Payment and Transaction Technology Ecosystems Explained

More than half of Americans are comfortable using contactless payment, and more than 77 percent of millennials use a form of digital banking, indicating that the lines between technology and customer service are becoming more and more blurred.

As customers become more digitally savvy in their personal and professional lives, they will expect the same customizable self-service features, integrated functionality, updated equipment, and security controls in the businesses they frequent.

But ensuring your business has these new features across its payment and transaction ecosystem isn’t as easy as updating a phone or personal computer.

However, businesses with technology that evolves to match their customers’ expectations for integration, self-service, and other new features can drive loyalty in a highly competitive market.

Download Burroughs' Quick Guide to Your Payment & Transaction Technology Ecosystem.

However, to make each customer interaction more smooth and secure and give your team more time to focus on customer service, you need to ensure your payment and transaction technology is updated and modernized. 

Modern payment and transaction technology checks for counterfeit currency reconciles funds at the beginning and end of shifts and scans for withdrawal and deposit errors quickly and automatically. Similarly, devices like smart safes and cash recyclers boost the security of your cash, keep your employees safe, and reduce the chance of shrink, which reached an all-time high of $61.7 billion in 2020.

Even better?

With Burroughs’ TransacTec™ Device as a Service (DaaS), your business can take advantage of the latest hardware, software, and middleware. Plus, you can scale device deployments to meet your operational needs.

Learn more about TransacTec™ Device as a Service.

Having modern payment and transaction technology in place makes this possible.

With this technology, you can monitor cash as it is transferred from a cash register or recycler to an in-store smart safe and then on to the bank. This way, you always know the status of your funds and have it securely logged. Within one intuitive view, you can quickly see data such as:

• Transactions by device
• Total daily cash intake
• Smart safe withdrawals or deposits by user
• Device uptimes

This same technology can also help your business make better cash management decisions based on operating trends. When your business can more accurately pinpoint when and how often armored car pick-ups or deliveries are made, reducing overhead and keeping cash secure.

Although these efficiencies and cost savings may seem small, every dollar and minute saved means more resources to be used in business investments.

Fortunately, with the right services partner, your ecosystem can be future-ready without all the stress. And, even better, you can streamline the maintenance of your business services, freeing up precious resources so you can focus more on customer service.

Forward-Deployed Logistics Centers

Instead of solely relying on in-house technicians or a patchwork of different vendors with a widely variable cost structure, your payment and transaction technology will be backed by a team of 600+ experienced service technicians located throughout the country. 

Combined with forward-stocking locations across the United States, Burroughs has the tools, training, and know-how to keep more than 150,000 devices operating at their full potential.

Remote Monitoring and Managed Services with 24/7 Support

In addition to offering your customers the latest features and functionality, utilizing industry-leading payment and transaction technology also means taking advantage of the remote monitoring and managed services tools. 

That means no matter when or where a device is experiencing performance issues, one of Burroughs’ two highly-skilled North America-based support centers can tap into level two and three specialized support to maximize uptime and availability.

Proactive Maintenance for High Uptime and Compliance

Escape the endless cycle of breaking and fixing devices and maintain a high uptime with Burroughs’ proactive approach to service.

With access to real-time unit journals, performance reporting, and system health dashboards, Burroughs can help your team track uptime and make data-driven decisions to keep equipment running and in compliance.

Partnering with Burroughs means your business will have access to best-in-class service for the full lifecycle management of your cash automation, self-service, IoT, and other technology investments delivered through a digital-first approach. 

As a truly OEM-agnostic provider, our team works to find equipment and solution that best fits your current and future needs across a range of available devices. We use this consultative approach to help you execute a plan to deploy equipment, software, and systems that unify your entire ecosystem.

Whether your business footprint is small but growing or a large, hybrid design, Burroughs has the industry experience you need to future-proof your business.