How retailers can enhance their customers’ payment experience
Keeping pace with the expectations and demands of modern consumers is far from easy, but it’s vital if you want to survive.
There’s much talk of the “customer experience” and how important it is. Consumers can now buy goods and services around the clock, on their devices, games consoles and mobiles, making competition fierce, especially for physical stores.
This can lead to heavy investment in sales, marketing, and SEO to drive traffic to your “clicks or bricks” retail business. Yet many retailers still suffer from abandoned online shopping baskets or customers who walk away from tills without completing their transaction.
In many cases, it’s the speed and convenience of payment systems that trip retailers up. Modern day customers want payment systems that offer a far greater degree of control and flexibility too.
This especially hinges on a wider range of payment options. Many customers switch between different payment preferences depending on the goods, retailer or even where they are up to in the month! This can make mobile payment options obligatory for physical shops, for example, as well as a contactless POS terminal.
Omni-channel payments create one transparent and controllable system to manage multiple payment options. This makes it particularly vital for businesses offering both online and instore transactions. It keeps your retail operations open 24/7, which can be an important factor in winning customer loyalty.
Clear payment security
Customers are also now very aware of the obligations retailers have to keep their card payment details and other data secure. This means PCI Point-to-Point Encryption (P2PE) should be your next step.
This ensures your payment system is PCI validate, adhering to the Payment Card Industry Data Security Standard. It keeps you compliant and protects your reputation, but also provides reassurance to your customers that you have strong data security systems in place
Take this a step further, and you can promote the fact your retail transactions are based on a secure billing application using tokenisation. Customers have the added assurance that recurring payments are processed even though you don’t need to store their sensitive card details.
Control from communication
Customers also want to be kept informed, clearly and concisely as they move through online payments. Complex or overabundant notifications can be off-putting. The ideal balance is found when notification is matched to individual interests and needs.
In physical outlets, the reassurance comes from POS sales systems that your staff can guide them through with confidence and clarity.
Improving customer payment experiences through better communication also extends to being able to access their account information with ease. And more use of mobile-based statements or transaction tracking tools.
How this all meshes together will vary from retailer to retailer. A better customer payment experience comes from finding the best payment gateway for supporting convenience, security, communication and control in your business.
January 31, 2019