Some small businesses are still trying to navigate the transition to EMV-enabled payments systems, but if they don’t keep their eyes on the mobile payments ball, they’re liable to fall behind there, too. Fortunately, TCF National Bank isn’t letting them go it alone.
TCF announced Monday (Nov. 30) that it had renewed a contract with First Data Corporation to continue providing payment solutions support to small and medium-sized business across the country. With First Data’s processing capabilities, Geoff Thomas, managing director of customer segments and alternative channels, explained that TCF will be able to stay current to the evolving needs of SMBs while still responding to new challenges that emerge from rapid growth.
“Implementing and upgrading point-of-sale systems to the latest technology can be challenging for SMBs,” Thomas said in a statement. “We selected First Data’s payment solutions because they provide all of the tools SMBs need to run and grow their brick-and-mortar, online, and mobile businesses.”
Having partners like TCF in the fight against a constantly changing payments landscape could be a godsend for struggling retailers. Gary Staub, chief marketing and sales officer for Sterling Payment Technologies, told CIO that the rush to establish EMV-compliant systems has led some brands to implement solutions that, while technically sound, don’t quite add much to the overall experience for the retailer or consumer. Instead, it will take measured analysis and targeted interventions to create lasting solutions.
“It doesn’t mean that merchants should attempt to quickly cobble together a compliant solution,” Staub told CIO. “[Retailers and developers] need to identify an upgrade path that enables EMV payments while also maintaining and building on the broader value to their operations.”
Defining just what that “broader value” means will differ based on individual retailers, but success could be more directly linked to having strong partners like TCF in their corners.