As you may know, Wells Fargo has suffered a shutdown that stopped card processing, ATMs, and other financial services. This was a wake-up call for the industry. If you want to know more about the topic and find the best countertop ATM in the market, just read below.
Modern Payments Ecosystem: Countertop ATM
Smartphones and wearable technology are surging in popularity all over the world. Increasingly, more and more people are adopting mCommerce and eCommerce solutions offered by the modern payments world.
Today’s banking and financial services, technology companies and the diverse payment technology options will undoubtedly push the industry forward. This will happen regardless of technological, financial and security difficulties found in the ecosystem in several important market regions worldwide.
E.g., Asia is still playing a key role in mobile payments, and consumers in the region are increasingly adopting digital wallets. This has made banks and businesses change their payment infrastructures to be able to keep up with the trend.
As for governments, they’re for the growth of card acceptance infrastructure. ATM and bank branches in Brazil, Mexico, Argentina, as well as in other countries are likely to cut their number. By application, you can find the following segments in the market: automation, smart factories, and industrial IoT. The biggest share belonged to industrial automation in the Global market in 2018.
With all the changes happening these days, payments business is becoming highly competitive all around the globe. Now, the use of digital and online banking is growing rapidly, thus making many banks offer multiple options for banking payments. However, banks can’t be the only source to rely on.
Thankfully, alternative online lenders and payment processors have opened up new doors for merchants. With a reputable business funding provider and processor like FirstAmericanMerchant.com, you can be sure to get a countertop ATM or any other payment services without challenges. First American Merchant (FAM) is a BBB-accredited payment specialist that specializes in the high risk field and offers the cheapest rates in the market.
Wells Fargo Issue: Reexamine Cards & ATMs
Wells Fargo has recently reported its efforts aimed at restoring services as soon as possible. However, this is a useful lesson that can teach many important things. Let’s see what’s important to know in this regard:
- Enjoy the benefits offered by the cloud.
- Plan before a disaster occurs. Otherwise, you won’t be able to put out every fire at once. Start by prioritizing which to address in the first place.
- Have your team exercise the discipline to test the plan regularly. This will help everyone gain firsthand knowledge of how to implement it when under pressure.
Banks have started using technologies and modernization initiatives such as open Application Program Interfaces (API), blockchain, instant payments, and mobile wallets since these can help them improve customer experience. This will result in increased demand for payment security.
To sum up, the widespread use of smartphones, mobile banking and payments applications is becoming mainstream all across the world. Wearable devices enable people to get access to such applications with great convenience. So, keep your finger on the pulse and follow the right steps.