Table for 2: Security and Data in Modern Day Payment Processing
In just a few short decades, payment technologies have transformed the way customers buy and exchange services. From cash, to check, to card, to chip, to Chase Pay; payment methods have undoubtedly changed, and the hospitality industry is tasked with the never-ending challenge of evolving alongside these marketplace changes.
On this episode of Table for 2 by Tablesafe, we explored the security behind these payment processing technologies used in the Hospitality industry with Ryerson Schlitt, director of product management at Tablesafe. Schlitt said the question on the tip of most merchants tongues today is “How do we prep for what’s next?”
With technology evolving at an exponential pace, restaurants and brick-and-mortar stores are looking for an edge.
To find it, Schlitt said: “It’s best to look at other countries, like Europe where technology like EMB (chip-reading) has been around for over ten years longer than in the USA.”
While trying to stay on trend with technology, modern-day merchants are also competing with the rise of e-commerce.
“E-commerce knows more about its customers than any brick and mortar does,” he said. So, quite literally, what can payment facilitators such as TableSafe bring to the table? The answer–safety and data.
“Security is a baseline,” Schlitt, with confidentiality being key to retaining customers. But beyond that, an element of personalization is what will set merchants apart. The defining feature to TableSafe payment processing is tying payment data to surveys, reviews, and staff evaluations, allowing merchants to understand their customer base better.
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