Payments Strategy & Optimization
Achieve Sustainable, Profitable Growth in Highly Competitive Markets
With ever increasing consumer adoption of newer payment options – including digital wallets such as Apple Pay and Google Pay, peer-to-peer networks like Venmo and Zelle, and Buy Now Pay Later (BNPL) programs like AfterPay and Klarna – the payments landscape is more complex than ever. At the same time, the impact of payment products on profitability continues to mount.
It’s time to take a hard look at these newer payment options, core credit and debit programs, and even oft overlooked, but long-standing payment options including gift cards, private label credit cards, and, where applicable, fleet programs. Retailers that neglect regular payments portfolio reviews are almost certainly leaving money on the table, either by missing out on potential sales or failing to convert customers to lower-cost payment products.
A smart payments strategy is first and foremost customer-centric, dialed into evolving customer payment preferences and opportunities to entice customers to switch to payment options that are more profitable for your business. The more in tune you are with customer sentiment, the more successful you will be at offering and optimizing the ideal mix of payment products that drive the best experience for your customers and the highest profit margin for your business.
With the Impact 21 approach to Payment Strategy & Optimization, you will:
Anticipate customer payment needs, preferences, and trends. Gather insights that will ultimately lead to less friction in the payment process, higher conversation rates, and increased sales.
Evaluate the depth, breadth, performance, and costs of your payment products. Identify offering gaps and opportunities to improve the mix for greater customer satisfaction and lower payment processing costs including reconciliation and chargebacks.
Develop strategies and implementation plans for optimizing all payment products. Optimize co-branded credit or debit cards, closed-loop payment products, private label debit cards and ACH payment programs, gift cards, mobile payments and digital wallets, BNPL products, and fleet programs.
Integrate payment options into customer loyalty strategy and marketing programs. Drive higher adoption of lower-cost payment products while increasing visits, share of wallet, and overall customer satisfaction.
From conglomerates like Disney, to specialty retailers, to convenience retail chains both big and small, consumer payments have tremendous impact on profitability and customer experience. Through careful analysis, planning, execution, and review of payment portfolio performance, Impact 21 has helped leading retailers maximize sales opportunities with core and new customers while optimizing the profitability of each transaction.
Download Our Challenge and Opportunity in Consumer Payments Factsheet
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