How can I make sure new payment technologies work for my business?
Payment methods are constantly changing - from PayPal to Pingit, retailers are under pressure to change the way they take money in store. They need to choose payment solutions that are right for the business and customers.
WorldPay head of corporate propositions Geoffrey Barraclough says retailers need to ensure they can build a business case for any new payment type. He says: “You should be able to translate the advantages of the new payment type into benefits either for your customers, such as shorter queues or for your business, such as extra footfall or cheaper payment transaction bills.”
He adds that a cross-functional project team should be put together to build an implementation plan. “You’ll need representatives from finance, IT, store operations, training, fraud, security, along with communications and marketing. Call in support from your payment services and EPoS providers.”
Set a series of key performance indicators such as authorisation speed, total transaction time or queue length, and pilot the new solution in stores to iron out any niggles before a larger scale roll-out.
Barraclough says: “The pilot needs to consider all aspects of the implementation. Your customers need to be able to pay without having to think too hard.”
Retailers also need to design eye-catching point-of-sale materials and train staff. “There’s no point investing in a new payment type if your customers and staff remain ignorant about its benefits,” Barraclough adds.
Finally, test and measure constantly during the pilot, and if it meets your business needs then start the roll-out across your network. If not, consider whether a few tweaks will do the trick or whether to return to the drawing board.
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