CrossCheck Blog

Ten years ago iTunes came into the picture and music retailing has never been the same. iTunes started with 200,000 tracks available for download when it began in 2003. Today, over 26 million songs are available along with numerous apps, videos, movies and books. Over one billion songs have been purchased from the iTunes store and 50 billion apps have been downloaded for use on IOS devices (iPhones, iPods and iPads).

Payment innovation may be right around the corner, but it could be a little tricky getting there according to a new study on digital wallets. Digital wallets refer to new payment technology that allows consumers to pay with their mobile device, usually a smart phone. As check processing providers we hear a lot about digital wallets and cell phone apps that let you pay without plastic, cash or paper. Is this the future of payments?

Technology continues to dominate society. People checking their social media feeds, updating their status', comparison shopping, checking stock prices and sports scores. Even with all of these fun features, innovations in technology prove to be productive and beneficial as well. Fresh off of CES 2013, home automation continues to 'wow' us with new gadgets and its new capabilities. This may not be more apparent than in the home furnishings industry with its overlap into smartphones and tablets.

Consumers hang on to checks as fiercely as they hang on to their smartphones. We're still writing checks, though their demise was predicted twenty years ago. Even with the increase in debit card use, about 90% of US adults have a checking account. In addition to paying bills, we still use checks to make person-to-person payments, pay the rent and the gardener, donate to social causes, present as gifts and shop. And now, with the emergence of new payment processing technology that simplifies depositing, such as mobile remote deposit capture, it could be that checks are here to stay.

Changes in the way the payment services industry works are creating challenges for ISOs and affiliates who haven't kept current. In addition to the emergence of companies like PayPal and Square Inc., which offer convenient payment processing services to both individual clients as well as businesses, new payment technologies have become the norm. This threatens to replace traditional payment methods, creating problems for ISOs including reduced revenue, lost opportunity and lower rates of merchant retention.

They've been called Generation Y, Echo Boomers or Millennials. No matter what they're called, this group of adults in their twenties and thirties represent some big spending power and some big opportunities for auto dealers and retailers. Definitions differ but generally this group includes those born in the 1980s and 90s, representing over 80 million US adults - bigger than the Baby Boomer group. As they finish school, begin careers and start families, they are now becoming very influential in how goods and services are marketed to the public.

It's no secret that times have changed. Corporate consolidations, new technology, global markets, banking restrictions, security concerns and a tough economy all impact our business practices and can mean both positive and negative effects to the bottom line. Embracing, rather than ignoring, these changes can breathe new life into your business via new customers, cost-saving systems, and additional sources of inventory. Here are a few ideas that can help move your business along: