Although customers are demanding the most current forms of payment from their favorite retail stores, many are hesitant to actually implement some of these consumer expectations.
ACI Worldwide’s 2015 Global Payments Insight Survey has found that although retailers are aware of these growing expectations, they are anxious about the security requirements attached to these payment forms, hindering their full acceptance.
According to the study, 54 percent of retailers are holding back on investments in different payment forms due to these security concerns.
“Much of the media hype around the revolution in payments remains fixed on either consumers or individual payment segments with little context or real consideration to how these technologies will play out across the global payments value chain,” the study stated.
The study also found that:
- 93 percent of retailers believe that consumers want broader choice of payment forms.
- 75 percent of retailers view payment forms as a clear part of their overall business strategy.
- 50 percent of retailers cite customer experience as their key component to an increase in payment investments.
- 49 percent of retailers have watched their payment costs increase within the past 18 months. 56 percent expect that this number will continue to rise.
Although many retail stores continue to focus on other aspects of the shopping experience, such as customer satisfaction surveys, new products and changing demographics, payments will continue to be a critical aspect of overall success.
No matter what types of payment you choose to accept in your store, be sure your point of sale system is secure with the latest inventory capabilities and customer data tracking, such as that from Visual Retail Plus.
Visit our website to learn more.