New payment service launched for global luxury retail brands
By Retail4Growth Bureau | December 20, 2023
Omnichannel retail solutions company XY Retail has announced the launch of its Payment Virtualization Service, which allows brands to expand customer payment options and thus enabling better customer experiences.
XY Retail, a leading provider of omnichannel retail solutions, has announced the launch of its Payment Virtualization Service, a new offering enabling retailers to leverage the flexibility of payment virtualization with the additional ability to integrate with a wide variety of payment processors through the XY Retail platform to deliver better customer experiences.Payment virtualization simplifies and modernizes the process of handling payments. Instead of relying on traditional, separate systems for in-store and online transactions, XY Retail combines them into a unified, digital platform, thanks to API-driven development. This approach enhances efficiency, reduces complexities, and provides a more cohesive way for businesses to handle their payment processes in today's interconnected retail landscape.
In a recent survey of 100 luxury brand stores across 11 countries, XY Retail found that 65% of luxury retail brand transactions in 2023 used a payment processor. Moreover the average amount of those transactions was 60% higher than transactions made with other payment methods. Year-to-date, XY Retail has processed more than 300,000 transactions globally year-to-date, totaling over $190 million.
XY Retail's Payment Virtualization Service empowers retailers to explore strategic options in optimizing processing charges with different providers, fostering efficiency and cost-effectiveness, the company informs. Now, retail brands can offer their customers more payment choices to enhance the overall shopping experience, optimize conversions, and eliminate locked-in payment processing.
This new offering enables:
Omni-channel consistency of payment options, whether online or offline.
Efficient management of multiple payment types, making it easier for retailers to handle diverse transactions.
Seamless integration with any payment processor in a short amount of time for quick expansion to new markets.
Complete payment virtualization, thus eliminating locked-in payment processing.
Regular software and technology updates made to stay current with industry standards ensure continued payment processing efficiency without incurring significant additional costs.
“With payment virtualization, we've empowered luxury retail brands with the autonomy to always choose the preferred payment processors that best serve their customers," said Susan Jeffers, CEO and founder of XY Retail. "This strategic flexibility empowers seamless global expansion and customer experiences worldwide, underscoring our commitment to providing innovative solutions that set retailers up for success."