Digital Payments Transforming Retailers
The store of the future is here—at least in part.
The COVID-19 pandemic brought about seismic shifts in consumer behavior, changing how we shop, what we shop for, and how we pay. As uncertainty grew, ecommerce and online shopping soared, while brick and mortar stores fell by the wayside.
Payment preferences also changed for many consumers. Customers started counting on their mobile devices to do more than ever. The digital wallet quickly conquered cash, and online advancements in the retail industry meant the difference between here today and gone tomorrow.
Two years later and these retail payment trends are the new normal. Driven by an unprecedented surge in retail payment technology, modern commerce solutions are helping to bring an old practice into a new framework.
In other words, the future of retail is here—and it’s digital.
Don’t do digital? We can help. Here are a few bullet points to demystify digital and online payments and break down the effect they can have on your business.
Go Contactless
Mobile payment growth is through the roof, and it’s only just beginning. Tap and pay apps like Google Pay®, Samsung Pay®, and Apple Pay® are a fan favorite payment method at the mobile point-of-sale (POS).
Shoppers love using their mobile wallet because of both safety and speed. They also love how digital wallet payments protect sensitive customer data while also improving in-store dynamics. Digital wallets really take the pain out of swiping or worrying about when to pull the card out of the chip reader. But don’t count out your physical cards just yet. Contactless payments via credit and debit cards give shoppers a host of quick, convenient, and hygienic ways to save time and make a purchase.
Want in? We have you covered with handheld and other POS systems like those in the Clover® network, designed to suit every business. Get more details on payment services at our Retail Industry Payment Solutions center and learn more about what we can do for you.
Ecommerce is Key
Friction-free is the name of the game for online retailers, and ecommerce means smooth and secure online purchases for all customers that shop online. Having the right platform and equipment make all the difference when it comes to speedy and safe ecommerce sales.
Creating a robust online presence and adding more than one payment method for ecommerce can boost your online purchases. That’s because it gives online shoppers a choice: they’re free to pick which of your omnichannel payments fits them best.
Large and small businesses alike can experience better online sales by embracing a range of new and not-so-new concepts. For example, traditional website integration with safe, one-click payments. Or maybe mobile ecommerce with QR code payments and immersive social media shopping experiences.
Combine that with an in-channel checkout experience, and your customers will feel like they’re living in the future today.
Embrace Embedded Banking
Embedded banking connects merchants to payment providers like never before. With embedded banking, you can:
- Transfer and track money quickly and accurately
- Take or make payments from your bank account in a flash
- Invite customers to buy now, pay later with a point-of-sale loan
- Set up ecommerce sales subscriptions with recurring billing
And best of all—it features state-of-the-art security, and we make it easy for your business to get started.
Head to our Key Merchant Services Integrated Payment Solutions center to learn how integrated payments can help you meet customer expectations while taking your business and your online sales to the next level.
And while we’re thinking about security, visit Merchant Fraud Prevention for tips on tightening things up.
Optimize Inside and Out
Just because ecommerce, mobile commerce, and digital wallets are all the rage doesn’t mean you can forget about the storefront.
Contactless payments are a must for any business, big or small. Plus, pickups in physical stores are still popular with shoppers who get bored with the work-from-home lifestyle and want to pay online but still venture out.
Advertising sales, loyalty programs, in-store QR codes, and special offers can help reach customers and provide the kind of value that encourages them to join you. These tactics improve the overall customer experience and reap big dividends in the analytics of digital channels—especially when paired with online promotions or events simulcast on your mobile device via Instagram or Facebook Live.
Sure, cash usage trends aren’t looking good for the foreseeable future—and don’t even think about check usage—but frictionless digital payment options, seamless transactions, and diligent inventory management can drive retail sales. They'll help you maximize your online payments and meet changing consumer expectations in an increasingly phygital world.
We know that for some business owners the future (and certain kinds of digital payments) may feel far away. But for many retailers, that future is already here. Let us help you thrive despite ever-changing payment trends with an approach to managing your business that is as current as it is creative. Start working with Key Merchant Services today to keep the past in the past and the future in focus.
Find out how Key Merchant Services can help your business accept payments with speed and security.
Interested in hearing more about digital payment solutions for your retail business? Have us call you.