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Closing the Sale with the Connected Consumer: The Future of Retail Payments
For retailers, the "moment of truth" comes at that exact second in time when the customer gives the clerk money in exchange for merchandise. Retailers know that tendering the transaction is the last impression that the customer has of the shopping experience, and a poorly handled ring-out can undo all the goodwill greated with beautiful displays and friendly staff. For this reason, retailers' payment processing capabilities tend to be the most reliable, albeit inflexible, systems in the application portfolio. But retail payment systems are undergoing a quiet revolution. Alternative forms of payment are emerging, offering new flexibility to consumers both inside the store and in new shopping channels, and causing a gradual shift from cash and check as the primary tender in favor of credit and debit cards (contactless or otherwise), stored value and gift cards, and even innovative payment structures like PayPal and eBillMe. While some look to consumer acceptance of new payment methods as the bar to measure the potential of such innovations, RSR wanted to uncover the motivations of the other side of the payment relationship, via the retailers who ultimately decide to make these new methods available to customers. Are retailers ready to take on innovative payment alternatives? What opportunities do they see, and what internal challenges do they face to take advantage of them? Sponsored By:
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