The retail industry has its own unique needs as this is an ever-changing market that is constantly being redefined. Retail merchant services are for companies that accept payments through debit/credit cards at the point of sale. While the retail sector has evolved with times, so has the payment landscape. So, let us look at the retail merchant services and the benefits it offers to the retail industry.
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Retail Merchant Services
Retail merchant services refer to in-store payment solutions. In this digital world, customers have become used to seamless experiences and expect a similar experience at retail stores too. To provide them with a seamless experience, businesses need retail merchant services that offer multiple payment processing solutions that allow customers to make instant transactions and help retailers create better experiences.
With time the retail merchant services have also evolved. Today retail merchant services provider not only offers payment processing solutions that are secure and easy to use to retailers but also provide other business solutions that can help them manage their business operations better. The retail merchant services also offer services such as inventory management, customer relationship management, detailed reporting, tracking data, fraud prevention, etc.Â
The customers want a frictionless way of payment like the one provided by retail merchant services online. The payment solutions should be such that they save time and increase customer satisfaction.
Benefits Retail Merchant Services Provider Should Offer
The retail merchant services account should provide the following benefits:
- Â Quick Set-Up and Approvals
The retail merchant services should set up your merchant account quickly. For that, you need to provide the retail merchant services online with all the necessary documents and fill your application form correctly and completely. Some retail merchant services providers start processing immediately, and if the documents are complete and an account is quickly set up.
- Security and Fraud Protection
The retail merchant services should offer advanced fraud and security solutions to all merchants. Retail merchant services online are badly impacted by data breaches. In fact, credit card frauds can destroy small retailers, so the payment solutions provider should provide security from frauds and data breaches. The service provider should be PCI compliant so that your transactions are secure and the risk of fraud and data breach is minimized.
- Point of Sale Solutions
The point of Sale system enables retailers and other businesses to accept in-person payments. It allows merchants to process payments securely and easily calculate the purchase price. Advanced POS systems can do more than payment processing; they can help you run your entire business operations. The purpose of the POS systems is to help in inventory management, customer relationship management, employee management, reporting and analytics, gift and loyalty, etc.
- Customer Support
The retail merchant services provider should offer round the clock support through live chat, email, and phone. Best retail merchant services provide a dedicated account manager who assists you in setting up your system and provides continuous support. The retail merchant services provider should offer exceptional customer services for credit card processing, ecommerce merchant services and retail services.
- Custom Loyalty and Gift Cards
Customised gift cards and loyalty programs are a great way to retain customers and encourage repeat business. The merchant services provider should create a customised end-to-end customer loyalty program and design gifting card solutions as per your business needs. The gift card app from your merchant service provider should offer turnkey solutions that are easy to implement and manage and increases customer loyalty and sales.Â
- Accept Google Pay and Apple Pay
NFC technology powers contactless payments. The retail merchant services provider should enable you to make secure payments via mobile wallets such as Apple pay or Google Pay. NFC technology is also called “Touch and Pay” or “Touch and Go”. It allows retail merchants to collect payments from customers by tapping the phone. NFC enabled transactions makes checkout seamless and convenient for both customers and merchants.
- PCI Compliance
The retail merchant services provider should help you in becoming PCI compliant. Every merchant should meet PCI DSS requirements to protect itself and the customers from fraud and data breach. Any merchant who processes, stores or transmits cardholders data should be PCI compliant
- Online Reporting
Online reporting helps you keep track of your business transactions. Your merchant services provider should allow you to view your statements online and access transaction details. The service provider should offer you tools to run reports, track refunds and sales.
Conclusion:
Retail merchants need a secure and reliable payment solutions provider. The retail merchant services should accept major credit and debit cards and offer an advanced POS system. The service provider should enable the retailer to provide their customers with the best payment experience.