In a world of personalized messaging and personalized marketing, it’s no wonder that 71% of consumers expect companies to deliver personalized interactions. Once you have set a standard of personalization – consumers come to expect it, and today the expectation is that culture must extend into all aspects of the consumer’s experience – including a payment system that enables personalized pricing.
For operators, this means having the supple ability to optimize prices based on business type and consumer behavior. And when done right, it significantly improves both consumer experience and revenues.
So, what can personalized pricing look like?
It could be a pay-as-you-go option for time-based services like car washes and massage chairs. When consumers can control their spending, they’re actually more likely to extend their usage. It could be an option for services with different pricing tiers, like the varying service durations or intensities of laundromat machines. This allows for flexibility around different consumer needs and budgets. Or it could be the ability, say at an arcade, to connect multiple machines to a single payment device, which maximizes operational efficiency. All these benefits ensure that consumers keep coming back.
Personalized pricing could even be about enabling customized communication on the spot, alleviating any confusion throughout the payment process. Imagine you have a user who has paid to use a toilet, but they’re not certain if it’s available. Shuffling around uncomfortably while they wait outside will easily sour them on the experience. Or a customer having to wait for a washing machine to become available and getting a ‘declined’ message. But if your payment screen can inform them in a timely way exactly when they may enter the toilet, or use the washing machine, that clarity and streamlining would ensure a positive experience and encourage good reviews.
Personalized pricing from top to bottom, like with Nayax Pulse, is the way of the future. It provides consumers with a better experience through choice, flexibility, and a smoother process. And for you – the business owner – a better bottom line.
