June 1, 2015

Business Strategy: It’s a Marathon, Not a Sprint

Apple Pay. Android Pay (formerly Google Wallet). EMV. With all the rapid-fire changes that are hitting the payments world, it’s easy to fall into the reaction mode and fixate on how your business will respond to the challenge that’s facing you right now.

But as a business owner, it’s always a good idea to step back, take a breath, and see the bigger picture.

Your business revolves around helping others feel better. Selecting the right technology isn’t about what’s happening in Silicon Valley this month. It’s about what’s happening in your business, with your patients, clients, and customers every single day.

So in my experience evaluating this technology, you definitely want to look at these four key areas:

  • SECURITY – How is customer and payment data is being stored and transmitted?
  • PRICE – Do these rates work with my budget?
  • INTEGRATION – How does this enhance, adapt or replace what I have now?
  • INDUSTRY –  Does this meet today’s compliance regulations?

But first, consider your overall business strategy. Where are you today, and where would you like to be over the next several years? How do you help your clients now? How could you help them even more in the future? This line of thinking naturally leads you to evaluate other issues:

  • FLEXIBILITY – Can this solution support new functions, both from a business and a technology perspective?
  • SCALABILITY – Will this solution grow as my business grows?
  • SUPPORT – Who can I turn to? Is there someone on the other end of the line who can give me real advice?

When vetting a solutions provider, look for a company that has proven experience in electronic payments, grasps the complexities of today’s fast-changing payment landscape, and most importantly, takes time to understand the needs and nuances of YOUR BUSINESS.

Your goal is choose a payment solutions provider that can be a true partner you can trust. Don’t settle for anything less.

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