Merchants Eye Checkout, Financing, and Mobile Investments in 2018, Says Vyze

Many merchants—98%—are looking to make investments in their checkout systems this year, finds the Merchant Credit Survey from Vyze Inc., a consumer financing provider.

Investing in financing programs ranked high, with 97% saying they anticipate focusing on financing and credit options. Most merchants—92%—plan to make mobile app and mobile Web improvements, respectively. Vyze released the survey of more than 100 merchants Monday.

Of those making checkout investments, 41% are eyeing mobile and contactless payments in stores, the same percentage looking at integrated payment systems. Forty-five percent want to increase financing options for consumers.

The survey also found that 36% of payments made to these merchants were made with cash, a debit card, or a check, the same percentage was those using a credit card. The remaining amount—28%—used a retailer credit card or financing.

When asked about the use and role of loyalty programs, 64% used membership levels to measure the effectiveness of the programs, and 62% considered the percentage of repeat customers who belong to the programs.

“Most retailers are optimistic about both the industry and their own businesses, and actively investing in areas such as checkout and financing to drive loyalty and customer satisfaction,” said Jai Holtz, Vyze vice president of customer success. “As online and mobile shopping continue to boom, we expect to see a rapid rise in the number of merchants creating or expanding their credit loyalty programs to drive conversion, increase ticket sizes, and improve customer-satisfaction scores.”

As of January, Austin, Texas-based Vyze said it delivered more than $1 billion in retail credit.