Articles
Various Benefit Transfer Methods in FMCG!
by Account Mein Fintech Solutions We are India’s largest B2B Channel Payments PartneMore and more retailers are recognizing the importance of providing customers with a consistent and excellent experience throughout their shopping journey. When shopping, customers are not only interested in what they buy and how much it costs but also how they pay. Therefore, implementing the right payment strategy for in-store payment processing opens up new opportunities for retailers.
With that in mind, we've provided a comprehensive guide to getting a payment acceptance system up and running in your store. Many retailers accept credit cards and cash from customers. However, if you only offer these payment methods, you may be unintentionally giving up the opportunity to deepen your relationships with existing customers. You may lose some new customer segments.
We want to introduce you to five payment options for direct benefit transfer in Retail FMCG that customers will love the most in 2021.
Cash payment
Cash is the primary method of payment. It is a straightforward form of accepting payments and does not require additional fees or complicated payment processors. While mobile phone and credit card payments are on the rise, many consumers still prefer to pay with cash. In asian countries, this percentage is even higher, with over 25% of survey respondents choosing cash when shopping online.
Debit and credit card payments
Debit and credit cards or bank issues are increasingly dominating the payment methods on the market. According to a survey by Hitachi and BAI Consulting, 41% of consumers are using less cash, and 97% of consumers are increasingly switching to debit and credit card payments. So, to keep up with your competitors and customers, you need to accept debit and credit card payments.
That's not to say that there are many advantages to paying with a debit or credit card as a method of direct benefit transfer in Retail FMCG. Recent studies have shown that customers spend more with credit cards than with cash.
Mobile and smartphone payments
In recent years, smartphones and mobile payments have become another fast-growing payment method. Contactless payments, also known as mPOS, are used on popular smartphones such as Samsung Pay, Google Pay, and Apple Pay. According to Business Insider's Mobile Payments report, the number of Americans who used in-store mobile payments reached $150 million in 2020, accounting for 56% of all in-store prices. Mobile payments offer an easier, more convenient, and faster experience because consumers often have their phones with them.
Gift cards, store credit, and discounts Store credit and gift cards aren't just a form of payment; they are one of the most potent tools retailers have to build loyal and lasting relationships with their customers.
Gift cards and store credit help merchants keep money in the ecosystem. It becomes a financial vehicle because customers receive a portion of the sales before they actually spend.
Store credit allows businesses to continue and maintain relationships with existing customers, while gift cards can bring new customers into your store. It is also beneficial when exchanging or returning products.
You have the flexibility to offer your customers credit or gift cards instead of a refund. Modernize your payment experience.
Once you understand the benefits of different payment options, you need to decide which choice is right for your customers and your store.
If you have a modern POS system that integrates flexible terminals, accepting a variety of payment methods will be easy. Useful:
● Create a better customer experience
● Increased repeat purchases
● Modernize your payment experience
Explore our solutions: the most customizable and scalable POS for Magento merchants.
A system that can handle these types of transactions helps you use a variety of payment methods flexibly and efficiently, offering personalized payments, including:
Split payment: Two customers pay for the same item with two debit or credit cards or split the bill across multiple credit cards.
Split Payment: Customers can split the amount and pay for their order by credit card or cash. Partial payment: The retailer can receive a portion in advance and the rest through a payment package or credit. Alternatively, you can pay part in cash and the rest via online customer invoice.
These payment methods can increase your average order value (AOV).
Sponsor Ads
About Account Mein Fintech Solutions 
We are India’s largest B2B Channel Payments Partne
2 connections, 0 recommendations, 17 honor points.Joined APSense since, May 15th, 2023, From Gurgaon, India.
Created on Dec 19th 2023 06:59. Viewed 133 times.
Comments
No comment, be the first to comment.
