As a client-focused business, one of the questions we’re always asking is “what do merchants really want?” It would be easy to overcomplicate this but fundamentally it’s quite simple. They want to sell AND make a profit.
That means they have to attract buyers. To do that they have to offer something better, faster, closer, cheaper or safer than the next guy. In fact, retailers’ payment investment priorities remain pretty much the same today as when Verifone began supporting them three decades ago. Service, security, convenience and engagement.
While the ‘what’ remains relatively constant, the really exciting changes are in ‘how’ we’re achieving it. Today, technical advancements are allowing us to take payments to new levels – with capabilities that retailers could only have dreamt of ten years ago.
Across estates, big data and analytics are offering unified customer insight. NFC and contactless are driving faster throughput. Mobile devices are putting brands and payments in consumers’ pockets and pushing higher footfall. Meanwhile, multimedia and interactivity at the point of sale are encouraging sales uplift and boosting loyalty.
Underpinning all this is connectivity and cloud – which allows the fast-tracking of apps and services, automation of processes and remote estate management.
And that’s just the in-store environment. As annual online retail spend in the UK tops £60 billion, retailers are also looking for new ways to get the most from digital platforms. From customisable payment pages to cross border transaction processing and omni-channel services like click and collect.
For Verifone, enabling all this innovation, has meant transforming our business. Today services and software are as important as systems and terminals. Our expertise has evolved to cover more of the payments ecosystem. But our key focus remains helping our clients make their checkouts more appealing to consumers and more efficient to run.
As we prepare for RBTE, the UK’s leading retail technology event, it’s clear just how much our solutions have changed – even in the past 12 months. Not only in terms of depth, breadth and capability but in ‘how’ we are delivering, integrating and supporting them.
If we have learned one thing from this decade’s digital revolution, it’s that the future of payments is all about connectivity. Connecting terminals, connecting services, connecting channels, connecting commerce – creating new opportunities to power payments, engage consumers and boost retail business.
Find out how Verifone is Connecting Commerce – visit us on Stand #450 at RBTE, London Olympia, 9-10 March.