Already on the rise before the pandemic, mobile payments are a big part of the retail experience thanks to the coronavirus pandemic—and are likely to be popular long after it subsides. Giving your retail customers options based on their preferences, including mobile payments, can help you enhance the shopping experience and build loyalty.
There has been more change in the payment industry during the last five years than in the last 50 years combined. More change is expected in the next three years than in the last five years; an exponential metamorphosis is underway, and it’s driven by technology.
Mobile payments, e-wallets and other forms of digital payment are quickly gaining adoption. That’s because consumers are increasingly becoming accustomed to these payment options and even expect to use them in brick-and-mortar stores, not just online. Throw in a global pandemic where people want to avoid face-to-face interactions or touching high-traffic areas in a store, like payment terminals, and the trend only increases.
So, you get it. You know you need to add mobile payment options for your customers. But what are the considerations when it comes time to integrate mobile payments into your retail operations? First, you’ll need:
- A single source provider who delivers end-to-end service, so if any issues arise, your provider is wholly responsible for remediation.
- End-to-end transactions security, from POS to gateway to processing. Once a transaction is swiped, it should never leave the provider environment until it reaches the card brands.
- Analytics and reporting data - you’ll need the ability to combine all data from POS to card processing, delivering information you need to manage your business
Payments are changing fast. To future proof your mobile payment platform, there are a few other things you’ll need to review:
Make sure you have an open platform that easily allows you to integrate mobile payments with your POS, fuel forecourt, loyalty systems and other third-party applications. Choose a platform that enables you to add more touchpoints and instantly offer mobile payment options across all these new touchpoints. It will give you the agility to quickly respond to new market dynamics as well as offer customers a consistent and frictionless experience.
Security is a top concern for the consumer and the retailer. Primary card data should never be stored in a phone or transmitted from the phone to the payment-processing device.