Helping you unlock your potential
9 April 2018
There are significant changes happening in the payments sector which will lead to opportunities and challenges for retailers and leisure companies.
How customers pay and what they can be charged is evolving and it’s important for your business to understand and respond to issues as they develop. Providing customers with more choice in relation to how they pay for goods and services or book holidays, either in-store or online, will be key to providing the best customer journey possible.
There are a number of key developments which you should be aware of including:
- an absolute ban on surcharges for retail payments
- new ways of paying
- how a customer can approve a payment
You’ll need to consider getting the most from your pricing strategy now surcharging has been banned, and to work with your merchant acquirer and payment gateway partners to create contractual relationships that work for you. We’re also seeing a number of large retailers looking to become licensed to provide payment services themselves to avoid interchange fees and get paid more quickly.
These opportunities and challenges come from the changes in legislation and it’s important to navigate the new regulations seamlessly.
Our international Payment Services team has considerable experience of working with businesses to set and implement pricing or payment strategies. If you’d like to discuss how we can support your business please contact Richard Jones or Ruth Fairhurst.