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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.

Myths Vs. Facts: Debunking Myths In Retail Payments

In our bustling retail landscape — today’s most competitive market — it’s hard to believe that many online merchants, particularly those based in the U.S., avoid access to global transactions. When considering U.S. cross border e-Commerce is expected to bring in $203 billion by 2021, it should be a no-brainer for online retailers to consider capitalizing on the growth potential that exists beyond American borders. But even with online transactions being more popular than ever before, payments fraud and security scams run rampant across the online commerce exchange — a paramount concern for merchants apprehensive about expanding to international markets.

34% Of Retailers Suffer From ‘Friendly Fraud,’ But Good Communication Fights Back

While retailers are braced to deal with criminal types of fraud, a different response is needed to combat friendly fraud: chargebacks that arise out of legitimate transactions. These costs are a growing concern for the retail industry: 34% of retailers have experienced friendly fraud, which contributed to the $31 billion lost due to chargebacks in 2017, according to a study by Juniper Research. The two most common causes of friendly fraud are, when a shopper doesn’t recognize a charge on their bank statement; or, when they regret a purchase and issue a chargeback rather than asking for a refund. Communication is the key to fighting back against these scenarios without alienating customers, according to Srii Srinivasan, CEO of Chargeback Gurus. “Every type of retailer, whether small, medium or large, needs to set realistic expectations about their entire business model, from their product features and benefits to their refund and return policy to whether they’re subscription-based or not,” said Srinivasan. “There are many things that need to be listed on the web site, in the email and anywhere there’s a touch point with the customer.” Order confirmations are the first line of defense against chargebacks. They should be designed to be…

GlassesUSA Boosts AOV 15% On Orders Of More Than $120 With Installment Payments

With a consumer base that includes increasingly debt-conscious Millennials, GlassesUSA believes that customers should not have to worry about breaking the bank when buying high quality eyewear online. This conviction led the company to adopt an installment payments option that allows shoppers to pay off their purchases in monthly increments with no interest, late fees or anxiety. Since offering the Splitit payment option to customers, GlassesUSA has increased AOV by more than 15% for shoppers spending $120 or more on its products. Among these high-order-value baskets, GlassesUSA has seen a 10% decrease in checkout abandonment.

49% Of Shoppers Abandon A Retailer After Experiencing Credit Card Fraud

Nearly half (49%) of consumers have reported being a victim of credit card fraud where their card information was illegally used by someone else, according to a survey from Riskified. Among these victims, 49% abandon the retailer entirely after learning of the fraud, with 29% blaming the merchant that approved the fraudulent purchase. Retailers also can lose customers when they adopt strict anti-fraud measures. Merchants often decline orders out of caution, which means they sometimes reject good, honest customers. Up to 30% of shoppers say they have had their purchase wrongly declined, and 57% of those declines happen to returning customers, with a corresponding negative impact on their satisfaction and return shopping. These false declines end up robbing retailers of as much as 5.5% of their annual revenue.

Rancourt, Gravity Blanket Add Installment Payment Option

  • Published in News Briefs
Rancourt & Co., apremium leather shoe crafter, and Gravity Blanket, an online seller of weighted blanket and sleep products, are the latest brands to introduce an installment payment option through partnerships with Klarna. Rancourt & Co. was the first U.S. merchant to use the payments platform provider’s recently introduced Slice…
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7-Eleven Adds Alipay And WeChat Pay In 35 Canadian Stores

  • Published in News Briefs
7-Eleven will provide Alipay and WeChat Pay mobile payment services to Chinese customers traveling in Canada, making it the first convenience store to accept these platforms in the market. Alipay and WeChat Pay will be available at 35 select 7-Eleven locations in Vancouver and Toronto, with plans for expansion in…
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Tobi Unveils Installment Payment Plans For Holiday Shoppers

  • Published in News Briefs
Tobi.com, an e-Commerce fast fashion retailer, has partnered with Sezzle to offer zero-interest installment payment plans to its U.S. shoppers for holiday season. On Nov. 12, Tobi.com and Sezzle launched an exclusive “Buy Now, Pay in 2019” campaign for all remaining orders. Tobi shoppers can choose Sezzle at checkout to…
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Self-Service App Deepens Customer Connections At Fairway Market

Some retailers worry that adopting a self-checkout solution will deprive them of a key point of contact with their customers. Fairway Market, a New York City metro area chain of 15 supermarkets and four wine and spirit stores, wanted to be absolutely sure that wouldn’t happen when it deployed a self-checkout app, because the retailer prides itself on a family atmosphere and a close relationship with shoppers. The retailer is in the process of rolling out its first self-checkout app and will be seeking results that include:

NCR Acquires StopLift To Address Self-Checkout Theft And In-Store Shrink

NCR Corporation has acquired StopLift Checkout Vision Systems, an intelligent computer vision systems provider for retail POS platforms. Financial terms of the transaction were not disclosed. With the growth of Amazon Go and other competing technologies in the cashierless self-checkout space, NCR is reinforcing its focus on self-checkout solutions.

Study: Mobile Empowers Retailers To Catch Shoppers At The Point Of Intent

Brick-and-mortar retailers once feared that mobile would eat into store sales, either via “showrooming” or simply by siphoning off shoppers. But now, omnichannel retailers are discovering that they can leverage mobile to bring what had previously been online-only tools into the physical store. These tools allow retailers to deliver targeted promotions and personalization when it matters most: the moment of purchase intent. Nearly half (47%) of retail executives say their mobile strategy is to increase shopping basket size both in-store and online by catching customers at the point of intent, according to the 2018 Retail Mobility Insights report by Oracle. “If you think about the experience that consumers are looking to have, the reality is most of them are shopping with a smartphone,” said Jeff Warren, VP of Solutions and Strategy at Oracle Retail. “A number of different retailers are seeing that they have to provide a more compelling experience in-store. There’s an opportunity to blend physical and digital, and they can use the advantage that the consumer is actually carrying around a computer with them as a way to engage.”
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