Video: The Digital Transformation of SMBs, a Discussion at TRANSACT 2019

We are in the midst of a digital revolution in payments that will affect how commerce is performed in the future. One sector of commerce that will feel the pressures of this digitization are small-and-medium businesses, or SMBs.

At TRANSACT 2019,  one of the major presentations held was “Digital Transformation of SMBs: Future of Commerce” with speakers Todd Mazurek, Senior Director at Visa, Diana Unay, Director of Social Media Marketing at Visa, Wimbish Potter, Vice President of Product Delivery at Paysafe, and Josh Park, Senior Director of Acquirer Partnerships, Authorize.NET, and CyberSource at Visa, as moderator.

The panel focused on addressing key issues to help merchant acquirers and ISOs promote digital payments to SMB merchants in order to expand acceptance, customer loyalty, and additional services.

One such issue that was discussed revolved around how some merchants, particularly those of older age, are uncomfortable with making the leap to digital. This is partly due to not knowing how to go about said leap. “I think they are aware of it, but they don’t know how to do it,” Potter says. She continues, “our job is to teach them what is out there.”

The panel also talked about what SMBs should be considering in the future as payments technology continues to evolve. “Merchants need to think about this from a payment experience,” Mazurek says, “because getting to know your customer, that’s the key thing for a small business.”

Click here to watch the full presentation, and click here to read more about TRANSACT and ETA events.