In September, Bank of America (BOA) Merchant Services laid off about 250 employees as part of a broad-scale “restructuring” effort.
You may have heard the news and thought nothing of it, or you may have been curious about what it means and why.
We’ll give you the short answer first: the eCommerce and payments industry is evolving rapidly, and BOA Merchant Services saw the need to keep pace to better support the merchants they serve.
Here’s why the move is a step in the right direction.
While layoffs are never easy, the move is a clear indication that BOA Merchant Services wants to remain a key player industry.
And in order to do so, they need to stay on top of new and emerging technologies that will help merchants process debit and credit card transactions in the fastest, simplest and most secure way.
The recent Equifax security breach has put the industry on edge, making credit security a top priority for businesses of all sizes.
No doubt BOA Merchant Services will be factoring this into their restructuring plans as they look to the future.
Last year alone, the company processed more than 15 billion transactions across 660,000 merchant locations.
You can bet we’ll be paying close attention to what happens next.
While we can’t know for sure exactly how the move will play out, it will be interesting to see how BOA Merchant Services reorganizes its resources to resolve inefficiencies and embrace the digital era.
The company, a joint venture between Bank of America and payment solutions leader First Data, is the No. 2 merchant acquirer in the United States in terms of purchase volume, having been knocked out of the first-place slot only recently by competitor J. P. Morgan Chase Merchant Services.
For BOA Merchant Services and others, the future of payments will focus heavily on making sure resources are allocated to the right technology—and a big part of that involves listening to their merchants’ needs and aligning their strategy accordingly.
The company demonstrated this approach earlier in the year when they announced their partnership with Bypass, a leader in point-of-sale and commerce technology.
So what does all of this mean for your business?
In a nutshell, be ready for change.
Bank of America is not the only merchant service company to recognize a shift in the industry and invest in expanding their digital platform, so it will be important for merchants to remain forward-looking and stay on top of changes in the payments industry.
Of course, if you’re a small business owner, you know this can be a challenge.
Worried about keeping up with changing technology? MyWatchmen can help.
Providing your customers with a fast and secure purchasing experience is critical to your bottom line, but what’s the best way to do that?
And how do you know you’re working with the right payment processor for your business?
That’s where we come in.
At MyWatchmen we stay on top of the latest technology in payments and security so you don’t have to.
We can also help you make sure you’re getting the most out of your relationship with your payment processor.
Chances are we’ll find ways to improve that relationship and lower the cost of your payment processing fees to increase your bottom line.
We provide access to ongoing technical support from real people who are ready to answer any questions you have as soon as you have them—because we know how frustrating it is to be left on hold forever.
In other words, we’ll watch your back so you can focus on running and growing your business.
Sound like something you can get on board with?
Contact MyWatchmen today to learn how we can help you protect your bottom line and maintain peace of mind in an industry that’s constantly changing.