How are consumers changing the way businesses use payment integration?
September 27, 2013

Consumer behaviors are starting to have a profound impact on the way businesses accept credit card payments. Whether through e-commerce channels or in physical store locations, retail organizations are making efforts to keep up with rapidly evolving shopper preferences.

For example, a recent report from comScore, an Internet analytics company, and UPS Canada found online consumers are demanding a greater variety of payment options from their favorite brands. Not only do they want more information about prices and inventory, many shoppers are becoming more interested in flexible checkout and delivery options, as well.

"This study highlights the critical three Cs of today's retail online customer experience - channels, choices and convenience," Nicolas Dorget, vice president of customer solutions for UPS Canada, stated in a press release.

Integrating the online and offline experience
Advancements in credit card processing technology have eliminated many barriers that once existed in the retail industry. The comScore and UPS Canada report found 65 percent of responding consumers said the most important factor in determining their level of satisfaction with a shopping experience is whether the business was able to create a seamless experience between e-commerce and in-store channels. In many cases, this means offering the option of paying for items online or through electronic payment systems and then allowing customers to visit a physical location to return the purchased item if need be. Similarly, the same report found 30 percent of consumers are especially interested in spending money at businesses that accept mobile payments in multiple locations. Because so many consumers are starting to use their smartphones and electronic devices wherever they go, companies can experience substantial revenue growth by enabling shoppers to pay through simple, user-friendly systems.

Using mobile technology to enhance customer loyalty
In addition to investing in services that accept mobile credit card payments, retail organizations can further improve the shopping experience by using similar platforms to create engaging gift card programs and loyalty programs. According to Business 2 Community, smartphone applications and other similar tools are particularly effective in charting long-term customer retention rates. Mobile technology can be used for much more than transaction processing services. An interactive platform through which loyal customers can access coupons, discounts and other rewards not only reinforces brand engagement, it creates a conveniently integrated system through which both shoppers and businesses interact with one another on more meaningful levels.

Nexus: G-WEBCD6