We’ve talked a lot about retail payments in the past, and for good reason. How your store manages the money that comes through the door has a direct impact on your bottom line. Consumers expect a diversity of payments. Is your store meeting their expectations?
Why is it important you pay attention to the evolution of retail payments? Well, consider that retail payment technologies have undergone a significant evolution in recent years. From traditional cash and check payments to modern-day digital and mobile payments, retailers have had to adapt to keep up with the changing demands of consumers.
How Retail Payment Technology Has Changed
One of the most notable changes in retail payment technology has been the rise of digital and mobile payments. With the advent of smartphones and mobile apps, consumers are now able to make payments using their mobile devices rather than cash or credit cards. This has led to the development of mobile wallet technology, such as Apple Pay and Google Wallet, which allow consumers to make payments by simply holding their phone up to a point-of-sale terminal. These digital payments are often more secure than traditional methods, as they rely on encryption and biometric authentication to confirm a user’s identity.
Another important development in retail payment technology has been the rise of contactless payments. Contactless payments, such as those made with a contactless credit card or a mobile wallet, allowing consumers to make payments simply by holding their card or phone up to a point-of-sale terminal. This eliminates the need for physical contact with the terminal, making payments faster and more convenient.
In addition to digital and mobile payments, retailers have also had to adapt to the rise of alternative payment methods. One example of this is the growing popularity of cryptocurrencies, such as Bitcoin and Ethereum. While still relatively new, cryptocurrency has the potential to disrupt traditional payment systems. Some retailers have already begun accepting cryptocurrency as a form of payment, and it is likely that more will follow in the future. Still, this area is niche. The latest trend is in contactless payments.
Why Today’s Grocery Store Must Adapt
Given these changes in retail payment technology, it is important for grocery stores to diversify the ways they take payments. Consumers are increasingly looking for more convenient and secure payment options, and by offering a variety of payment methods, grocery stores can attract more customers and increase sales.
It is also important for grocery stores to invest in point-of-sale terminals that support digital and mobile payments. By upgrading to newer terminals that are compatible with mobile wallets and contactless payments, grocery stores can ensure that they are able to accept payments from a wider range of customers. This can also help to speed up the check-out process, as customers will be able to make payments more quickly and efficiently.
Are you ready for UNFI Professional Services to help you take your retail payment options to the next level? Options include:
- Competitively priced processing for credit, debit, SNAP, EBT, eWIC, & more
- Lower costs through effective debit-routing management
- Secure eCommerce processing
- Support for a wide range of POS systems
- Customer bill-pay service | Brochure
- Gift cards & e-gifting
- FSA card processing & expertise
- PCI compliance
- Online payment security
- Pin pads with next-day replacement services
- Check acceptance program
Retail payment technologies have undergone a significant evolution in recent years and we can help you ensure you stay ahead of the curve. View our retail payments product brochure and then contact us today!