Retailers, Get Out Of The Payments Business With The LAW
By: Jamie Brown
Innovation, as it pertains to Payments and Retailers is some of the most exciting technological advances that are occurring in Retail and the Consumer Payment Space. The rapid pace at which new technologies and payment types are being introduced is getting increasingly harder, for Retailers to keep up. Innovative Retailers must keep up with the latest and greatest technologies, even though they’re sometimes limited by innovative payment technologies. Deciding what form of payment to use should be a simple process—but it always doesn’t work that way.
In todays world, more and more people are using credit cards whether it’s for shopping or simply paying bills. Making the payment process Customer Friendly is essential for increasing sales and returning customers. This is why the checkout point is so important. It’s the final stop for the customer. One of the latest credit card innovations is EMV/Chip card. According to Wikipedia, “EMV is a technical standard for smart payment cards and for payment terminals and automated teller machines that can accept them.” There are many problems with retailers taking EMV at the POS.
However, in today’s market, credit and debit cards are still problematic for Retailers … which is quite frustrating. Complicating matters more is the rate at which new payment methods are being introduced. Retailers must consider adding capabilities for mobile wallets such as Google Pay, Amazon Pay, Samsung Pay, Chase Pay and Apple Pay.
Hardware is expensive, costing hundreds of dollars per register.
There’s the problem with the liability shift from credit card vendors to banks and then retailers. Retailers have filed lawsuits about the unfairness of the liability shift.
Since the specifications for EMV debit card processing came so late, some in the payment industry decided to delay their conversion work.
The harsh reality is, Retailers must decide between mobile payments or EMV.
Also, there are Peer To Peer Payment Types like Venmo, Square Cash and Cash App that are becoming popular with consumers. Crypto Currencies like Bitcoin and Ether add even more complexities to the Retailers POS. Although Payment Types like Paypal, Tabbed Out and Go Cardless may not have the popularity as the above mentioned, Retailers may want to consider supporting them as well.
Let’s take a closer look at Paypal and Apple Pay. Consumers are quickly adopting Apple Pay. They’re excited to have this new technology on their phones. On the other hand, Retailers aren’t. Those retailers that are, aren’t anxious to introduce the cost and loss of control by allowing Google into their payments processing.
There are problems with Paypal as well. According to Melissa Johnson’s article in the Merchant Maverick,
"Accepting PayPal is a no-brainer. Almost everyone has a PayPal account these days. It’s incredibly easy to setup and use, and it can get you up and running in a very short amount of time (i.e, immediately).”
That benefits the consumer but for the retailer, “The service is quick to hold sellers’ funds or even freeze and shut down accounts if the company suspects fraud. Finally, while PayPal does have a pay-as-you-go setup that works very well for most merchants, if you want a few advanced features (namely a virtual terminal, hosted payment page, or recurring billing), they are going to cost you additional monthly fees.”
In the end, regardless of what types of payments you decide to accept, it should be a quick and easy process—as long as the company never puts their needs higher than their customers!
Allow me to introduce you to “THE LAW.” The LAW is a platform that is updated with the latest and greatest in payments and more. This platform is configurable by the Retailer without any coding needed on their part. Retailers can easily configure their POS systems to use these cutting edge payment technologies.
The LAW is our proprietary application, which acts as a middle-ware component to 3rd Party applications that can be integrated, at the Point of Sale. The LAW integrates with the latest and greatest technology and delivers these innovations to the POS through Configuration. The POS only has to integrate with the LAW. This allows the POS to take advantage of the 3rd Party applications, which are integrated with the LAW. The LAW is a modular tool that is updated continuously with the latest and greatest applications for:
Customer Feedback and Ratings
The LAW has a Customer Facing Dashboard that allows Retailers to easily and seamlessly add new technologies. These technologies will now be accessible to the Point of Sale. Retailers also have visibility into the current integrations and new features that can be easily added, at their leisure.
Innovation comes at a cost—time and money! Retailers need to spend time and money on their brand. They also need to spend time and money on customer retention and satisfaction. Since the checkout point is the last stop, the process should be expedient and simple.
The law allows them to do both. Retailers get innovation through configuration that keeps the cost down. Also, customers get access to the latest and greatest technology—keeping them happy. In short, Retailers should consider getting out of the payment business and leave that to software companies like Lillii RNB, Inc.