Depending on where you live, your life style, or preferences, you may own a car. Where I live, right in the middle of the United States, I need a car. Got to have one, no two ways around it. I need it to get to the store, to get the kids to school, to get…Anywhere! Now I like my car just fine.  I have had it for just over nine years now and it has been mostly reliable. I can do most of the things that I want or need to do. 

Does everything still work on it? No. 

Is it efficient? No. 

Is there risk on a long drive because of a potential break down? Yes, but I go with it anyway. 

Just take it easy, don’t go off the beaten path, and I should make it, right? Besides, what options do I have?

Where am I going with this you ask? Well I think there is a similar mentality in payments processing today. Many payment processing entities, be it banks, processors, merchants or merchant acquirers, are still driving the same dilapidated “car” as they did 15, 20 even 30 years ago! Now those cars were fantastic back in the day. In fact, state of the art! 

Do they work today? Well, yes, but you have to compromise your definition of “work”, much like I do about my car today. 

Does it run? Does it process transactions? Do you sleep at night? Most likely the answer to those three questions is, “Yep!” I can say similar things about my car. It runs, it gets me from “A” to “B” safely, and I can sleep at night. 

However, does it get a good gas mileage? Do the heated seats work? Do the automatic mirrors work? Can it go a year without an “outage”? No, no, no and NO!

With payment engines, yes, it is running for you but is it taking you where you want to go? And when you want to go there? The safe answer is “yes” but is it really? Are you able to be proactive and change with the market and do so with confidence? Modifying these classics is time consuming, risky, and expensive. 

To be fair, I can hear many of you saying, “Ok, Mark, but am I just supposed to replace the entire system? That sounds more time consuming, risky, and expensive!” That is a valid point to be sure. With cars you can replace components like the tires or even the engine, but you are still left with the same car. The good news with payment engines is that you can replace components and end up with a new “car” at the end of it! Not only is this a far less risky approach, but also a smarter approach as you now have a system that can react to today’s market pressures quickly.

It is time to move into the express lane on the FinTech Highway and start to make the” Real Change”!

Written By- Mark Simerly, Regional Sales Director at Renovite Technologies Inc