While the world moves towards a more digitized society, research shows that brick and mortar retail is not going away either. According to the United States Census Bureau, 90 percent of retail’s transaction value is spent at physical stores. Additionally, a study conducted by Capgemini’s Digital Transformation Institute found that 70 percent of consumers want to experience touching and feeling products before purchase. While digital has transformed retailed in many ways, it seems that in-person retail is here to stay.

However, while customers prefer to make the purchase in-store, there are still many functions of brand recognition and the product decision-making process that happen online.  Research by SharkNinja describes the processes that occur online and offline. By understanding where processes usually occur, companies can anticipate consumer needs and draw them all the way through the pipeline to closing the sale and beyond.

The Attack

“Wannacry” was a recent ransomware attack that victimized hundreds of thousands of merchants globally.  It exploited a vulnerability in Microsoft operating systems, which has since been resolved although the malware continues to spread through retailers systems via two methods:

• The ransomware is disguised as an email attachment, which attacks the system when a user opens and downloads it.
• A worm on a system that was already infected looks for other systems vulnerable to the attack and targets them.

The effects of this attack were devastating for the infected merchants in terms of financial loss, reduced consumer trust and the loss of confidential data. All merchants, whether or not they were targets of the attack, can benefit from adopting security measures and best practices to protect their sensitive information and bolster their systems against potential threats in the future.

Mobile pay is going to become the new way to pay. Consumers, especially those under 35 years old, appreciate the convenience and speed of paying with a phone. With over three-quarters of the US using smartphones, 77 percent to be exact, consumers rely on their phones more than ever for the completion of day-to-day tasks. While a person may not always carry a credit card or cash on them, you can be sure that they have their phone in their pocket or hand. Mobile payment acceptance is an important and forward-thinking strategy for business growth today.

Several distinct benefits come as a result of mobile payments. The first tier of advantages come with all near-field communication (NFC) payment acceptance, such as Apple Pay. The next level is for those companies that choose to invest in the creation of a mobile app.

“Unified Commerce” is the new buzzword of retail. Simply put, it means that consumers want their in-store and online transactions to flow seamlessly. According to a new survey by Ayden, in-store experiences are still vital to consumers, but they would like them to complement their activities online. In fact, 63 percent of the 2,000 participants said that they would spend more if services were delivered to them such as: buy online and return in-store, mobile payments, payment method recall, and seamless transaction lookup.

How can a corner store compete against the new Kroger built just blocks away? Is it possible for a boutique clothing store to compete with the local mall? The challenge for small businesses competing with corporate chains seems insurmountable. Larger businesses have broader product offerings and deeper budgets for marketing and infrastructure. However, small businesses can differentiate themselves by meeting two important consumer needs: personalization and security, according to new research conducted by PYMNTS.com.

Payment fraud is at an all-time high, there is no question about it.  Investopedia put together a list of the five biggest payment data breaches of all time. The news is always quick to talk about the stories and ramifications, but few discuss solutions. We have analyzed the five cases and come up with the core problems and solutions. Any business can implement these simple security measures to prevent the catastrophic circumstances that led to data breaches such as these:

For many small businesses, cash may seem like a convenient way to accept payment. It is safe from hackers, does not require any specialized hardware, and there are no fees associated with its acceptance. Many merchants will encourage cash payments over credit cards since it appears to be the cheaper and simplest option. However, business owners are not accounting for the hidden costs of accepting cash, which easily outweighs the benefits of cash. Every company is structured differently, but these five costs apply to any business and only magnify as companies grow.

Update: There have been no further issues and all First Data systems are fully operational. Thank you to the Fidelity Payment staff who worked tirelessly migrating accounts to unaffected platforms on a late weekend night, ensuring that the majority of our merchants were unaffected by this widespread First Data outage.

Update: Transactions on affected First Data platforms are now successfully processing. We are continuing to closely monitor.

We are monitoring a widespread outage at First Data affecting transactions across their multiple platforms.

If you’re in the B2B industry, the chances are that you’re paying the majority of bills with checks. Merchants in this vertical tend to prefer check payments to avoid credit card processing fees on high ticket items. Regardless, paper has become antiquated and inefficient; most businesses have opted to switch to digital payments, otherwise known as e-checks.  E-checks maintain a considerable advantage over physical checks in simplicity, speed, cost and security.

E-commerce has become the new marketplace of choice for many consumers. From groceries to housewares to electronics and office supplies, online is becoming a central place of retail and a highly profitable platform for merchants. However, with opportunity comes a level of responsibility. Retailers are expected to keep customer data safe and secure, especially when it comes to payments.  According to research conducted by Thales, nearly 9 out of 10 participants said that they would stop using a digital payment platform if they were affected as a result of a data breach.  At the same time, consumers do not wish to be burdened with the time of taking extra security precautions at checkout. A solution was crafted that meets both of these requirements: delivering secure payments without hindering the consumer experience. The Association for Financial Professionals’ Survey found that 74 percent of businesses experienced a data breach last year. It is clear that businesses should not have access to actual payment information so that in the event of a data breach their customers remain secure.  But how can companies be expected to process payments without access to consumers’ credit card information?

This is the year that digital ordering will become the norm for takeout restaurants. Uber offers on-demand food options, and Waze is beginning to integrate mobile ordering into its app as well. Major fast food chains are also realizing the benefits that digital ordering provide to both the consumer and the business.