A Retail Challenge: Efficiently juggling payment options my customers demand

Wayne Hockley |
February 10, 2021 |
Retail Challenge

Juggling the multiple payment options as a retailer of any size, is no laughing matter! We all know that a long transaction time, makes for an unhappy customer experience. We also know, that managing all these options can be taxing for retail employees. The unhappy retailer experience happens at the end of the shift/day – when we just want to get home but need to reconcile the transactions quickly, easily, and transparently.

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The retail challenge is two-fold: The customer experience and the retailer experience. Is there a way to manage these challenges, especially with the realities that Covid-19 has brought to our lives? Let’s take a deep breath, and consider the following points:

The Customer Payment Experience:

– With covid-19 lock down rules – coupon, layaway and gift card payment options need to be easy for me to purchase from home. Can I easily purchase/use one of these options from home? If I can – I will buy from you! Yes, modern POS and business systems make it happen with 1 click!

– I need to know that no matter if I am looking at your website, an ad (online or otherwise), my special account discount your pricing will be consistent. Yes, it is possible to have all your data in one place, one version of the truth!

– When I am at your curbside pickup, drive thru or outdoor kiosk – can you see my transaction? Do you have my order available to reference for changes or returns or do you have to run back inside to get the information? Having a tablet or phone with my order on it – and able to transact my payment of choice would be the “gold standard”! Yes you can, mobile POS options provide this kind of capability.

The Retailer Payment Experience:

– With all these payment options demanded by my customer – how can I reconcile, account and streamline receiving payment efficiently? I need an integrated POS that is easy to use and knows how to handle these payment methods. It is important these transactions tie directly into my financial system so I can manage the payment process all in one place and provide audit integrity for taxes.

– I want my customers to feel confident that they can do business with me however and whenever they want to – in a sense I need to be available 24/7. How do I do provide that level of opportunity for customers and still get some sleep? An omni-channel solution – where POS, payment, inventory, pricing, accounting, and ordering are all available in one system. This system is how web orders, store orders, B2B orders or verbal at the door orders make no difference to me or the customer. It’s all in one place, pricing and inventory quantities are all known – that’s transactional integrity!

Retailers are under siege these days and the pressure isn’t just government regulations and limitations to what is possible, it is primarily the customers demands. Customers want to do business with us. Our challenge is to find the best ways to make that happen. I hope these thoughts have prompted you to consider ideas on how to bridge the gap. If you feel like you have to many payment options to juggle effectively the Mibusoft team understands. We have the know-how and tools to help you “make simple, the complex”. Feel free to reach out to us.

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