PaymentsJournal’s Post

Customer Experience extends far past the phone call or chat interaction. #CX occurs every day in stores as part of the #customerjourney. We have swiftly moved into the #AI and #automation revolution. Do paper checks still play a relevant role in our shopping habits? When was the last time you wrote a check? I think there still is a place for this type of payment, but if fraud costs more than losing the sales due to checks, is it worth keeping around? What are your thoughts? #customerservice #banking #customercare #retail #safety #customerexperience #fintech #financialservices #target #aucera

Target no longer accepting checks: Should others follow? Target will no longer accept personal checks from shoppers as of July 15. Should other retailers follow? Sarah Pelton "Retailers should consider not accepting checks due to their susceptibility to fraud, longer processing times, and higher operational costs." Shepard (Shep) Hyken "It’s time to move on. With so few checks being written because of cash-alternative payments, eliminating them for payment purposes is inevitable." Gene Detroyer "While we are talking about retailers, whole countries have moved away from checks: - Finland: Stopped using checks in 1993 - The Netherlands: Stopped using checks in 2002 - Poland: Stopped using checks in 2006 - New Zealand: Phased out checks a few years ago - Sweden: Is cashless as of 2023 - Eleven other European countries are in the midst of eliminating the use of checks. All those countries have elderly people. Apparently, an accommodation was unnecessary." Read the full article here: https://lnkd.in/gUK9GXXR

Interesting: "With consumers struggling under ongoing financial challenges, many may find credit card surcharges to be the proverbial straw that breaks the camel’s back, leading them to be less loyal to favorite merchants." I usually see surcharges at smaller merchants/restaurants. And yes - being asked to pay a fee sucks and will of course "...decrease ... satisfaction with the merchant". But as a consumer, I am given a choice - I don't have to pay the fee - just use cash or a debit card. The conclusion seems a bit far-fetched - people are loyal to small businesses for various reasons (it's the closest grocery store, the restaurant owner is nice, they have the best eggs benedict) - but credit card surcharges are unlikely to impact loyalty. I'm not giving up my favorite Chinese takeout in favor of a chain with bad food just because there is a difference between cash and credit prices. https://lnkd.in/eTzh8Zqu

Merchant fee charges for retailers have continued to explode in recent years, adding to increased costs for retailers & ultimately increased costs for consumers. Fee surcharges by retailers are only being added out of absolute necessity to cover ridiculous fees. Coles Group & Woolworths Group should NOT get "special" treatment because of their size. A lot has been spoken about this for some years now, but we are yet to see real change that drives down these fees that continue to prop up the insane profits recorded by the major banks & global card providers. There are simple solutions to achieve the right outcomes for retailers & consumers. We just need decisive government action to fix this once & for all. Jim Chalmers Anthony Albanese | The Hon. Peter Dutton MP | Angus Taylor MP | Reserve Bank of Australia | ACCC | Theo Foukkare | Brad Kelly | Warwick Ponder #lcr #leastcostrouting #blendedrates #merchantfees

Congress is considering new payment options for grocery stores and gas stations. While this could be good news for retailers, Big Banks are warning that consumers may not see the benefits. In fact, credit card rewards could be at risk. Stay informed on the latest developments in #payments, #retailing, #gasstations, and #grocerystores. Check out the details here: https://flip.it/U9MrLL

“Nearly 85% of consumers said they’d be interested in paying with points if the option was offered. …When it comes to their preferred redemption locations, the largest share of respondents (62%) said they favor grocery stores, followed by online retail (56%), gas stations or convenience stores (52%), and fast-food restaurants (45%).” https://lnkd.in/gBFw5jMF #finance #creditcardprocessing #LoyaltyProgram #rewardsprogram #Rewards #payments #pointofsale #paymentsolutions #giftcards

“Nearly 85% of consumers said they’d be interested in paying with points if the option was offered. …When it comes to their preferred redemption locations, the largest share of respondents (62%) said they favor grocery stores, followed by online retail (56%), gas stations or convenience stores (52%), and fast-food restaurants (45%).” https://lnkd.in/gBFw5jMF #finance #creditcardprocessing #LoyaltyProgram #rewardsprogram #Rewards #payments #pointofsale #paymentsolutions #giftcards

If your preferred grocery store was to obtain lower interchange fees, would you see a difference? 💲 Consider that your basket of goods with varying prices shows up on your receipt. Each of these is a line-item and this merchant/grocery store has carefully considered the price of every item in the store. Now if they obtained a reduction of 20 basis points (that is a 20th of one percent) would they pass those savings on to you? Research has shown it will not happen (see the Richmond Federal Reserve for more detail). The reality is you will never notice the savings and merchants would just rather save the money. While there is nothing wrong with a business seeking to save money, but bills such as the Credit Card Competition Act 💳 and the Durbin Amendment claim to save all of us (consumers) money. Check out this article in Digital Transactions where I discuss this topic. https://lnkd.in/e9TzZhzv Ron Shevlin, Tony DeSanctis, America's Credit Unions, Mary Wisniewski. Cornerstone Advisors #creditcards, #regulation

Great article here where Glenn Grossman articulates the realities of interchange regulation! #CCCA #Durbin #Interchange #Makeitmakesense