The Technological Future of the Payment Processing Industry

3 min read • Oct 02, 2013 • Guest Post

Credit Card in a keyboard representing the payment processing industry.Our credit card industry has come a long way. From processing with a slider machine onto paper, making impressions onto a carbon copy and separating them for the customer, to now electronically processing them with a cell phone. But that’s not it; soon it will be a click from a NFC device to process from our cell phone. No matter if it’s from a regular merchant account or a high risk merchant account, the industry is on the move.

Our past

It seemed only yesterday that consumers were getting used to a piece of plastic in their wallets and running it through our favorite store for a purchase. The merchants would have a large hand machine to put their carbon paper into and the credit card would be placed into the little slot and run over by the roller. It would make an impression and they would give us our receipt to be signed.

They would send it into their merchant servicer and process our credit card, and at the end of the month, we would get a statement to reflect the purchase.

Fast forward twenty years

The industry grew and our main function with the credit and debit industry is to process our cards daily, either online or at any merchant we come across. Our cards are the main stay of our daily business. We pay our bills online, we purchase online items, or we purchases at the grocery store with a card of plastic. Without it, our wallets would be a lot heavier, and we would only be carrying cash.

And the industry keeps surprising us

With the cell phone comes the swipe on site industry. No matter what job we have, its device slips right into the phone, it collects the data and our card has been processed. Other smart phones come with other options completing the task easier and quicker.

Jump a few more years into the future and the NFC, or Near Field Communication will make this even quicker. If the device is made NFC compatible, then our cards can and will be processed, by having it four centimeters from the processor. Of course, somehow, they will make this device fraud proof, keeping the thieves from just walking up to us and taking off with our information. That technology and information will be coming to a blog near us as soon as it is available.

Quite the path

In the blink of an eye, our technology jumped from simple and paper, to wireless and computerized. Moments later the card is processed and we can see it at our bank, that the money has exchanged hands.  The public will adapt as it continues to come. Some will welcome it and enjoy the ease at which it works. Others will have nothing to do with it because it boggles their minds. That’s ok, that’s what choices are all about. Enjoy the change as it arrives and be glad of the ability to choose.

Blair ThomasBlair Thomas is an electronic payment expert and the co-founder of from Los Angeles, CA, the #1 high risk merchant services in the country.  I enjoy hiking, dining and discovering new music. When I’m not working in the electronic payments industry, you can most likely find me producing and writing music. Add me to your circles at Google +


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