Today’s retail landscape is riddled with a large variety of payment options, and it continues to grow as alternative payment methods enter the market, from Venmo and Cash App to the litany of “buy now, pay later” providers.
Case in point: digital wallets like Apple Pay have taken consumers by storm. This year, according to research from Capital One Shopping, consumers use Apple Pay in 48% of in-store mobile wallet transactions – up 4.3% from 2023 – and over 90% of U.S. retailers now accept the method.
Many of these new payment methods, including digital wallet options, are offered to customers with the promise of ease and convenience. However, for the retailer, increasing customer satisfaction for the long term takes so much more than offering options. Simply being quick to implement the latest payment method often doesn’t reap the desired rewards if there is no benefit to the consumer.
What’s more, the average adult consumer uses more than four internet-connected devices over multiple platforms and channels. With so many payment choices and an abundance of devices to consider, it is no longer enough for a retailer to simply rely on the quantity of payment options, especially if it wants to differentiate itself. The competitive edge that retailers now must chase – above implementing new payment methods – is the payment experience.
Here are two key ways for retailers to ensure that the payment experience they offer customers is up to snuff and focuses on more than the quantity of methods.
1. Make payments quick and easy
Oftentimes, the best experience for a consumer is the quickest experience. Being able to swiftly scan, pay and walk out the store door in just a few minutes can make all the difference for a retailer’s relationship with the customer. Why? Because convenience goes a long way. The same can be said for shopping online; no customer wants to be met with pop ups and error messages that keep them from crossing the finish line to purchase.
Making payments available and accessible from anywhere allows retailers to ensure convenience for their consumers. For example, mobile payments empower customers to complete the checkout process anywhere, whether while they’re on the go or from the comfort of their couch. Scanless options like GK Go also give the customer the ability to view their carts in real time and the flexibility to choose how they check out.
When customers benefit from shorter wait times and a more flexible checkout experience, their perception of the retailer is positive, and they will be more likely to shop again.
2. Master security and compliance
Even though it is invisible to the consumer, retailers must ensure that every part of the payment process is secure and compliant, because the consumer benefits. However, simply meeting compliance standards is not enough. Security and compliance must be mastered to truly support the myriad of touch points and methods that retailers should be offering. The good news is that, when executed properly, those factors will please consumers and keep them coming back.
There are numerous touch points to consider and support, such as mobile payments, desktop PIN pads, Bluetooth mobile devices, Wi-Fi connected devices and more. With all the moving pieces, it’s essential to consider all security issues. That’s why GK has taken ample measures to ensure compliance with industry regulations, including certification for E2EE and EMV on multiple payment platforms and devices.
Additionally, GK’s TransAction+ supports a myriad of channels, including over 40 payment processors and virtually all payment providers. On top of that, the solution accepts a wide variety of payment methods, like credit, debit, gift cards and today’s new payment vehicles like “buy now, pay later,” wallets and crypto currency.
Retailers would not be able to provide customers the convenience of options and touch points if it didn’t have security and compliance mastered from the get-go, which is where GK can come in and support.
The consumer experience is the priority
In an industry defined by innovation and the “next big thing,” retailers would do well to stay true to the bigger picture at play: the experience. If the customer can navigate their payment journey with swiftness, ease and security, that ultimately sets the retailer-consumer relationship up for success in the long run.
Reach out to us today for a consultation on how to optimize the payment experience for both you and your customers – we are here to help.
