support comprise a substantial ability to lower implementation and operational costs for businesses. 

#3 – Enhance Transaction Processing Security

Future-ready payment systems allow merchants to be confident that they will not compromise security when collecting customer data due to security features that protect customer information and insulate their payment systems from security risks. With OLS, merchants can access the latest encryption and tokenization technology, both critical components for keeping payments secure and protecting cardholder data. The adoption of encryption and tokenization technology in your payment processing will not only enhance the security of your data but reduce PCI scope and provide relief from breach notification. 

#4 – Increase Shopper Frequency

Able to support transactions of any size, a future-ready payment system enriches these transactions with additional data and makes that data available across systems so it can be further analyzed and converted into actionable programs. These insights allow merchants to generate higher revenue from existing users by offering other products and services that are beneficial to customers and drive higher revenue. The OLS platform allows merchants to collect all payment and transactional data, providing additional insights. 

#5 – Stay Competitive Using Modern Technologies

Having the right technology in place is vital for merchants to maintain a competitive advantage, particularly when it comes to being able to accept new payment types. The modular design of OLS’ solution enables customized solutions based on capacity needs, making it flexible and efficient to scale. Available across every major platform and as a hosted solution, OLS has taken advantage of modern technologies, improving the ability to share programming code across modules as well as reducing the challenges associated with maintenance. 

#6 – Become Less Tethered to Any Acquirer

Providing a layer of abstraction between the merchant and its selected acquirer, a future-ready payment solution makes it easier to switch acquirers, making merchants less tethered to any specific acquirer. OLS focuses on helping merchants increase revenue, which we do by enabling merchants to provide outstanding products and services to consumers, such as offering financial services at the point of sale. Furthermore, OLS helps merchants by providing the services and expertise needed to create an end-to-end solution. 

Implement a Future-Ready Payment System With OLS

Merchants need powerful and secure electronic payment processing that reaches beyond today’s needs. OLS helps businesses with a payment system that provides access to the latest payments capabilities, enhanced security, and increased data access. Contact us today to learn how OLS Payments can help you implement a solution that is flexible, future-ready, and enables cost-effective scale.

Key Takeaways

  • Business environments are continually evolving, and a leading way to mitigate risk is by taking proactive steps toward future-proofing. 
  • Businesses that implement a future-ready payment system will be rewarded with a strong competitive advantage.
  • A payments orchestration partner can help businesses be future-ready by keeping pace with technology changes, meeting customer expectations, and increasing business value.
  • OLS Payments can help you implement a flexible, future-ready solution and enables cost-effective scale.