We have things to say

Getting Inside the Mind of the Consumer

It can be easy to take things for granted from your end of the cash register. But it’s always good to think like a customer to ensure you’re speaking the same language. With swathes of new technology coming on the market each year, all purporting to make life easier, it’s important for owners to the find the best credit card processor for their small business, and in turn, the best fin-tech. To do that, though, it helps to think like a customer.

What customers want

We’re assuming that because they’re in your store that they want what you’re selling. But apart from that, what are they looking for? It all boils down to two words: Speed and simplicity. The best transaction in the eyes of the customer would be no transaction. (This is actually what Amazon is experimenting with in the form of their no transaction, walk in, walk out grocery stores).

Why aren’t they using my new tech?

Imagine you’ve gone through the effort to begin accepting a new payment option, only to find that your customers are less than enthusiastic about using it. How ungrateful! This point, too, goes back to speed and simplicity. For the one transaction in front of them, it will take more time for them to figure out how to set it up, and what’s required of them—even if it will save them time for all the transactions after that. In order to encourage adoption of the technology, your store can consider organizing the next promotion around the new type of payment: “buy one drink with NFC, get one free!” or “QR payment happy hour! 3-5. Ask us how to set it up!” If you are going to put in the investment to start using a new technology, don’t forget the essential step of promoting it, so that your investment will pay off.

The double-edged sword of adding tech

When a retailer decides to implement a tech solution, no matter when that comes in on the process, there is a risk that it can trip up the customer’s experience, rather than help it. One example would be implementing an NFC payment solution which in turn requires something on the customer’s end—signing into the internet, for example. Every new technology that is implemented will likely require some degree of effort. It’s important to ensure that you’re not overly complicating people’s lives.

Customer rewards programs are another area where it’s important to consider what you’re asking of them, and if it takes a toll on their overall experience. You want to ensure that the perceived benefit for the customer fully balances out the benefits your business gets from the program. Also, there may be an overall benefit, but it can’t trip up the line!

By and large, technology is making our lives, and our payments easier. The best credit card processors for small businesses open up a world of new possibilities that can, in turn, make your customer’s experience better. Just be sure to think like a consumer so that any new tech will fit their needs as well as yours.