With countless media stories about the rise of mobile payment technologies like Apple Pay, Samsung Pay and others, merchants may feel pressure to get compatible to offer customers another option for point-of-sale transactions. However, Natalie Burg of Forbes says businesses on the fence about whether or not to adopt a new platform shouldn't feel rushed to make the decision. 

"Mobile technology offers many opportunities to grow consumer and merchant payments alike and for less friction in the experience for both," says Troy Leach, CTO of PCI Security Standards Council. "However, with that comes many new challenges not associated with traditional payments that all parties have come to trust."

Granted, those "traditional payments" come with challenges of their own, as evidenced by the spate of breaches and continuously updated security standards. We've yet to see a payment platform that is impervious to hackers or fraudsters. Mobile payment platforms offer a great deal of convenience, but Natalie Burg suggests that "waiting [the situation] out" could be the best course of action for vendors who aren't sold yet. 

In the payment technology space, some analysts are quick to offer immediate directives about how to act, but the immediacy around implementing mobile payment technology contains some hype. The more those platforms are piloted at businesses like yours, the more the industry will learn about security, popularity and other considerations to make before embracing one. Burg suggests that platforms like Apple Pay will become increasingly secure with later versions, so there's no harm in taking the time your company needs to deliberate. 

Contact VantageCard today to learn more about payment data solutions for your business. Whether you're interested in shoring up an existing method or looking into something new, our expertise can help you arrive at the right choice.