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11/01/2010 -
While many retailers understand the need to provide the best customer experience, far fewer are investing in their payment processing equipment enough to keep up with customer demand, said a recent report.According to Retail Systems Research, 69 percent of retailers surveyed said that maintaining or improving the customer experience is the "main driver of their in-store technology investments," but that only a fraction are focusing on payment processing infrastructure investments.
"By understanding the strategic nature of their payment systems, retailers can improve the customer experience and potentially drive down their costs," said Nikki Baird, managing partner of RSR. "Retail today is defined not by how retailers want to sell, but by how consumers want to buy - and that applies to payments too."
RSR identified the point of sale as the "moment of truth" for a retailer in impressing customers and achieving customer loyalty, and noted that waiting for customers to definitively express their payment processing preferences means the retailer is already too far behind.
Experts advise businesses to take a close look at their merchant services, to make sure they are providing customers with the best payment processing experience.
