Why considering new payment technologies matters?

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June 3rd, 2019

Why Scrutinizing New Payment Technologies Is Important For Merchants?

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Ever since electronic payment technology has evolved, commercial landscape has witnessed its complete makeover. It is an undeniable fact that customers are enjoying spending currency without making use of cash. From cashless to card-less transactions the payment industry has outgrown the expectations of both retailers and customers in a short span of time.

Oftentimes new retailers are suggested to start with the newest payment technology for attracting business. While it is absolutely fine to tap the tech-savvy market segment by proffering app based payment channels, limiting themselves to only new payment systems will be or not be equivalent to acting biased is a matter to ponder upon? With given number of customers that do not use smartphones and lack decent internet connection it is a though provoking matter, indeed.

When it comes to embracing new payment technology a vigilant scrutiny must be performed of the risks involved. There is nothing wrong with testing waters before buying merchant account services. As you quest answers for below mentioned questions you will take an informed and educated decision.

Is Investment Really Profitable?

Rise of Apple Pay and Google Pay may allure many retailers to see payment industry’s future in ‘pay by app.’ However, if you look at the situation practically you will find it more complex. New payment systems definitely add value for your customers but what you need to find out is whether all your customers are getting catered by these or are they inculcating annoyance amongst them. Majority of customers love using applications but not all do. Merchants need to do some serious research about customer segmentation in the light of preferred payment channels.

Gradually a stage will come where there will be no longer room left for new payment technology. Merchants with global presence need to assess the utility of new payment technology and advent accepting payments that serve customers beyond geographical boundaries. Tailored payment technology for suiting individual requirements of customers is something every merchant desperately needs. While customers in metropolitan and big cities may readily accept the new electronic payment system, areas like suburbs saturated by mostly by blue-collar workers might not welcome the need to download an app to make payments as it can be perceived as unnecessary complication by the customers.

There is not a single option to be considered best for a business but a set of options can very well suffice payments needs of a business. Consider rendering myriad of payment channels like London’s transportation system that has brought wide variety of payment methods like mobile based payments, contactless payment cards and paper tickets at a manned ticket machine.

Important question that arises here is how many retailers can afford to plan such big payment system investment.

How To Handle Resources?

Though the future of payment industry is unpredictable, one thing can be said for sure that it will affect the in-store staff. Human resource working for a particular undergoing change in payment technology would either have to get terminated or trained for specified customer service jobs. Remaining staff needs to be inculcated for understanding the new system.

Merchants need to smartly handle the situation as it involves emotional turbulence and you don’t want a chaos of shocked staff at your store. You need to introduce new electronic payment system between your people with utmost care and subtleness. Those who are supposed to leave should move out without a fuss and remaining should not be having doubts about their jobs. Show your confidence in them for doing an equally good job with new payment system.

Making your people comfortable with new payment technology is a must-do for every business as they are the frontline people representing your business. Your staff will be addressing the customer queries and frustration while getting in terms with the new payment system. Try and understand the difficulties your staff might face as it is a completely new and changed job than that of earlier cashiers.

How To Deal With Altered Brand Experience?

What should bother any retailer undergoing the alternation of payment system the most is fitment of new payment technology into customer experience strategy. It is imperative to keep grasp on your brand’s core values while extending the payment technology. Alignment of these two ensures customer expectations are exceeded. Offering payment system that is an amalgamation of traditional and contemporary payment alternatives will not let customers feel alienated.

Nobody Knows It Better Than Merchant

After assessing the worth of adapting new payment technology, it is a retailer’s call whether to go ahead with the wave or adhere to the traditional ways of payments. Remaining eccentric to the latest industry methodologies and trends might lead to losing business but it is also vital to understand compatibility between your business and electronic payment system in light of audiences you are serving to.

Switching or adding new payment technology has tremendous income potential but several kinds of short term costs are your lookout. Stay prepared for problems and make sure you have deployed competent customer-handling staff.

Before implementing change in the whole system you should follow the footsteps of one Dollar General that rolled out new payment system in ten stores at first. If the trial turns out to be successful it can be executed on the whole.

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