Common Pain Points in Telecom Retail Payments and How To Solve Them
Customer demands in the retail environment are constantly evolving, and one of the fastest-changing areas of the retail experience is payments.
Today, it’s tap-to-pay; tomorrow, it might be cardless payments — it’s an area that is in constant flux. And when it comes to wireless retail, being at the forefront of great customer experiences is key to telecom brands’ success.
Yet this is still a challenge for many telecom retail operators, who are up against a number of pain points when it comes to payments technology and hardware. Fortunately, all these issues can be solved with today’s next-generation payments solutions.
Let’s look at some of the pain points wireless retailers of all sizes are facing when it comes to payments, and how they can be overcome.
Who is affected | Payments pain point | Solution |
Small to enterprise wireless retailers — IT and operations | It takes a long time to get payments set up due to multiple vendors and complicated hardware logistics. | Single vendor relationship to send and receive a single contract, plus a streamlined hardware flow significantly reduces time to market. |
Small to large wireless retailers — IT, operations, and finance team | Hardware management and procurement is expensive, set up is rigid, and ongoing management is a pain. | Automatic software and firmware updates, and fast shipping of new hardware. Plus, freedom to rent or buy terminals. |
Small to enterprise wireless retailers — IT, operations, and finance team | Hardware requirements have held us back from delivering a simple, mobile-first checkout experience our customers expect. | Mobile-first payment terminals designed to meet your retail needs, our lightweight card reader or powerful mobile device allow you to take payment anywhere — no desktop required. |
Small to enterprise wireless retailers — operations | When the POS or Internet goes down, we can’t take payments. As a result, revenue is lost and customers are frustrated. | If the POS or Internet goes down, you can continue to take payments, so you never miss a sale. All transactions will still appear in centralized reporting. |
Large to enterprise wireless retailers — Finance teams | Reconciliation of POS transactions to payments can be time-consuming and inaccurate. | A solution that can connect the data together with more insight into the payment transactions and payouts for seamless reconciliation. |
Large to enterprise wireless retailers — IT and operations | Fraud continues to be on the rise across retail environments, specifically that of card-not-present (Remote Pay) or e-commerce transactions, and we want more ability to prevent fraud before it occurs. | Out-of-the-box fraud mitigation features including 3DS2, that enable more control of what transactions go through, including the ability to block high-risk transactions. Referenced refunds ensures payment always goes back to the card that paid, reducing employee fraud and creating a smoother customer experience without needing to present the card to get the refund. |
One product to solve them all
That’s why iQmetrix, North America’s only provider of Interconnected Commerce solutions built for telecom retail, launched iQ Payments — an end-to-end, embedded, mobile-first payments solution that is part of the first wave of iQmetrix’s next-generation technology suite. This payments solution will keep retailers ahead of rapidly evolving trends, helping them to build the store of the future in conjunction with iQmetrix’s storefront and retail management technologies. iQ Payments answers all the pain points above, simplifying financial services with consolidated payment processing, support, hardware, and reporting in one single vendor experience — including the Remote Pay cardless payment method.
The solution also enables retailers to streamline payments management, reconcile more efficiently, and reduce fraud. For large-scale businesses, it allows for enterprise scalability, enabling retailers to deploy stores quickly and efficiently while managing numerous payment devices across multiple locations.
iQ Payments is also unique due to the multiple options it provides. Margeaux Girardin, Payments Product Manager at iQmetrix, said, “iQ Payments is unusual as it offers wireless retailer a range of payment options: a Remote Pay cardless payment experience, alongside the iQ Reader payment experience, alongside an iQ Terminal payment experience. This is in response to the feedback that we had from clients — that they need to enable whatever experience the customer is looking for.”
Want to learn more about iQ Payments?
