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Posted November 17, 2020 by FreedomPay

Ensuring Confidence and Growth in the Future of Payments

Seemingly overnight, the landscape of commerce, hospitality and retail changed in 2020. According to a study conducted by FreedomPay, U.S. eCommerce has seen “10 years of growth in just three months.” The simple art of the transaction became an enormous struggle for people and businesses all over the world. 

As a result, touchless technology and other digital solutions rose to the occasion to step in and solve the global economy’s most pressing problem – continuing transactions in a healthy way. Though this new tech helped save industries and businesses worldwide, it also presented new problems and pain points for customers as consumers struggled to intuitively pivot to a new form of payment. Additionally, customer trust in the process wavers with new digital tech, and brands have struggled to retain their loyal customer base amid doubt and fear.

Restoring Confidence in Payment Solutions and Exciting Innovations

With the central issue of restoring confidence in consumers at the core of developing new tech, touchless payments and eCommerce transactions continue to develop in real time. As we look forward to a future economy more deeply embedded in eCommerce, payment security is the prevailing character in America’s payment revolution.

Whether shopping at a restaurant, airport or online, technology should enhance hospitality, not replace it. Though digital solutions make transactions easier, they lack the human element and experience that shoppers so enjoy. In the age of COVID-19, online shopping and in-store pick-up has been one solution that delivers a seamless user experience.

Still, this method of commerce presents room for fraud. As a solution, merchants have banded together to share customer data in efforts to identify unusual shopper behavior and tamp down fraudulent transactions. The result? Customers who shop confidently and feel safe.

Lasting Changes in the Wake of COVID-19 and the Payment Revolution

Digital technologies are, without a doubt, becoming commonplace. Any possibility of a reversion back to old shopper behavior seems to disappear on the horizon more and more each day. But every customer is different, and each will adapt to new technologies in their own time.

For this reason, it is important to meet customers where they are at. The guest experience should be seamless for everyone, no matter how fluent they are in digital tech. Touchless technology, for example, is brand new to many shoppers, and adapting quickly to this change presents frustrations. As a solution, retailers should provide the customer with choice, and not force the transaction down a single path.

Though touchscreen transactions faltered for a short time amid fears of shared surfaces, many customers are finding familiarity, comfort and confidence with touchscreens and continue to embrace it as their primary method of purchase.

Mobile apps and QR codes have also erupted onto the eCommerce space as a novel solution to touchless transactions. They let people shop in a way they are used to while changing just one element of the purchase process. As a result, mobile apps are reshaping the user experience, intersecting technology and eCommerce in a way that adds value to the user. 

Looking Ahead at the Future of Payments and Trust

With touchless payments becoming more and more commonplace, it’s clear that digital-first technologies are the future of retail, hospitality and commerce. At the heart of the development is the issue of trust. As these technologies evolve, brands should maintain a laser focus on being transparent with customers and using data to provide rich value back to the consumer.


FreedomPay published a White Paper The American Payment Revolution: Next Level Commerce  which is designed to help merchants of all sizes understand the need for technological advancement at the point of sale and why businesses should respond to the catalyst of change caused by COVID-19 to enable America’s economic recovery. Click here to download the report.

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Posted April 01, 2019 by FreedomPay

How to Keep and Grow Your ‘Happy’ Customer

We all know the importance of loyal customers.

However, loyal customers can be hard to earn in a noisy world where every business is trying to tempt them with new and exciting deals and offers. We often see a first flush of success and high sign-ups for rewards programs, then low usage, poor return on investment and questionable viability.

However, brands shouldn’t want to ditch loyalty as an asset because it’s far easier and cheaper to retain and grow existing customers than to acquire new ones. So, what’s the answer? It surely must be making loyalty easier to access, more relevant and easier to use; such as creating value that follows the customer across various points of sale.

One of the most effective ways of doing this is something called an analytical token. This is where tech comes in to create, via an algorithm, an identifier code or ‘token’ which is safely and securely linked to the customers payment details, or app, or card, etc.

Analytic Tokens in an omni-channel world

Analytic tokens work across all channels – physical, digital and mobile. With the right architecture, they can also be linked to Customer Relationship Management (CRM) and loyalty systems, to provide a 360-degree view of the customer – what they are buying, in which channels, when and how frequently.

Being able to link identity with transaction flow, opens the door to deeper richer and more valuable insight, allowing organisations to ‘follow’ customer journeys and deliver more personal loyalty experiences.

Businesses can track, monitor and remember tokens without compromising payment security. Effectively turning points and rewards into digital types of near money currencies that can be linked to a customer’s ID. This makes them transportable across platforms, channels and even between businesses and brands.

A token-based digital near-money currency

Loyalty schemes often fall flat because consumers find them too restrictive. In most cases they can only be used with an individual or small collective group of retailers with numerous conditions attached to their use. In addition, traditional voucher, code and coupon systems often have a poor shelf-life, with many users failing to redeem them before they run out.
Analytic token-based digital currency doesn’t have any of these limitations or customer pain points. It can be bought, sold, transferred, gifted, or turned into an ubiquitous currency. It can follow the user across a wider ecosystem, and it retains, and can even increase in value as the popularity of the loyalty scheme grows.

Virtual currencies combined with extended retail partner networks and new customer centric loyalty design schemes will redefine the way we all buy goods and services – breaking down usability barriers and making loyalty even more valuable to a merchant’s bottom line.

Find out how to build liquidity into your loyalty architecture by downloading the FreedomPay Report: Personalization and Digital Identity; the Keys to Unlock Loyalty.

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