Are Slow EMV Transaction Times Frustrating your Customers and Increasing you Labor Costs? Fix it before the Holidays!
In almost all cases, the EMV process has lengthened POS transaction times and in some cases the checkout time has increased by more than 15 seconds, which seems like forever to a customer in a hurry. These excessive EMV transaction processing times are degrading the customer experience and increasing labor costs by forcing retailers to staff more registers to make checkout lines more tolerable. It’s a double negative!
Are you ready for the holidays?
Angry ShopperRetailers are very concerned about how the slow transaction processing will impact back-to-school and holiday shopping lines and customer satisfaction, not to mention the added labor costs necessary to have more lanes open.
While this is a difficult problem to solve, the risks are too high to ignore. The increase in labor costs to staff more lanes to keep lines manageable is outrageous (one retailer estimated that one extra second per transaction costs an additional $600,000 a year in store payroll). Of even greater concern is the negative impact of customer frustration driving consumers out of the stores and into shopping online (stores lose up-selling and spontaneous purchase opportunities). If your competitors solve this problem first, you may lose customers who prefer to shop at a brand that has faster checkouts.
To make matters worse, it is difficult to figure out the best approach and technology to improve EMV transaction speed. EMV processing times are not the same everywhere, as there are many factors that impact the process time:
- Poor EMV integration implementation
- EMV terminal technology
- EMV transaction processes
- Poor processes and POS messaging
- Training for store associates
- Training for customers