How to Improve the Retail Checkout and Payment Experience for Customers

How to Improve the Retail Checkout and Payment Experience for Customers

Efficiency, safety, and convenience—these are three fundamental determinants of your customer’s satisfaction with the checkout process. Traditionally, experts suggested that you train your workforce so that they process transactions faster—but technological innovation has made human-cashiers mostly redundant.

With the rise of digital payments and the move towards cashless societies, more consumers are demanding that their retailers implement new technology to expedite their checkouts. As a model case, you could consider McDonald’s self-service kiosks, which basically kicked their revenue up to $5.37 billion from estimates of $5.35 billion. Even Amazon’s Go Store is a great success, with Amazon considering taking these stores nationwide.

Statistics indicate that 73% of all retail shoppers prefer self-service to other forms of checkout. These methods are quicker and are also safe now with the introduction of NFC and EMV chip cards. Vendors are also moving to electronic checks, which reduce the hassle associated with depositing checks. There are plenty of ways you can improve the checkout and payment experience for your customers. Some of these include:

Implement NFC Payment Methods

All modern-day smartphones are equipped with near field communication (NFC) technology. NFC is a method of transferring data between two nodes without any physical contact—this technology has been improved to allow financial transactions between phones and the POS.  Companies like Google Pay and Samsung Pay are investing heavily in NFC, allowing for greater adoption of this payment technology.

 

Invest in EMV Chip Card Readers

EMV technology is still relatively new, but it offers far greater financial security than any other payment method. Now it’s become near impossible for skimmers to steal financial information, and the PIN recognition method has nearly eliminated the risk of financial fraud. If you’re looking to make your checkout processes safer, you should implement EMV readers instead of sticking to your usual magnetic strip card readers.

Adopt Mobile Payment Methods

Forecasts indicate that mobile payments will reach values as high as $3.6 trillion by 2024. Mobile wallets are by far one of the most popular methods of payment for retail shoppers—mostly because mobile wallets are much more common in phones than even NFC. Companies like Apple Pay, AliPay, and PayPal are creating solutions for retail owners to help them cater to a greater number of clients—many of whom prefer mobile payments.

If you’re looking to adopt digital payment methods at your retail outlets, get in touch with UIC today. We’re leading payment platform developers, offering a wide range of products, including semi-integrated payment devices, mobile payment devices and secure payment software development. Speak with us today for more information.

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