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Valentine's Day: How to prepare for the peak payments rush

With Valentine’s Day just around the corner, it’s never too early to prepare your business ahead of the holiday rush.

10 February, 2023
 ·  4 minutes
Valentine's Day: How to prepare for the peak payments rush

Just like relationships, peak moments can make or break a retail business.

As the volume of sales increases, so can the number of things that could go wrong.

Many retailers fall victim to a lack of preparation and reluctance to meet consumer needs and keep up to date with payment trends and new technology.

One of the year's biggest shopping days is Valentine's Day, with US consumers spending up to $24 billion in 2022.

A seamless payment experience is paramount for profitability and consumer loyalty. If you aren't fully reaping the rewards already, that's a sign that you need to re-examine your payments journey.

Here's how to provide your consumers with an experience they'll love you for.

Offer a greater choice of payment methods

It takes effort to get consumers to the point of sale, but you don't want it to be all for nothing if their preferred payment method isn't an option.

Offering a wide choice during peak seasons, like contactless, digital wallets, and buy now, pay later (BNPL) solutions, gives consumers more flexibility and helps improve performance by boosting conversion rates.

In 2022, consumers spent up to $6.2 billion on jewelry for Valentine's Day, proving that diamonds are still a girl's best friend. A payment method like BNPL can help support affordability by putting big-ticket items and spontaneous splurges within easy reach.

Unify your online and in-store payments

The peak holiday season exacerbates the need-it-now, no-time-to-wait mentality. That's where one-click payments and same-day delivery can save the day.

New technologies, such as in-store self-serve kiosks, checkout-free supermarkets, and apps to skip the queue and pay for purchases, offer convenience, speed, and service for both in-store and online.

A tool like unified commerce can help you marry online and offline payments into one system and provide a consistent and frictionless experience. This is incredibly convenient for the last-minute 'grab and buy' shoppers you often see on Valentine's Day.

Don't let fraudsters break your heart

According to our research, 26% of retailers have fallen victim to fraud or data leaks during peak season.

Payments are blocked straightaway if something stands out from normal consumers' behavior. It's important to be able to differentiate between fraudsters and consumers to prevent genuine consumers from being blocked, as this will directly affect revenue and dampen the buying experience.

Luckily, today, the same technology that ensures consumers enjoy the smoothest possible payment experience also acts to protect them. Find out if your payment provider has a smart fraud defense built into their platform, like RevenueProtect.

Create a smooth experience with financial technology. This will give you all the insights you need, as well as carry out regular analysis so that you can protect your business better and confidently block real fraudulent activity.

Create a smooth experience with financial technology

Consumers have more choices today than ever and prefer an ongoing relationship over isolated transactions. Financial technology is helping to bring consumers closer by offering real-time services, seamless omnichannel experience, and consistent online availability.

To keep your relationship with consumers going from strength to strength, ensure the systems that power your commerce channels are integrated so that you have visibility across multiple channels over the entire consumer shopping journey.

Having all your sales channels, from online, in-app, and in-store, connected through a unified payments platform unlocks a range of benefits from creating a consistent customer experience - think card authentication and saved payment preferences.

But it also gives you a wealth of data and insights into your consumers’ behaviors and preferences. You can leverage this data to better prepare for peak periods, from optimizing online promotions to offering loyalty programs.

Are you ready for the peak payments rush ahead?

Finding the right technology partner for your payments could be your best move. Imagine having all the time and energy during peak trade to focus on the heartbeat of your business - the consumer.

The right tech stack can help you do that by integrating effortlessly with other functionalities, and successfully capturing revenue. Those are the thrills you want to seek during the peak reason rush.

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