Ken Musante, Author at PaymentsJournal

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Ken Musante

Ken Musante is an experienced industry executive with experience founding and running an ISO and a bank processor. Ken has deep industry knowledge regarding Interchange optimization, Payfacs and integrated solutions.

payment services

Open Sourced and Confidential

November 5, 2021

Developing an open source terminal, which readily accepts new payment applications for loyalty, inventory management and appointment setting might be...

Splitit Buy Now Pay Later

Why Buy Now Pay Later May Be More than Just Another Payment Method

October 29, 2021

Recently and expedited by the boom in eCommerce, Point of Sale lending or Buy Now Pay Later (BNPL) has rocketed...

Orchestration

Payments Orchestration

October 7, 2021

As discussed in a prior PaymentsJournal.com article on OmniCommerce, to thrive in a post pandemic world, payments must remain fast,...

The Pandemic pulled forth Omnicommerce faster than Video Killed the Radio Star. It is no longer a two channel system of face-to-face and eCommerce. Omnicommerce expands the channels and experiences to offer on-demand, delivery, curbside pick-up, in-person and mobile. Social media and voice activated devices continue to add dimensions. Businesses must adapt and combine online and offline interactions with a payment system which supports the interactions, inventory and transactions demanded by Omnicommerce. Payments must remain fast, seamless and efficient yet evolve to account for the multitude of entry points. In this way, consumers will be rewarded and continue to engage and adopt new payment methods. The stakes are high, however as the converse is also true. Unified experiences or bust Customers demand a unified experience. They may purchase in one channel but they can and do return through another. POS systems must be able to retrieve card data and perform reference refunds such that the card data is not stored but the reference to the purchase may be pulled and the tokenized card may be credited. This provides for an efficient consumer experience while remaining PCI compliant A friend relayed how easy it was to return a purchase that his wife made on Amazon. He indicated he would return the items at a Whole Foods store and received a QR code. He walked into the store with the items and had them scan the QR code. He received a credit to his account the following morning. Mother necessity and inventory management Inventory management must track SKU location and be able to accept returns even if an item is not sold through the channel where the return occurs. I recently exchanged a power tool at a Big Box retailer which was purchased online. It was excruciating. The online model was exactly the same as the floor model but because the online model was bundled with other items, I needed to return the entire set even though the floor model was identical to what was purchased online. Because of a different online pricing scheme, staff were not allowed to exchange a floor model with one purchased online. This experience was so full of seams, by comparison, Frankenstein’s head would be unblemished. Inventory management must go further and delineate inventory by buckets such as On-hand inventory Sold but not shipped inventory that much be deducted and Ordered but not received inventory that must be added Reporting, tracking and marketing required Merchants must be able to track customer spend over differing channels and provide guidance for marketing investment. This insight will assist businesses with content creation and promotions which will be more meaningful and personalized. The engagement should meet customers where they are and pair the technological sophistication of the consumer to that of the marketing based on their history.

Omni-Commerce

August 26, 2021

The Pandemic pulled forth Omnicommerce faster than Video Killed the Radio Star. It is no longer a two channel system...

Integration Considerations - PaymentsJournal

Integration Considerations

As I have referenced in prior articles, software vendors may initially offer their services in a payment agnostic manner. As...

Making Integrating Less Grating - PaymentsJournal

Making Integrating Less Grating

The SaaS model is a common and growing go to market monetization model for software vendors. Customers appreciate the pay-as-you-go...

The FinTechs and the Dumbfounded

The FinTechs and the Dumbfounded

FinTech and Integrated Payments are terms which many people use but with widely varying definitions. FinTech is a Portmanteau or a...

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