Many modern grocery retailers have expanded beyond food and beverage to include a money service category including bill payments, money transfers, money orders, mobile phone top ups, check cashing and other financial services.
These services are often offered at a designated money services center near the front of the store.
These money centers offer value and convenience to the store’s customers with a wide range of money services from many different vendors.
This wide selection introduces challenges for cashiers such as:
- They need to know login credentials for up to 10 different vendor portals to process transactions.
- They need to master the different vendor portal user interfaces which slows transaction throughput.
- They are unable to know which vendor offers the fastest posting time/consumer fee/foreign exchange rate and or retailer margin at the time of a transaction.
- Finally, they are unable to link the consumer’s loyalty card to each of these disparate transactions.
Euronet, specifically through its epay division, developed a solution to solve these challenges.
Packaged as a Software as a Solution (SaaS) delivery, epay built the Intelligent Switching Platform (ISP), which is now in a major grocery retail in the US, to give store employees a single sign on for all money center transactions.
This single user interface is intuitive and fast to use. Because it is linked to the consumer’s loyalty information, much of the consumer’s information is pre-populated which reduces total transaction times.
For example, when a consumer requests a bill pay transaction, ISP dynamically selects the best option for the consumer and presents it to the cashier to complete the transaction. This faster transaction speed benefits the retailer by being able to serve more consumers per hour as well as ensuring that the most profitable money service option is presented first.
The consumer also benefits. They don’t have to wait in line as long because of faster transaction times. And because ISP picks the fastest posting time and best foreign exchange rate/consumer fee amongst the retailer’s vendors, consumers receive the highest value possible. In addition, a consumer’s loyalty card is tied into the money center transaction enabling the earning of loyalty credits like with other transactions conducted in the store.
Finally, the ISP has compliance and reconciliation features, providing alerts, reports and incident tracking tools to reduce back office staff workload.
The system is an example of Euronet’s cloud-based payment systems. With one network connection, retailers have access to all of Euronet’s payment capabilities including new digital payment services such as Alipay, Apple Pay, Google Pay, PayPal, and many others as well as our physical assets such as ATMs, POS, and worldwide money transfer locations (more than 370,000).