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.

Klarna Secures $460 Million Funding Round For U.S. Expansion

Klarna, the Sweden-based bank and payment giant, has raised $460 million in an equity funding round and is now valued at $5.5 billion. The payment company, which provides a “buy now, pay later” installment service for shoppers, said it would use the new funds to continue expanding into the U.S. market, which is already growing at a rate of six million users per year. The Klarna shopping app, which allows its users to shop with Klarna at any store or brand online, has driven 3X more daily downloads than direct competitors, with 50% of the app users purchasing each week, the company said in a statement.

UK-Based Grocer Co-op Expands Checkout-Free Trial To 30 Stores

Co-op, a network of more than 2,500 supermarkets and convenience stores in the UK, is extending its checkout-free, pay-in-aisle technology to 30 locations. Starting in August, consumers can use a mobile deviceto self-scan items as they shop in food stores across England, Scotland and Wales without needing to visit a checkout. The total amount is deducted from the shopper’s Apple or Google Pay account.  The food cooperative noted that in-store cash and coin payments have dropped 10% in the last two years. The use of cards, contactless payments and other payment methods now accounts for more than 50% of transactions at Co-op.

Frictionless Checkout: Why And How?

For years, there has been speculation that online retail may bring about the demise of brick-and-mortar retail. To paraphrase a legendary Mark Twain quip, reports of traditional retail’s death have been greatly exaggerated. While there’s no doubt about the popularity of online retail, 90% of sales still occur inside physical stores.1 For consumers, however, there remains a primary drawback to the in-store experience — waiting in line to check out. 74% of shoppers say the checkout process is the biggest pain point in their retail experience. Whether instant-gratification culture has reduced our patience, or we’re naturally wired to dislike delay, inconvenient checkout has a serious impact on retailers. A study last year revealed that, over a period of 12 months, 86% of consumers left a store due to long lines — resulting in approximately $37.7 billion lost in potential sales.2

GOLFTEC Revamps POS Across 200 Locations In One Day

GOLFTEC, a private golf instruction and golf club fitting company, may not be a typical retail business. But having scaled up its brick-and-mortar presence in recent years, the company understands the necessity of having a modern POS platform that can drive productivity and deliver pricing updates across its entire business. After leveraging cloud-based software from Revel Systems, GOLFTEC upgraded its POS systems in 200 locations across North America and Asia in a single day. While GOLFTEC wanted to implement an iPad-based system to take advantage of the technology’s intuitiveness, the company also realized that it had outgrown its previous POS system — particularly with the opening of approximately 40 new locations in the last two years. With Revel Enterprise, GOLFTEC can now push critical data and lesson pricing updates to its more than 200 locations with a single click.

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…

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…

Tobi Unveils Installment Payment Plans For Holiday Shoppers

  • Published in News Briefs, 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, and Sezzle launched an exclusive “Buy Now, Pay in 2019” campaign for all remaining orders. Tobi shoppers can choose Sezzle at checkout to…

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:
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