As the Fintech (Financial Technology) industry grows, it has become apparent that it is no longer just a financial transaction, but a lifestyle that they must support.
Consumers and businesses expect instant results when it comes to transactions. Businesses no longer have to be tied to a computer and receipt printer at a counter, but rather can assist customers wherever they are using a mobile phone and an app to process transactions and send an instant receipt via email.
60 Minutes featured a special on May 1, 2016 about the transition from banks to apps that provide instant results. According to Leslie Stahl, “It could mean trouble with millennials willing to ditch brand-name companies for new apps on their phone”.
As an industry expert, Patrick Heraghty with CardConnect knows merchants want real-time reporting. Providing data, receipts, transactions, refunds and the ability to run a transaction through your phone are just a few of the options FinTech companies offer.
Sources: Stahl, L. (Writer). (2016, May 1). Fintech: Shaking up the Financial Industry [Television series episode]. In Fintech: Shaking up the Financial Industry. CBS.
Through the Michigan Chamber’s partnership with CardConnect, you have the opportunity to accept credit, debit and other electronically based transactions at just 0.2% above cost. Email CardConnect or call 877.948.9733 to learn more.