77% of Merchants Are Ready to Share Data for Smarter Checkout

Retailers are increasingly willing to share internal data with payment providers to create a more personalized checkout experience. According to recent research, 77% of merchants are ready to exchange information like product details and customer history to enable 'smart checkout' features. For your business, this means moving beyond a static list of payment buttons. Instead, the checkout page can dynamically show the most relevant options for each specific customer. This shift is particularly important for high-ticket retailers. By sharing transaction performance and customer identity data, platforms can better predict which shoppers qualify for specific financing or Buy Now, Pay Later (BNPL) plans. If a customer has a history of using installment plans for home goods, a smart checkout will prioritize those options automatically. This reduces friction and prevents shoppers from seeing financing offers they won't use or don't qualify for. The goal is to treat the checkout as a conversion tool rather than just a transaction point. By integrating your product information and rewards programs with your payment processor, you can offer real-time incentives. While data privacy remains a concern, the industry is moving toward a collaborative model where merchants, issuers, and processors pool data to increase authorization rates and lower cart abandonment.

Source: PYMNTS

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