Customer satisfaction relies on a range of different factors, including the ease with which the payment journey is managed. There are roughly 164 million payment cards in issue in the UK and more than half of British adults have a payment card, either debit or credit. On top of that we are increasingly seeing customers expecting to be able to pay using mobile payments and prioritising businesses that are able to offer innovative solutions to payment issues, such as settling the bill via an app. So, there is a lot to consider – but the payment journey has a crucial role to play when it comes to increasing customer satisfaction.
Variety is key for customers
No matter what the dominant demographic in your target audience it’s still almost impossible to provide a satisfying customer experience if you only offer one payment option. Some consumers still prefer to pay by cash whereas others have switched completely to digital wallets. The only way to ensure that you’re engaging with everyone is to provide a variety of options, including:
- Cash payments
- Card payments – e.g. chip and PIN
- Devices (e.g. digital wallets such as Apple Pay, GPay and Samsung Pay)
Why improving your payment journey increases customer satisfaction
Speed and efficiency
Customers don’t want to hang around at the end of a meal and if they are expected to queue up to make a payment, or have to wait while a server takes their card, customer satisfaction levels can go through the floor. Payment options such as Chip and PIN mean the payment terminal is brought to the customer and the bill can be processed to ensure the customer can pay and go on a timescale that feels reasonable to them.
Giving consumers options
Consumers today expect brands to provide options and that includes when it comes to making payments. For any business that is still cash based there is a risk of customer attrition because the payment journey is too limited and may be inconvenient. If customers know that they will have a wide range of payment options to choose from then this is one less obstacle to overcome in terms of increasing the appeal of your brand.
Security and accountability
Identify fraud and credit card fraud are serious concerns for consumers today and most want to see that the businesses they buy from take this seriously. This means providing a payment journey that is secure at every point, from using technology with inbuilt security, such as ePOS, to ensuring that payment cards are never out of sight of the customer by using mobile terminals.
Future proofing your business
Businesses that are playing catch up can lose customers quickly while trying to adapt to their needs when it comes to payment solutions. Investing in upgrading your payment journey with the latest technology can help to future proof your business against change as payment systems continue to evolve.
It’s essential to have a robust and efficient payment journey that provides consumers with plenty of choice. Today, that means integrating technology such as ePOS that is efficient and secure.
Get in touch with Comtrex for all your ePOS requirements today.