How Merchant Expectations from Their Payment Solutions Are Changing

Over the last few decades, the payment industry has seen a significant evolution in technology and consumer behavior. Today, payment technology comes in many form factors. From mobility solutions that help taking payment to the shopper to fixed in-lane terminals or self-service solutions that offer quick and secure checkouts, new solutions are designed to help merchants better serve their customers. As consumers increasingly get immersed in these experiences, they will begin to expect these advancements from all other businesses.

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What Consumers and Merchant Expect from Their Checkout

As a retail ISV, you know that at the heart of any retail shopping experience is what happens at the checkout. It’s the endgame of a customer’s buying journey, as they make their way to the sales counter with all the merchandise they wish to purchase. This is the moment that can make or break the whole shopping expedition for both the shopper and the merchant. What is important to understand is that both these players have expectations from the checkout experience.

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How the Pandemic Facilitated Increased Adoption of Three Existing Technologies in Retail

Since the COVID-19 pandemic took hold in the U.S., the retail industry has been turned on its head. With stay-at-home orders and lockdowns in place, all nonessential retailers were closed, pushing most of the transactions online. Today, as all U.S. states are reopening in phases, retail looks a lot different with capacity restrictions, social distancing requirements and other safety precautions. These changes not only affect sellers but the payment solution providers that work with them. Payment providers need to innovate quickly to keep up with the changing environment and help customers comply with public health guidelines. They also must do all of this while meeting the expectations of the shoppers for a good, easy and safe experience.

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3 Issues Customers Face at Retail Checkout and How to Solve Them

When a customer walks into a retail environment, they are looking for a fast, easy and secure experience. But the reality is quite different. Even though merchants put in their best efforts to provide an easy and seamless checkout, industry reports point out that the in-store experience isn’t always up to snuff. According to a recent report from Hanover Research - Emerging Trends at the Point of Sale, even though customers may experience technological challenges at checkout, retailers need to invest time in educating them on the multiple payment options available. Typical customers might want to pay with a preferred method, but if they are not aware of whether the merchant accepts that or not, it may cause some friction at checkout and eventually lead to a negative experience.

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Retail Round-Up: Digital Transformation of Retail

While many technology trends we see in the retail space have been available to the merchants for a few years, the COVID-19 pandemic has accelerated their adoption. Whether it’s contactless payments or mobility solutions, merchants are mobilizing these technologies to provide customers with a convenient and safe way to shop.

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