![]() Some small businesses can be hesitant about even a slight increase in payment processing fees, especially as they are struggling to ramp up to pre-COVID revenue levels. Many service-based retailers in the beauty, pet and fitness spaces, for instance, collect payment upfront to help minimise cancellations and streamline the check-in/checkout process. It’s not just nice – it’s necessary to appeal to younger customers. Providing a contemporary and seamless checkout experience means modernising the payment infrastructure to include contactless payment options, mobile and online payments, and upgrading payment hardware at brick-and-mortar locations. To attract new customers and keep them loyal, retailers today must provide multiple, easy ways to buy and pay for goods and services. In order for small and large businesses to stay competitive and maximise revenue, these changes in consumer behaviour should drive a new strategy. Credit card loyalty points and cashback programs have also encouraged card spending over cash, and the more consumers pay with a credit card, the more perks they typically receive. In 2018, a Pew study showed that three out of ten adults made no cash purchases during a typical week. While these changes were not directly spawned by the pandemic, it certainly helped to hasten the changes. This change in behaviour has sped up the development and adoption of enhancements to Point of Sale (POS) systems such as the ability to pay for services and tips via native apps or text message when a tokenized credit card is stored on file or contactless card readers when it’s not. Mobile and contactless payment became the preferred methods over swiping credit cards and signing paper receipts with common pens. ![]() ![]() Over the past year, we’ve witnessed a major shift in how payments are collected and processed due to the COVID-19 pandemic. Here to discuss this transition, and how it has altered payment processing for those at the forefront of technological advancement is Ethan Anderson, the CEO and Founder, MyTime a software that handles scheduling, point of sale, customer engagement and business analytics. Paytech has become an integral part of company processes since the onset of the global pandemic, and the adoption of this technology has influenced every corner of operations for businesses large and small. ![]()
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