Retail

Online sales in 2005 accounted for approximately 7% of total retail sales.

This percentage will only get bigger the next coming years.

Consumers want to find the goods they’re looking for as fast as possible and purchase them with the comfort of security. Retailers have their own list of challenges and needs including local payment methods, transaction costs, refunds, reporting, and fraud.

Payment Challenges

Consumers in the retail industry want convenience. It’s important to find what they are looking for fast, pay quickly and safely for their online orders, and receive their ordered goods as soon as possible.

• High costs of transaction
  Transaction costs (especially for international orders) are often very high due to the higher basket value. GlobalCollect helps to reduce these costs by offering different payment methods with lower processing fees.
• Returns and Local Refunds
  Returned goods is a big concern for all online retailers, especially in the apparel industry where it is a common practice. Returns can amount to up to 35% is many cases. Returns induce extra costs such as double shipping charges, warehouse handling, and most importantly, complications in financial reconciliation and refund handling. These refunds often bring huge costs. Not only do merchants have to return the funds to the consumer, but they also face the risk of currency fluctuation since they need to refund in the local currency of the consumer.  
• Payment Reconciliation and Delivery of Goods
  Consumers want their goods delivered as quickly as possible and retailers want to cater to the consumers needs, however reconciling and reporting of completed payments takes precious time. Mapping the initial transaction, taking into account successful, reversed, and refunded payments is of significant concern.

Benefits of the GlobalCollect Solution

For retailers, converting visitors into buyers is the aim of the game. GlobalCollect can offer the in-store-feeling at the moment of payment by letting the consumer choose their preferred payment method and allow a quick and easy checkout.  

In addition, GlobalCollect offers merchants the option to pre-authorize credit card transactions. The significant advantage is that you can check on the stock of the goods, and then charge the full transaction when the order has actually shipped. We can also provide partial settlement where we authorize the card for the full amount, but you can settle a portion of the full amount if only part of the order is shipped. This saves cost on interchange fees.

When you partner with GlobalCollect for your payment processing needs, you'll also benefit from full payment reconciliation so that you can deliver the goods as fast as possible. All aspects of each payment, including successfully completed, reversals, and refunds are all automatically mapped back to the initial transaction. You'll have a clear and fast indication of each transaction, so you can deliver the ordered products with minimum time in between.

GlobalCollect offers the following solutions to retailers

• Refunds processed by credit card or bank transfer
• In store feeling
• Pre-authorization of transactions
• Multiple payment methods
• Daily payment notifications which allows quick dispatching of the goods
• Cut down on payment processing cost on high value transactions by using alternative payments
• Partial settlements
• Process refunds
• Limit fraud with Bank Account Validation, Fraud Screening Service, and money guaranteed payments such as real-time bank transfer

Experience Matters

In the retail industry GlobalCollect had built up experience in customizing payment methods and has had best practice dealing with fraud protection. GlobalCollect is preferred supplier for companies like: