How merchants can benefit from a cashless society

THE cashless society has arrived. Paying for something, such as your lunch, is now seamless, integrated and efficient. Consumers love the "it-just-works" convenience and speed of payment transactions.

Driven by governments, financial institutions and technology providers, payment processing has rapidly evolved into a multi-billion-dollar industry handling trillions of payment transactions daily.

While consumers are clearly benefiting from the shift to digital payments, merchants have not been so lucky and tend to find themselves on the receiving end of this trend. Plagued by high transaction fees, increasing setup and installation costs, fraud and security concerns, and delayed disbursement cycles, it's not surprising that small and medium size enterprises (SMEs) are reluctant to make the switch.