POS / Payments / EMV

Payment has become a challenging and complicated scenario for retailers. Mobile technology, NFC and EMV offer valuable opportunities, but at a cost. Together with payment processors, banks and technology providers, merchants must uncover the best solutions for their particular business. If it’s time for a POS upgrade, then mobile POS featuring a variety of payment options must be on the table. Access the latest trend updates, news, and case studies with this up-to-the-minute coverage.

Why Retailers Are Upgrading Their Retail Management And POS Systems

Generally speaking, retailers have three primary objectives in mind when it comes to new technology deployment. The first is to streamline business operations with the goal of increasing management and staff productivity and overall efficiency across the organization, leading to greater cost savings. The second is to drive revenue growth, which is accomplished through improved marketing and sales effectiveness. The third objective is to enhance the customer experience, which should improve customer satisfaction, loyalty and brand advocacy — and, ultimately, of course, increase revenue and profitability.

54% Of Shoppers Prefer Installment Payment Plans Over Free Shipping Featured

Shoppers value offers like free shipping and discounts — but not as much as the chance to pay for their purchases via interest-free installments. A survey of more than 1,000 U.S. credit card holders conducted by Splitit revealed that more than half (54%) preferred installment payments over free shipping. Nearly as many, 53%, chose installments over a 10% discount offer. High-income consumers (those with annual salaries of $100,000 to $150,000) were the most enthusiastic about installment plans, with 60% selecting this payment method. The survey also revealed that four in 10 credit card users would increase the size of their purchase by at least 10% if they were offered an interest-free installment payment option.

Despite Rise In Data Breaches, Retailers' Confidence In Handling Them Increases Featured

Retailers are gaining confidence when it comes to handling cybersecurity issues even as data breaches continue to increase. As many as 75% of IT professionals within retail believe their organization would detect a data breach on their critical systems within 48 hours, according to the Tripwire 2016 Retail Security Survey. The figure represents a huge jump in confidence compared to two years ago, when 42% of respondents expressed confidence about detecting a breach that quickly. In fact, 2014 totals indicated that 20% of retail IT reps had no confidence at all in detecting these kind of breaches, a number that has since shrunk down to just 5%.

MCX Pulls The Plug On CurrentC Payments App

Despite its initial backing by retail powerhouses including Walmart, Target and Best Buy, the CurrentC mobile payments platform has run out of juice. A beta test in Columbus, Ohio will end on June 28. Launched by the Merchant Customer Exchange (MCX) in 2014 amid high hopes of providing an alternative to the major credit card companies, the CurrentC app never gained traction with consumers. In fact, the app hardly had a chance to test the market. One problem was that the various MCX members slowed development by seeking to load the app with multiple features, such as retailer-specific loyalty programs, according to Fortune.

Shopify Simplifies Installment Payments For Online Purchases

  • Published in News Briefs
Merchants using the Shopify e-Commerce platform will now be able to offer interest-free installment payments on purchases via a plugin from Splitit. Shopify's retailers, which total more than 275,000 companies in 150 countries, can integrate the Splitit payment tool into their checkout processes, allowing consumers to split purchases into monthly transactions on their existing Visa and MasterCard credit cards. Splitit plugins are already available on e-Commerce platforms including WooCommerce and Magento. Merchants that offer an installment payment option report an average increase of 20% in overall sales, according to a company statement.

#RIC16 Payment Disruption: Leverage Technology To Boost Customer Loyalty Featured

Retailers have a right to be confused when it comes to payments. There are a host of new technologies with the potential to change the way shoppers complete their transactions: contactless payments via EMV chip cards; NFC payments through consumers' mobile devices; mobile wallets; plus Apple Pay, Google Pay and Samsung Pay. Yet for the most part, consumers don't perceive the current payment infrastructure as "broken," a fact that is slowing adoption rates of these emerging technologies. Retailers want to be ready to catch whatever the popular payment wave will be, but they also don't want to bet on the wrong horse, or to get too far out ahead of their customers. Most of all, retailers want to remove whatever friction still exists in the payments process. Those constraints may actually present opportunities for retailers to use payments in new and innovative ways. 

Kohl's Links Loyalty Rewards To Apple Pay

  • Published in News Briefs
Kohl's has integrated its private label credit card and loyalty program with a contactless, one-click payment option via Apple Pay. Currently live in 250 stores, the retailer expects to offer this functionality nationwide by the end of May 2016. When paying in stores, customers hold their iPhone 6 or iPhone SE near the contactless reader with a finger on Touch ID to pay and receive their Yes2You Rewards. On Apple Watch, shoppers double-click the side button and hold the face of the Apple Watch up to the reader. Kohl's first introduced the Apple Pay option in June 2015.

Zooz Raises $24 Million To Accelerate Payment Innovations

Zooz, an Israeli-based payment technology provider, has raised $24 million. The funding round was led by Target Global Ventures and existing investors, including Blumberg Capital, Seed Capital and CampOne Ventures. The company plans to use the investment to accelerate growth, develop new products, open new markets and boost its presence in existing markets.

Mobile Site Acceleration Boosts Conversions 23% At American Giant Featured

Everyone talks about business agility, but American Giant has actually put it into practice — with impressive results. When the online apparel retailer shaved an average of five seconds off of its mobile site's speed, conversions increased 23%. "Anything you can do to improve site speed will bring benefits," said Jennifer Patchen, Director of Site Operations for the San Francisco-based retailer. Reducing the desktop e-Commerce site's speed by just a single second boosted conversions there as well, by a smaller (though still measurable) percentage.

Starmount Partnership Powers Omnichannel Payments

  • Published in News Briefs
A new partnership between Starmount and Aurus offers retailers the ability to implement payment solutions that are capable of processing both in-store and e-Commerce transactions. Retailers will be able to incorporate payment-as-a-service with their Starmount POS solutions, including Starmount Engage mobile POS, managing consumers' payment processes separately from their POS transaction data.

Despite Security Concerns, 49% Of Retailers Lack End-To-End Encryption Protections Featured

Although data security measures should be a major priority in the wake of the numerous large-scale data breaches that have occurred at retailers including Target, The Home Depot and Michaels, many retailers still haven’t taken every effort possible to beef up their payment systems' protections. Only half (49%) of retailers have implemented end-to-end encryption (E2EE) into their payment security plan, while 35% have implemented tokenization of payment data, according to a report from Boston Retail Partners.

Survey: 43% Of Retailers Don't Track Mobile Fraud Featured

Even though mobile fraud rates rose 81% from 2011 to 2015, many retailers remain alarmingly complacent about the problem. In fact, 43% of surveyed merchants simply don't know the share of total fraud coming from their mobile channels, according to the fourth annual 2016 Mobile Payments & Fraud Survey. Nearly as many (38.5%) say their biggest challenge in managing mobile fraud risks is determining whether or not they have a mobile fraud problem to begin with. (Hint: they probably do.) "Despite awareness that the mobile channel poses a greater risk than standard e-Commerce, businesses are taking a blanketed approach to their security strategies," said Don Bush, VP of Marketing at Kount, which conducted the survey along with and The Fraud Practice, LLC. More than 1,500 payments and fraud professionals representing a variety of organizations within the payments ecosystem were surveyed between November 2015 and March 2016.

Audio Brand Harmonizes Digital Experience Worldwide With SaaS Platform Featured

Until fairly recently, Harman International suffered from something of an identity crisis. If consumers knew the name at all, they associated it with high-end audio brands such as Harman Kardon and JBL. Yet the $7 billion company also is a leader in automotive technology, including GPS and navigation systems, as well as professional audio systems and even the ultra-hot Internet of Things (IoT) category. Delivering a unified message about Harman — not to mention supporting cross-channel sales for a wide range of products— was a significant challenge not only because of the company's low profile, but also the scattered state of its digital presentation and supporting infrastructure. In 2014, Harman was operating 13 different e-Commerce systems, including separate platforms for seven global operating areas.
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