brands to target an entirely new consumer. For example, a luxury retail brand targeting Gen Z and Millennial shoppers may look to offer Buy Now Pay Later (BNPL) at checkout. With BNPL, luxury products have become more accessible to those who want to purchase the products they love while paying in a way which works for them. Consumers can finance their purchases in part and pay off the remaining balance instalments giving them better control over their money. When targeting more established consumers, brands might look to offer other well-known and trusted forms of payment like traditional debit cards. The point is the target audience has huge implications on the payment method and retailers need to know their customer, to know what payments to offer. Payments for innovation and expansion Luxury retailers are often at the front of innovation. From Gucci and Louis Vuitton being among the first to have a presence in the Metaverse to redefined high street shopping experiences by providing digital hanging room backdrops, luxury continues to spearhead the retail sector into new horizons. Yet, many brands often overlook the role that payments play in innovation and expansions. When looking to expand operations overseas, one of the most crucial steps is the ability to receive and send money in different currencies. Merchant acquirers are enabling brands to make cross-border payments simple and seamless, aligning the payment types to the preferences in that market. Overseas, payment options massively vary and it’s important again, to offer payment options aligned to your customers. Getting payments right holds huge opportunities for building a brand and the most vulnerable part of a brand’s interaction with the customers is the checkout. A solid, safe and seamless payment experience leaves the customer with an impression of trustworthiness, whereas a bad payment experience will prevent a shopper from returning, despite the products. Finally on innovation, when leveraged strategically, payments can be optimised to improve credit card processing, increasing revenue. With the cost of living rising, financial margins are set to become significantly tighter for businesses of all sizes in all sectors. Streamlining back-end payments processes hold huge revenue opportunities for businesses – preventing fraud and saving countless hours on admin - alleviating some of the financial pressures faced, building business resilience. Adopting an entirely new method of managing payments is always going to be a significant undertaking for an organisation, but it’s so important to get payments right the first time. Seamless payments are expected for premium products, holding opportunities for the business to grow and build customer loyalty. Now’s the time to build a resilient check-out experience, suited to the modern shopper. Isavella Frangou-Pavlou VP of Sales and Marketing payabl. “Getting payments right holds huge opportunities for building a brand and the most vulnerable part of a brand’s interaction with the customers is the checkout.” Finance Monthly. F i nanc i a l Innov a t i on & F i nTech 53
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