Gone are the days when retailers could simply ask “Cash or charge?” Now, checkout options include multiple mobile and Near-Field Communication choices (including ApplePay and Google Wallet), cards with magnetic stripes, card with chips and prepaid accounts with scannable code displays.
Choosing which of these methods to support can be difficult for retailers. For one thing, each payment method requires different technology and additional training for cashiers. For another, each has a different cost per transaction.
In addition, not all payment methods are equally when it comes to customer engagement. A retailer-specific app with a scannable code, for example, gives retailers much more control over customer engagement and offers the opportunity to build rewards programs and other incentives into the payment system.
Learn more about the evolving world of retail payments, and how to become a "Real-Time Retailer," by clicking here.