Commentary
What to consider when it comes to the retail payment experience
Zavida Mangaru, executive vice president of product strategy and innovation, North American Bancard, offers up insight on why the payment experience (and the partner in play) can be crucial to the retail customer experience.
October 19, 2018
By Zavida Mangaru, executive vice president of product strategy and innovation, North American Bancard
It's no secret the retail experience is shifting. Traditional shopping has morphed as e-commerce brands, mass retailers, and direct-to-consumer businesses respond to consumer demands for a fast, convenient and personalized experience — from the time they start browsing, to how they select and pay for products.
Most businesses are aware of the need to accept credit cards in order to serve today's consumers, but they may not think of a payment processing provider on anything other than a transactional level. However, an end-to-end payment technology company — one that handles all aspects of payment transactions — cannot only provide the ability to accept credit card payments, but can be a valuable partner in providing a better experience to customers.
Offer customers choice
We are living in a consumer-driven economy, with technologies being implemented to reflect the preferences of customers. As the use of digital tools to shop increases, consumers expect to be able to pay how they want, when they want, and anywhere they want.
Retailers must be nimble and capable of flexing with the desires of their evolving customer base. An experienced payment technology partner can counsel retailers on how to shift strategy in order to remain relevant and positioned for continued success.
The right partner will provide you cutting-edge equipment that enables customers to pay with traditional credit and debit cards as well as the latest contactless payment methods like Apple Pay and other digital wallets. In addition, a provider can help you start accepting payments online, and even provide ways to enable customers to pay via emailed, recurring invoices. Your customers will appreciate the added flexibility as well as the easy, seamless checkout experiences you offer.
Provide customers peace of mind
With seemingly frequent news of data breaches, customers are too often reminded of gaps in credit card security. When a payment transaction takes place, sensitive data passes through multiple parties. The more third-party vendors involved in the payment processing chain, the more susceptible that sensitive data is to theft or fraudulent activity. However, if one company is handling transactions in an end-to-end capacity, data passes through fewer points, making it easier to identify gaps and mitigate fraud.
While the differences may be subtle, customers will gain peace of mind knowing that they are paying on more secure, EMV- enabled payment equipment in-person, or that an online payment page and gateway is certified for security compliance. No one wants to feel at risk just for paying with a credit card.
Deliver a personalized, positive experience
Retailers need to provide consumers a memorable, positive experience when shopping for goods or services — that's what makes loyal customers. A good end-to-end payment partner makes every effort to ensure retailers have up-to-date payment systems that work no matter where or how customers choose to pay. Making payments fast, secure, and reliable can go a long way toward providing a pleasant shopping experience.
The right payment equipment can also make customer interactions more personalized. For instance, a modern, mobile point of sale system can break the "countertop barrier" at a traditional checkout. In addition to shortening lines and wait times, staff equipped with mPOS devices (and cloud-based software) can provide a personal, concierge shopping experience, consulting with customers in-store to find the right products and then enabling them to pay in the aisle and even arrange for home delivery.
An end-to-end payments company can also provide consolidated reporting for payments made in-store, on the road, or online. Some providers even offer tools like inventory, customer, and employee management with their payment system. These added layers of business intelligence can help you optimize your operations as well as your customer experience.
With the right point of sale system, you can build customer profiles based on past purchases, behavior and preferences. Using this data, you can provide customers a truly personalized experience by delivering timely and relevant marketing offers, promotions and loyalty programs that can drive increased revenue and help build a loyal customer base.
When choosing or working with a payment processing provider, be sure to look beyond the transactional level. An end-to-end payments company can be a reliable partner to help you grow your business — on your terms and with the latest technology tools — while enabling you to offer your customers a better shopping experience.
