Finding the right payment model for your clientele
One of the best ways to identify payment processing models that are appropriate for your business is to learn from your customers. For leaders at supermarket chain Whole Foods, this has meant listening to their sought-after millennial demographic for direction about adopting Apple Pay and other digital payment options.
"We are, through the use of technology, building out and extending ourselves where our customers are whether it's through Instacart for home delivery, which we're doing more than any other grocery store in America now," Co-CEO Walter Robb said during the company's earnings call. "And we're really just getting started whether it's through affinity, which builds a personal connection to customers who will allow to customize their relationship with us [or] whether it's through the ease of Apple Pay."
PYMNTS.com called this part of a "millennial strategy" which aims to make the shopping experience as attractive and intuitive as possible for younger consumers.
If you discover your customer base is open or expectant about the use of mobile platforms, it might be worth the investment for your business to adopt one. If your clientele seems supportive of an online store for purchasing retail items, it could be time to consider building one into your revenue model. Staying in touch with your target audience's preferences and customizing the experience to meet the needs and expectations of your customers can help enhance loyalty and open new revenue channels for your business. However, decision makers should conduct a thorough cost-benefit analysis with the help of a third-party service provider to determine the best course of action.
At Vantage, we support implementation, maintenance and strategy for retailers' payment technology. We can help match your enterprise with the right processing system to keep your customers satisfied.