A few weeks ago, RTP published a two-part feature on new payment trends and developments. Needless to say, the response was astounding, with solution and service providers offering up their thoughts and insights.
Due to the overwhelming response, RTP is publishing a series of short articles and Q&As featuring sources that were not featured in the special report.
In this blog, we’re compiling key thoughts and takeaways from Greg Schaub, EVP of U.S. Business Development for Chase Paymentech:
On the state of the payment industry: “It’s a very interesting time, particularly because of the recent items in the news around payment security; I’d be remissed if I didn’t say it was top-of-mind for many of our clients today and the retailers we talk to."
On conversations with retailers: "The conversation around payment is broader and more complex than it was in the past. The partners and vendors you talk to need to have the same broad-based solution sets. Many of our clients today are trying to streamline operations and come up with partnerships to reduce costs, manage security and optimize revenue and improve the business. That’s the kind of partnership you want."
Security is "front and center”: “Security has always been, and will continue to be, a top priority for us. We recognize retailers expect us to be very much aware of all security trends – it’s a privilege to have the honor and respect of clients and we have to work hard to reinforce that. We’re in a unique position because we’re the only large banks that has taken the payment business and made it a part of the larger firm.
But innovation is speeding up: "Security is very much at the forefront but there’s also a great deal of innovation going on driven by the great technology available today – not just mobile payment, but also loyalty and offers, and other trends that impact retailers’ ability to grow their top line."
On the impact of customer demands: "Customers who shop with our retail clients are changing the way they shop for products so the solutions migrated into retail mobile and web based transactions. And we’ve been heavily involved in helping our retail clients facilitate these types of transactions, grow their business and optimize their revenue across a multichannel experience."
EMV is only part of the security equation: "Retailers have to take a holistic approach to payment security. EMV works for card present but it doesn’t necessarily work for card-not-present transactions. We’re involved with conversations around new standards, policies and technologies every day that fit under the security umbrella."
"If you’re a retailer today, we tend to think of security as a lot of third parties being involved. PCI and having systems be compliant and certified; protecting against fraud and breaches. POS companies, processers, all third parties can create risk for these retailers. We try to minimize it."
Check out the complete payment report to garner insights from other thought leaders in the space!