How do I decide what online payment technology is right for my business?
The checkout process often represents a ‘moment of truth’ in the customer experience and nothing should get in the way of completing the sale. Offering a range of convenient and secure payment options can forge stronger customer relationships and be a key point of differentiation.
While cash and cards remain vital to retailers, new payment technologies continue to emerge and deciding which new technology is right for your business and your customers is becoming more challenging.
Barclaycard global head of innovation Stewart Roberts says the four key considerations are: flexibility, support, open for business and ease – does the technology make sealing the deal with the customer easier for the retailer and the customer?
Given technology adoption rates vary by consumer, it remains vital to continue to provide a choice, particularly for retailers trading in multiple international markets.
“For some retailers, concerns around how they will they launch a new payment method while continuing with problem-free trading are important – but many new payment methods don’t require an overhaul of existing point-of-sale technology,” says Roberts. Introducing contactless, for instance, can be achieved via a simple plug-and-play solution or launching into new markets could be as easy as adding a pan-European payments service to an existing website.
He concludes: “There are many choices available, so doing your homework in advance will pay off.”