Cashless Payments - Sean Walls - IAAPA 2018 - …...Pros • Low Chargeback Risk • Transaction...
Transcript of Cashless Payments - Sean Walls - IAAPA 2018 - …...Pros • Low Chargeback Risk • Transaction...
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Today’s Speakers
Sean Michael Walls, Universal Orlando Resort
Frank Conway, VenueNext
Kim Mika, Sprinklr
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Cashless Payments
Sean WallsExperience Transformation Product DevelopmentUniversal Orlando Resort
https://www.linkedin.com/in/SeanMichaelWalls
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Introduction
“Talent hits a target no one else can hit;
Genius hits a target no one else can see.”-Arthur Schopenhauer
Today’s Goal:Help you start to see a target that not everyone sees…
https://www.brainyquote.com/quotes/arthur_schopenhauer_385253
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12 Years Experience in Product/Digital DevelopmentProduct OwnerMaker, Not a Seller or BuyerNot A Payments ExpertIE, ENTJ, LEO
About Me
…
My Story:
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
About You
• Show of Hands….
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Agenda
• Current Payment Landscape
• What Defines “Cashless Payments?”
• Why Go Cashless?
• Types of Cashless Models
• Complexity
• Where to Start
• Pitfalls to Avoid
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
• U.S. Lagging the world in cashless payments• Lots of moving pieces in the fin-tech space• Designing new “rails” to support consumer
expectations around real-time payments• Data is driving innovation• Mobile cashless payments broadly introduced
by Apple, Google, and Samsung • Cashless payments are starting to be broadly
accepted in a variety of places
https://www.trendhunter.com/trends/contactless-busker-payments
Current Payment Landscape
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
What Defines “Cashless?”
On The
Surface
Customers have “something” to use instead of cash or credit cards, they use it, you get money.
https://www.flaticon.com/
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Form Factors
All logos are property of their respective companies and are used here for illustrative purposes only
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Why Go Cashless?
https://www.lifewire.com/bitcoin-mining-pools-4158119
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Key Benefits of Cashless
Increased Sales
Time Savings
Reduced Theft / Fraud
Real-Time Reporting
Reduced Guest Fees
Spend Enablement
Faster Transactions
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Increased Sales
Time Savings
Reduced Theft / Fraud
Real-Time Reporting
Reduced Guest Fees
Spend Enablement
Faster Transactions
Key Benefits of Cashless
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Increased Sales
Time Savings
Reduced Theft / Fraud
Real-Time Reporting
Reduced Guest Fees
Spend Enablement
Faster Transactions
Key Benefits of Cashless
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Cashless Models
Pay As You Go Pre-Paid Folio / Batch
Approach Every cashless transaction is “passed thru” to the bank for individual approval.
Guests “load” funds into their account. Funds can be re-loaded as needed by the Guest, or automatically based on rules.
Individual transactions are held in a batch until a “threshold” is reach, at which point a single approval for the final amount is requested.
Example Chipotle – Card on File Starbucks Hotel Room Charging
Pros • Low Chargeback Risk• Transaction History Matches
CC Statement• Follows known models
(Apple/Google/Samsung)
• Limits transaction counts to Guest Card• Limits transaction fees to company• Guests can manage spend / reload
values and frequencies• No authorization fails at POS
• Limits transaction counts to Guest Card• Decreased transaction fees to company
Cons • Always Considered CNP• Lots of CC transactions • Potential fees (international
guest)• Sales “moment of truth”
• Strict Financial Rules• Limits on stored values
• Mostly Card Present, Sometimes CNP• Difficult to fight charge backs (bundled)• Sales “moment of truth” / pre-auth re-up• Complex Refunds• Fraud Risk
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Cashless Behinds the Scenes
On The
Surface
Behind The
Scenes
Customers have “something” to use instead of cash or credit cards, they use it, you get money.
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Complexity
Core Complexity
Integration to POS
Integration to Payment Devices
Improved Sales
Technique
SKU Level Reporting
3rd Party Integration
UI To Store CC & Guest Data, Way To Tokenize, Way To Pre-AuthThe Card, Security, Finance Buy-in On CNP Fees
Make PED Read Form Factor, Make POS Pull Back Payment Token
Store/Recall Transaction Details, Sales Engine Integration, POS Integration With Sales Engine (Cross/Up/Suggestive Sell)
Update POS / PED Of Other Companies Or Stand-alone Device
MVP
Off
Th
e Sh
elf
Op
tio
ns
What’s Needed:
Incr
easi
ng
Val
ue
\C
om
ple
xity
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Core Complexity
Integration to POS
Integration to Payment Devices
Improved Sales
Technique
SKU Level Reporting
3rd Party Integration
UI To Store CC & Guest Data, Way To Tokenize, Way To Pre-AuthThe Card, Security, Finance Buy-in On CNP Fees
Make PED Read Form Factor, Make POS Pull Back Payment Token
Store/Recall Transaction Details, Sales Engine Integration, POS Integration With Sales Engine (Cross/Up/Suggestive Sell)
Update POS / PED Of Other Companies Or Stand-alone Device
MVP
Off
Th
e Sh
elf
Op
tio
ns
What’s Needed:
Incr
easi
ng
Val
ue
\C
om
ple
xity
Complexity
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Core Complexity
Integration to POS
Integration to Payment Devices
Improved Sales
Technique
SKU Level Reporting
3rd Party Integration
Incr
easi
ng
Val
ue
\C
om
ple
xity
UI To Store CC & Guest Data, Way To Tokenize, Way To Pre-AuthThe Card, Security, Finance Buy-in On CNP Fees
What’s Needed:
Make PED Read Form Factor, Make POS Pull Back Payment Token
Store/Recall Transaction Details, Sales Engine Integration, POS Integration With Sales Engine (Cross/Up/Suggestive Sell)
Update POS / PED Of Other Companies Or Stand-alone Device
MVP
Off
Th
e Sh
elf
Op
tio
ns
Complexity
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Where to Start
• Model of Cashless
• Make or Buy
• Level of Complexity / Value
Desirability
ViabilityFeasibility
Start Here
Then
, Fo
cus
On
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Sean Wallshttps://www.linkedin.com/in/SeanMichaelWalls/
Pitfalls
Cost
Support
Education
Ease Of Use
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Sean WallsExperience Transformation Product DevelopmentUniversal Orlando Resort
https://www.linkedin.com/in/SeanMichaelWalls
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A Point-of-Sale in Every Pocket
Frank Conway
Chief Product Officer, VenueNext
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The Social Guest
Experience11/12/2018
Kim Mika, Sprinklr
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50%2000
of Fortune 500 have disappeared;
in another decade, 40% of those
left will follow
dis
rup
tio
n
50%2020
of the workforce will
be digital natives
14 quarters of decline
$1.4B wiped out overnight
connected + informed
increased expectations
in control
digital business models
digital business operations
customer experience
com
mu
nic
atio
n
com
pet
itio
ncu
sto
mer
s
reddit overtook search results
connected on social
2.8B
15 Y
EAR
S
The Digital Transformation is here…
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What are you up against…
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Where are your Guests
talking? POPULARITY OF CHANNEL BY AGE GROUP
70% of the under 25 demographic chooses to communicate care issues via social/apps
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Specifically they’re here…
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How can you use Social?
• Customer Care Resolutions • Crisis Management • Influencer Marketing• Surprise and Delight!
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Lets take a Journey: Meet your Guest: Susie
• 26 years old
• Lives in Miami
• Loves to travels
• Social Media Power User
• Travel Blogger
• Social Influencer
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Susie tweets about her upcoming
vacation…
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Susie sees timely twitter ad, clicks it…
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directed to cruise.com, browses deals…
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Susie arrives at the Port of Miami for her trip
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Susie is having trouble with the WiFi…
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Susie gets an immediate response…
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On board support notified, discount offered
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The Result…Positive TripAdvisor Review
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Why does this matter?
52%of customers stop buying after a SINGLE bad customer service interaction
95%of customers tell others about a bad experience
75%of online customers expect a response within five minutes
of organizations now compete based on customer experience89%
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Thank you!