Saturday, April 13, 2024

Payment revolution: how retailers can cash in

As a society, we’re undergoing a payment revolution, says CEO of Live eftpos & Live Group Reuven Barukh. Here are five key trends retailers can leverage.

1. Digital wallets

Digital wallets refer to services that enable you to make virtual payments via your smartphone. The convenience of making payments via a digital wallet is self-evident, so it’s no surprise their use is on the rise.

In China, two thirds of all digital purchases involve smartphones and online-payment providers such as Alipay and WeChat. This trend is crossing over with more consumers locally taking advantage of digital payments through their bank, ApplePay and other providers.

2. Virtual terminals

Merchants can simplify the process of accepting payments through virtual terminals. Available via a desktop, mobile or tablet, virtual terminals allow merchants to process card payments securely without losing out on the features and benefits of a standard eftpos device. This is a particularly good option for B2B businesses, such as professional services firms that process fewer transactions, but often of higher value.

3. ‘Buy now and pay later’ services

‘Buy now and pay later’ services such as Zip Pay or Afterpay have become increasingly popular in recent times. By giving the consumer the option to defer payment, consumers are afforded greater flexibility and control over payments.

By making ‘buy now and pay later’ services available to consumers, merchants can tap into a new market of customers who would prefer to delay payment, with the payment provider covering the cost to the supplier. Now, consumers can even make ‘Buy now and pay later’ transactions via eftpos terminals.

4. Digital receipts

In a world becoming increasingly paperless, paper receipts, which can be easily misplaced or damaged, are losing their relevance. Digital receipts are sent virtually. For example, Live eftpos generates a unique digital link to receipts, which the consumer then receives via text or email. They are a great option for merchants looking to keep the customer happy, track the transaction better, minimise costs, and reduce the impact on the environment.

5. Frequent Flyer points integration

Merchants can now earn Qantas Points on their customer transactions. Live eftpos black is a card-payment service that gives retailers a small mobile terminal that businesses can use to process customer payments. Merchants earn up to one Qantas Point for each $1 processed through their device via Visa, Mastercard, Amex & Diners.

This is a convenient way to quickly accumulate Qantas Points. You can put them towards a trip, of course. Alternatively, you distribute them as an incentive to staff or redeem them in the Qantas Shopping Rewards Store.

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