The managing director of Openpay, Andy Harding, explained how transparent payment solutions can increase consumer trust and loyalty, and increase responsible spending.

Retailers must continue to innovate and to find new ways to grow their customer base, in order to keep up in the industry. Consumer buying behaviour have evolved; they are more conscious of how much they spend, are turned off by credit and traditional banks, and are instead looking for more innovative and effective ways to manage their finances.

“Customers have been hit by interest fees on late payments due to lack of clarity at the time of purchase – resulting in hundreds of pounds of additional bills and affected credit scores”

This is a challenge for retailers that they need to respond to --- ensure flexibility, variety with payments in an uncertain economic climate – while also guaranteeing trust and transparency throughout the transactional process.

Source: Retail Week


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