Flexible Payment Enabling Frictionless Experiences
Tony Boncore – Honeywell Global Retail Marketing
March 17, 2023
Today’s shoppers are always on-the-go and in search of convenient services that allow them to stay on the move, especially with the return of brick-and-mortar retail.
With the explosion of eCommerce adoption and all the conveniences it has offered, shoppers are moving towards retailers who can offer similar comforts in-store. Retailers can capture their shoppers’ attention is through flexible payment options, especially ones that fit their shoppers’ budgets and lifestyles.
One of the most popular flexible payment options is the use of buy now, pay later (BNPL) services. BLPL allows shoppers to purchase products and pay for them in installments over time, instead of having to pay the full amount upfront. BNPL services are becoming more widely accepted by retailers and are particularly popular with younger shoppers who are looking for ways to manage their finances more effectively.
Another flexible payment option is the use of digital wallets. Digital wallets allow shoppers to store their payment information securely and make payments quickly and easily, without having to enter their payment information for each transaction. Digital wallets also offer an additional layer of security, as they do not require shoppers to enter their payment information directly.
Like the methodology of digital wallets, banks and credit card companies continue to transition their debit and credit cards to NFC chip-based technology. This enables a contactless flexible option for shoppers to keep speed of service top of mind and takes into account recent new health and safety habits born from the pandemic. Honeywell has recently entered this market with a software-only solution called Honeywell Smart Pay. Smart Pay enables most of our portfolio of Honeywell mobility devices to act as a mobile point of sale, without the need for a payment sled. This empowers associates to take payment securely and quickly from wherever they meet shoppers on the store floor.
Finally, shoppers are looking for payment options that offer flexibility in terms of how and when they pay for the products they want. Some retailers offer layaway programs that allow shoppers to pay for products over a set period, while others offer payment plans that allow shoppers to spread out payments over a longer, undefined (?) period. These payment options can be particularly attractive to shoppers who are on a tight budget or for those who prefer to pay for their purchases in smaller increments.
Flexible payment options are becoming more important to shoppers worldwide, especially as they look to manage their finances effectively and make every purchase count.
Retailers who haven’t already considered offering flexible payment options to shoppers should begin to do so, as the practice can attract more customers and increase customer loyalty, all-the-while providing a more convenient and personalized shopping experience.