Authors: Rod Bungey, North America Sales Director for Testing; Jim Tomaney, Chief Operating Officer

As the US celebrates its 4^th of July Independence Day holiday, it’s a good time to reflect on the merits of an event that took place over 240 years ago.  Frustrated by high taxes and the desire to determine its own destiny, US patriots turned against their masters and declared ‘Independence’. The actual split took a few years with some ongoing conflict before it eventually materialized, but the subsequent growth of the US into the powerhouse it is today bears the fruit of the risky decision of 1776.

In today’s payment world, there are many parallel scenarios where a little independence could go a long way.

Small banks, credit unions and independent processors are tied to ever larger processing relationships which, although delivering the base services needed to run your daily business, offer little in the way of innovation and differentiation.  The cost of these services (likened to the taxes of the past) is gradually increasing whilst at the same time the level of competition is increasing - not only from pier and larger financial institutions but from new FinTech players.

The pace and availability of new technologies and financial schemes has reached an all-time high, and progressive customers want their financial institutions to keep up with this technological progress.  Those same FIs are looking to attract new customers in a minefield of commercial and social media advertising. The line between a traditional environment to deposit funds and get financial products and advice (brick and mortar branches at banks and credit unions) with new ‘online only’ financial service companies with very limited physical presence on the streets has blurred.

Many organizations will claim they don’t have the scale and resources to compete.  In the 1770s American patriots were certainly less experienced and with fewer resources, but they overcame that with agile tactics and some new technologies e.g. the barreled rifle.

Until recently technology was a barrier to independence in the payment world.  It required massive outlays in software, hardware and skilled personnel.

Now it’s different.  The advent of cloud-native technologies, agile development and deployment, and cloud-based services make the task of taking control of your payments destiny a much easier, safer, and affordable journey.  Don’t stay locked into a processor whose innovation path is not going to enable your business, or worse, who empowers your direct competitors or even competes directly with you themselves.

Rise up.  Declare independence and talk to Renovite about a new independent world where you have the power to make decisions that suit your business aims.  We’ll lower your ‘taxes’ (fees) and empower your business to compete and grow.  If you’re using a processor to drive an independent ATM network, acquiring merchant payments or authorizing your customers’ payment transactions then Renovite Technologies can enable your organization with 21^st Century Technologies, IT skills and expertise and enable you to take control of your business.

Light the fuse!