Commerce With No No VISA or Mastercard?

I have been working behind the scenes on an amazing e-commerce project that I am very excited about. Working on this site has presented me with an immense amount of knowledge about credit card payments and how the ability to shop online is 99.9% dependent on this. Nonetheless, depending on your market there are barriers to entry. But one thing I do know as marketing professional, having a seamless checkout process is a must have in order to retain and attain customers.

 

Now Accepting Visa and Mastercard...in 2011

Now Accepting Visa and Mastercard...in 2011

Just recently, Dallas based luxury retailer Neiman-Marcus announced that their 41 stores across the country will now be accepting VISA and Mastercard-the two largest credit card brands.  While I am not a Neiman Marcus shopper, I couldn’t help but laugh when I saw the ads on Pandora Radio and read the recent press release. I actually almost thought it was a –holiday- season- get- me- to- shop- more- joke until a friend confirmed that Neiman Marcus was not using these payment options before. He was actually excited while I had that blank stare on my face. In 2011, a major retailer was not using VISA or Mastercard for its customers, how is that possible?

 

Neiman Marcus’s online site allows customers to shop with VISA and Mastercard but customers in the store must use the company’s branded credit card, American Express, or worse case withdraw a large amount of money for a new $1,810 Prada Resort Saffiano 2012 tote. Customers shop online for convenience but what about the in store experience? Having a great product inventory and nice décor are important but the experience includes waiting in line, greeters, and even the types of payment options accepted. I am sure there are some first time customers who neglected their items once they realized they had to get cash from the ATM. Or even old customers who have opted to shop at another store for an item. Once they are out the store you lose the customer.

 

In a Nutshell: If fast food restaurants are accepting VISA and Mastercard, don’t be the company that gets left behind. Mobile payment wallets are on the horizon because it’s all about convenience. Put technology at the top of your priority list for customer experience online and offline.

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