Our latest report, “Data Says Retailer Perceptions and Consumer Experiences Don’t Align,” revealed something big: retailers think they’re nailing the checkout experience. Shoppers? Not so much.
The takeaway? Overconfidence is clouding judgment and delaying action. It’s time for retailers to take a hard look at their in-store payment journey and ask if their payment tech is helping or hurting the customer experience.
Here are six critical questions to help you know where you stand.
1. What Payment Types Are You Offering?
Cash, credit, and debit alone won’t cut it anymore. Today’s shoppers want options—and there are hundreds of alternative payment methods on the market, including digital wallets, buy now pay later (BNPL), and third-party payment apps. And if you don’t offer their favorite way to pay? They’re shopping somewhere else.
70% of consumers say their preferred payment method influences where they shop. Your payment solution should support a wide range of methods and make the addition of new ones frictionless.
Red flag: If your current system can’t keep up with how your customers want to pay, it’s time to upgrade.
2. What Is Your Checkout Experience Really Like?
Long lines may look like success, but they often signal sluggish systems and frustrated customers.
Our data suggest a shift in consumer preference: self-checkout, automated checkout, and in-app payments are in demand. Flexibility is everything. And limiting payment options doesn’t just annoy customers, it slows everything down.
Red flag: If your tech can’t support fast, flexible, modern checkout options, it’s time to upgrade.
3. Are You Capturing the Right Data?
Want loyal customers? You need insights. Every transaction is a chance to learn something: who your customer is, how they spend, and how to keep them coming back.
Modern payment tech should give you more than just receipts. It should power personalization, unlock omnichannel insights, and help shape better buying experiences.
Red flag: If you’re not turning transaction data into smarter shopping experiences, it’s time to upgrade.
4. How Reliable Is Your Payment Solution?
Glitches, delays, and downtime aren’t just annoying, they’re deal-breakers.
71% of retailers we surveyed aren’t fully satisfied with the reliability of their payment systems. Between glitches, slow processing speeds and poorly maintained systems, many retailers are offering a payment solution that is not up to customers’ expectations.
Also, what would happen if there were a network disruption? Would your current solution be able to stay online and continue accepting payments? You need a solution built on resilience.
Red flag: If your system crashes, slows down, or leaves customers waiting, it’s time to upgrade.
5. How Easy Is It To Integrate?
When was the last time you wanted to bring new payment technology into your stores only for your provider to tell you it wasn’t possible?
54% of retailers say integrating new tech is one of their top challenges.
Between outdated technology and rigid provider, you deserve a platform that plays well with others.
Red flag: If integrating new tools feels like pulling teeth, it’s time to upgrade.
6. How Old Is Your Payment Technology?
If your terminals are cracked, screens flicker, or logos are faded, your checkout is putting out a clear signal. It’s time to change things up.
In tech years, three is the new ancient. Nearly half of retailers admit their systems are 3+ years old. That’s three years of missed innovation, efficiency, and customer delight. Beyond five years could mean you’re playing a dangerous game of catch-up.
Red flag: If your tech is more than three years old, it’s past time for an upgrade.
Upgrading Your Payment Tech: What’s Next?
Now that you’ve committed to upgrading your payment technology, it’s important to evaluate the options available on the market to get the right fit for your business.
There are too many solutions to choose from, and not all are created equal. Use the framework above to identify the tech that checks all the boxes.
Select FreedomPay’s fast, flexible, and always-on payment gateway for seamless integration, actionable data, and the adaptability your business needs, from cost savings to profitability.
Get in touch to learn more about our solutions for retailers like you.