Modern payment options.
The modern shopper has a wealth of payment methods available to them thanks to the multitude of shopping methods that are available. Online shopping has overtaken physical shopping, with payment wallets, cardless payments, and manual card transactions all available to the online buyer.
Meanwhile, offline payments have also become more sophisticated. Where it was once a choice of cash or card, the 21st-century retailer has to offer contactless, card payments, cash payments, and other NFC payment systems. With cryptocurrencies beginning to weigh in, there is the possibility of further payment types to be introduced soon too.
Changes to current payment systems.
One high-street bank is trialing a new fingerprint recognition system, with plans to scrap the £30 limit if the trial is successful. This could mean an increase in the number of cardless payments that are made every year.
What’s more, new research suggests that over-55s and people on a low income are at risk of being left behind when it comes to contactless technology, and a number of providers are looking at ways to ensure that everybody still has access to goods using the payment system they prefer.
Contactless may be the future for a lot of shoppers. If you only use a card reader, you will be missing out on those that have not yet adopted the latest in payment technologies. Debit and credit card purchases overtook cash payments last year, and this trend is expected to continue.
Retaining potential customers.
Turning customers away doesn’t just mean losing a single sale, it can also alienate your potential market. When a person is disgruntled or has a negative experience with a business, they are more inclined to leave negative reviews, which can, in turn, lose you further business and put others off using your service.
Using an omni-channel payment solution can provide retailers the payment system that your shoppers prefer, on one single platform and create a loyal following of returning customers.
Find out more about our omni-channel payment solutions today.
June 17, 2019