Why Digital Wallets Are the Trending Topic of the Future

Summary: The rise of mobile technology as paved the way for increased consumer interest in digital wallets. 

Due to the success of digital wallets in 2017, it wouldn’t be farfetched to think that this payment trend will only exponentially become more popular. Now that the smartphone has become the cornerstone of everyday functionality, many businesses have adapted new types of Internet credit card processing and payment methods with more efficient POS systems to cater to the mobile frenzy.

Leading the Charge

With established names like Google and Apple jumping into the digital wallet game, smaller companies will be at an advantage. The reason behind this lies with one word: trust. Consumers feel more comfortable trying out new types of payment methods when they see big names like the aforementioned already at the forefront. So case in point, expect plenty of merchants to utilize mobile wallets and merchant account providers from companies like Charge.com for example, within their system.

Fewer Steps Equates to a Happier Consumer Base

With a mobile payment system in hand, like a credit card merchant account for example, purchases can be made with just a few taps on a mobile phone. The only thing the user needs is a secure device to make the transfer. The lack of steps only makes this process easier, leading the way to instant consumer gratification.

It’s likely that sooner or later, services and personal assistants like Siri will start alerting consumers of deals and coupons as soon as they walk by a retail store. You can already sign up with a variety of companies to receive coupons and special offers. These offers could even be saved directly to your smartphone so you won’t have to shop around manually.

Layered security for your systems

Security is a key aspect of managing IT systems. Hackers and state-sponsored groups are breaking into whatever systems they can, with the assumption that one day that it will be useful at some point in the future. One of the keys to preventing breaches like Yahoo and the DNC is to layer your security systems.

There are several layers, and you can insert them at different points of your network. The firewall usually sites at the top and blocks both incoming and outgoing connections that do not conform to the rule set. The firewall also separates the various segments of your network. When you colocate to a facility like Rack Alley, the firewall component is available as a service.

Segmenting your network is another important part of layering your security. For example, place your applications servers, database servers, clients, and backup systems on different network segments. You can now use your firewall to allow only select communication between the different segments. For example, only the application server can connect to the database servers and the clients can only connect to the application servers.

Another layer consists of systems like IDS and IPS to deal with potential intrusions. You can place this later above the firewall or after the firewall. IDS use signatures that recognize potential attacks and block such connections.

Firewall, network segmentation, IDS, and IPS are just a few methods of layering the security in your network. There are also other systems like Honeypots, Anti-virus, Anti-malware, desktop firewalls, etc. that you can add as other layers. When you layer your security like this, even when a hacker breaks into one system, he cannot easily access another. All of this is possible whether you have all these systems in-house or have everything at an LA data center.

 

The challenges with scaling your EDI system

There are several challenges organizations face when implementing or managing their EDI systems. EDI enables the kind of supply chain efficiency that organizations could only dream of before. You can now deliver a product from a manufacturer that you never physically handle, to someone else’s customer automatically. The biggest challenge that most organizations come across is scaling their EDI applications. There are three things you need to do:

Multiple sets of trading partners

The first thing is to ensure that your EDI software can or will support multiple sets of trading partners and types of documents. There is a lot of data and structure that unique to every trading partner and your software should be able to handle all that variation. A single trading partner can have as many as a 100 business rules.

ERP integration

When you have a handful of trading partners, you can handle the manual transfer of data from your EDI system to your ERP. It is very difficult to scale data transfer from one system to another manually once you exceed that threshold. The only way is to look at native integration, which might require an upgrade of your ERP.

EDI outsource

An in-house EDI implementation can be expensive and time-consuming. Also, communicating with all the trading partners and testing out the business rules for each those partners are both time consuming and expensive. When you outsource your EDI system to a third-party, you save a lot of time and only need to direct the project.

Written by Act Data Services, Inc. 1-800-ACT-DATA. A retail and supplier EDI provider who will handle all aspects of the implementation including vendor compliance.