In today’s dynamic retail environment, merchants are focused on delivering an excellent experience for their shoppers from start to finish, including the payment process. Merchants have more payment options to consider than ever before, thanks to technological advances and evolving consumer preferences.
What attributes should merchants seek out in a payments provider, and what are the most exciting developments in ACH right now? Kellie Amodeo, VP of Customer Experience at Certegy, shares her views in this Q&A. An expert at helping merchants save money and add value, Kellie draws on more than 20 years of experience in payments and risk management for top retailers, casinos and financial institutions.
From a payments perspective, what are the top issues currently facing merchants?
Our partners have seen rapid changes in their operations, including a shift to online payments. This shift is putting upward pressure on costs as well as increasing interchange fees and fraud. As a result, retailers are looking for ways to grow their businesses, decrease costs and adjust to customer demands. As we begin moving past the peak of the pandemic and start adapting to a new normal, merchants can benefit from adding new payment types and additional fraud detection tools.
When merchants are choosing a payments partner, what “must-have” attributes do you think are important to prioritize?
There are so many new payment methods in the market, each with different benefits. However, most retailers don’t have unlimited development resources to onboard every new option, so it’s essential to carefully consider the choices and look for payment methods that are both appealing to the consumer as well as the retailer.
There are several key points that I think are critical for merchants to consider. First, retailers should examine the market and stability of the payment type. How many consumers have access to it? Is it something they are actively using today? Will it be something they use in the future or is it just a passing trend? Second, merchants should investigate the provider. How long has the provider been around? How many retailers or businesses are current customers?
At Certegy, we’re proud to actively focus on delivering innovative products purpose-built to address merchant concerns. For 60+ years, we’ve been partnering with our customers to understand their needs and develop products that address their issues. We listen and invest so our partners can thrive.
Take our BankPay solution, for example: Nearly 95%* of U.S. households are banked, and BankPay makes it easy for shoppers to use their existing bank accounts to seamlessly pay for purchases while helping retailers capture significant savings on interchange fees.
What are you most excited about in ACH payment technology?
ACH has a long track record of success — and there are many exciting developments that make it a continually compelling option for merchants. For example, we’re seeing steady growth in the number of consumers looking for alternatives to traditional credit, and digital ACH offers them a flexible option for online transactions.
ACH payment technology is also becoming increasingly user-friendly. Gone are the days of having to find a paper check to locate the necessary details, then manually entering everything. Today, with solutions like Certegy’s BankPay, consumers can add their bank account as a payment option simply by logging into their bank account securely while on the merchant’s website or app. The whole process takes just a few seconds.
Additionally, we’re seeing strong interest in solutions that allows customers to split the cost of a purchase into several interest-free installments, like our Buy Now, Pay Later service. It’s a great option for consumers looking for flexible payment terms. It’s a win for merchants, too: Everything is processed on the ACH network with the backing of Certegy’s risk management model and guaranteed funding.
Looking ahead, we’re excited to continue moving toward a digital-first model that will empower us to quickly adjust to our partners’ needs and capture the advantages of new advances in ACH technology.
To learn more about the payment solutions mentioned here, contact us here or call 1-877-CERTEGY.