Global Payments, Inc. Has Been In The Merchant Processing

Service innovation happens when a company changes and improves their customer service methods. This makes the company’s product more desirable to customers because they are offered better customer service. This also gives the company the opportunity to build a better relationship with their customers. Often service innovation involves getting customer feedback on how to better their customer service. Better customer service creates more customers and; therefore, more cash flow and profits are experienced by the company.

1.1 Communicate to customers their organisation’s service offer, how it balances organisational and customer needs and how it meets customer expectations

MasterCard Incorporated is one of the world’s premier credit card processing and money transfer companies in the world. It is the second major payment company in the United States. They focus on making payment transactions safer and beneficial to the society while delivering value through their innovation and execution. MasterCard has three main competitors, Visa at the very top, American Express, and Discover. Visa Inc. has the largest market share of 13.7 percent in the United States with revenue of $12,702 million in 2014. In the same financial year, MasterCard Inc. has recorded total revenue of only $9,473 million and 7.3 percent of total market shares. MasterCard’s SWOT analysis revealed its strength of being the world’s second

The future of payments is current shifting to another path with how technology is changing and is currently modifying how we process our payments and how we store data. It is going away from low-tech and paper based tools, expensive and bulky registers, and physical card swipes. And it is introducing and renovating online commerce and online payment. This is happening due to the decrease of money supply and checks in the current market because people are starting to pay more and more there bills online. As the economy improces and corporations and business gets larger they have started a large-scale implementation of processors in electronic payment technology in their business ands services. Also, credit and debit are growing amongst consumers and it has been the highest that it has even been in history.

* Offer great customer service experience at great value, which will essentially attract more customers and help build on their goals of 2016

We strive to develop strategies, business models, and dynamics to drive premier value-added services through means of integrity, respect, passion, persistence, and customer focus.

- Integrate people, processes, and technology to provide a balanced service level to all customers. Create

Achieves company goals by accepting ownership for completing new and different requests; exploring opportunities to add value to job accomplishments.

Wells Fargo is an international banking company that provides financial services to its customers. As an international, well known company, Wells Fargo is among the many that follow basic business management aspects. For one, Wells Fargo has a competitive advantage over some of the other companies in this type of business. For one, Wells Fargo major advantages is in the retail banking stores. It has one of the highest numbers in stores/spaces and it’s due to its large network allowing Wells Fargo to be a leader in retail banking. Another advantage this company has is the fact that is has had some changes in regulation which has allowed it to increase profits.

Assisted a PwC team’s effort to develop recommendations to modernize a large US based custody bank’s core banking and payments platforms (i.e., wire transfer, ACH). During this engagement I assessed payment technology options and helped determine the costs and benefits of various investment scenarios. The client is currently leveraging our deliverables and recommendations to perform an in depth review of a subset of modernization options

Visa Inc. (VN) operates the world’s largest retail electronic payments network and manages the world’s most recognized global financial services brand. Visa has more branded credit and debit cards in circulation, more transactions and greater total volume than any of their competitors. They facilitate global commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses and government entities. They provide financial institutions, their primary customers, with product platforms encompassing consumer credit, debit, prepaid and commercial payments. Visa Net, their secure, centralized, global processing platform, enables them to provide financial institutions and

The online payment marketplace is experiencing an explosion of innovative ideas, plans, and announcements, which one commentator has likened to a “goat rodeo”, a chaotic situation in which powerful players with different agendas compete with one another for public acceptance, and above all, huge potential revenues. Others liken the payment marketplace to a battle among the four platform titans Apple, Google, Facebook, and Amazon. Each of these titans have their own versions of a future payment system that challenges the other players. And let’s not forget PayPal, the reigning power in alternative online payment, or the credit card companies who process over 70% of online payments, or the

Offer the services that have already been introduced by competing company, and also work on providing customers with innovative applications

Although there are several macro factors that can be considered, there are a few that pertain significantly to Paychex’s payment processing operation. The first macro factor in the general environment that Paychex should consider is the opportunity to expand globally. There is a great need for a payment processing service in emerging markets around the world that Paychex has not yet taken advantage of. This would allow Paychex to increase their client base to foreign markets. Globalization is low in this industry, which is why expanding payment processing services globally would be a remarkable opportunity for Paychex. Extensive laws and regulation could potentially make it difficult for companies to successfully expand into foreign markets. Technology is another macro factor that is imperative to consider. Companies in the payroll and bookkeeping industry heavily rely on cloud, mobile, and software technology to deliver easily accessible products. Investing in SaaS, software as a service, based technology solutions was one of the primary focuses of Paychex in 2015. Adapting and acclimating to technology over time will be imperative to the success of Paychex.

One approach to service innovation has been to leverage emergent technologies. Jana (2007) notes that the development of the Internet (a product) has fostered tremendous advances in service innovation. The first major one was online shopping, but since then all manner of services have been brought to the online sphere. Customers can manage accounts online, of course, but also businesses have found new ways to interact with their customers online as well. The emergence of social networking itself somewhere between a product and a service has allowed companies to further innovate in the way that they interact with customers and the ways that they market to customers.