Summer 2021 - 123

RETAIL OPERATIONS
OVERCOMING CHALLENGES
Digital payments are not perfect, and stores sometimes
have to deal with Wi-Fi connectivity problems, outages
and delays that come after a purchase is rung up, with
some taking a minute or two to say if the transaction
actually went through.
" Another issue we have is the various fee structures
involved, which can hurt profits because tax is taken out
differently for each digital payment solution, " Maineri
said. " The fee structures will vary based on the provider,
but there is typically a flat transaction fee which can lower
if you pass a sales threshold. The major providers are very
upfront about their fee structures, but sometimes forget to
mention how certain forms of payment can cause larger
portions of fees to be deducted. "
For example, when a store enters a card number as
opposed to swiping or chipping it, the fee taken will be
higher on that manual transaction for most.
MONEY MATTERS
Fees are what retailers seem to care about the most
and each of the major digital payment providers-
PayPal, Apple Pay, Venmo and Zelle-have their own
unique structure.
" Every time a retailer uses a credit or debit card,
retailers have to pay an interchange fee and a processor
fee, " Buck said.
For instance, Venmo charges a 3% fee when a credit
card is involved, while Zelle and Apple Pay have a sliding
scale based on card used and number of transactions a
store has. PayPal, meanwhile, charges a 5.4% commission
per transaction, plus .30 if the customer is from another
country. But it's generally considered the most secure by
many experts.
PRACTICAL ADVICE
For retailers thinking of offering digital payments
for the first time, Maineri suggests starting with the
well-known providers to quickly build trust and a
solid reputation.
" Do not feel as if you must get the best, top of the line
POS package/set-up, especially if you are just starting
out. Go with the cheapest option and upgrade as you
need to, " she said. " Let your customers know you
accept these forms of payments. When you receive your
setup from a POS supplier, they will usually include
promotional material to place around your store. If not,
you can print out their logos and post them. "
Equally important, Buck noted a store should update
its Google business page, website and social media
sites to reflect that it now accepts these new forms of
payment and that marketing is done in store.
Learn more about our Gift Shop®
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Summer 2021

Table of Contents for the Digital Edition of Summer 2021

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