In today’s evolving market, customers want choices. People want to do business with companies that offer them convenient ways to make payments, purchase goods, and engage with the brand. It’s become more important after the pandemic for businesses to develop robust marketing strategies so they can stay ahead of the competition.
Omnichannel strategy is one such strong marketing technique that’s gaining a lot of popularity these days. The term first emerged in the business world when companies started switching to online channels for marketing and sales. For buyers, it is now possible to move between different eCommerce websites, check customer reviews, and buy from a suitable website. The same concept has now become popular in the payment processing industry. ECommerce store owners have started to integrate different payment options into their websites to promote seamless and quick transactions.
What are Omnichannel Payments?
Omnichannel payments, as the name suggests, provide you with multiple payment channels to process your transactions – both offline and online. However, it does a lot more than enabling people to pay through a convenient payment method. The omnichannel payments integrate different aspects of the buying process – from shopping to transactions. It allows companies to take advantage of the consolidated infrastructure where everything is combined into a single system. It allows customers the convenience of choosing from different payment options while making the management of these transactions a lot easier for businesses.
A study published by the Harvard Business Review shows that omnichannel marketing works and over 70% of buyers use multiple channels for buying goods and services online. Omnichannel payment strategy works wonders for businesses that have a hard time managing sales at the brick-and-mortar stores and the transactions process online. Omnichannel system brings different payment systems and tools under one network, thus making management easier for businesses.
Are Omnichannel Payments Secure?
The security concerns increase as you integrate different payment solutions into your eCommerce website. The more payment processors involved in the process, the more you need to pay attention to your business’ security. Tokenization and encryption are the two most crucial factors that determine the reliability and security of omnichannel measures. These channels prevent fraud in all types of transactions.
One of the major problems with the security protocols implementation in cross-channel payment strategies is that it can interfere with the customer experience. If multiple protocols are implemented on your eCommerce website, your customers will experience some level of friction in payment processing.
Not only does it make the payment process complex for your audience, but it affects your customer experience as well. If the process gets too complicated for your audience, they will abandon the shopping cart. Businesses cannot avoid PCI DSS compliance, as it will affect the security of the website and may result in penalties. It is, therefore, important to work with credible omnichannel payment service providers and web development companies to ensure all security compliances are met and your customers do not experience any type of hassle when processing the payments.
Accept Payments Through Multiple Channels
There are two types of payment options for customers – card transactions (in which the credit/debit cards are swiped at the POS) and no-card-transaction (in which the payment is processed online through contactless payment methods). These categories further involve different methods of payment transfers. The best payment method for your business depends on the nature of your business and the types of services you offer. For example, a gym owner or trainer needs both card payments and an online payment processor for the subscription-based model. If you are running a membership program with a recurring billing system, you may need to work with a payment software app that generates automated invoices and sends them to each customer at specific intervals.
You need to be able to accept payments in different ways. Not only cash, but it is equally important to support credit/debit card transactions and e-wallets. The more, the merrier! Omnichannel isn’t needed for businesses that accept payment via one channel only, i.e. either all payments in-person or online. For each method, you need to work with a different merchant account provider. Alternatively, you can work with one payment processor that provides you with an all-in-one payment processing service.
What makes an omnichannel payment solution the best option for merchants is the fact that it enables you to process a large number of payments through different methods without having to work with different payment processors. These services are great for those accepting payments both online and offline. The best example is a medical service provider who accepts payments through the retail POS system and digital wallets. It’s much easier to handle transactions when you are working under a single payment processor.
A Better Customer Experience
Omnichannel payment system delivers a seamless transaction experience to both retailers and customers. It enables customers to pay from anywhere and through any device, while it gives retailers the convenience of accepting payments at any time. For foodservice providers, omnichannel payment means your customers can scan a QR code to make the payment or swipe their cards at the POS for quick and hassle-free transactions.
For customers, a smooth transition from social media sites to the payment method will be a wonderful experience. They no longer need to switch to different eCommerce sites and complete the long checkout pages to complete the transaction. The automated invoicing feature is the best of all. Retailers can send an email to the customers, notifying them about the due payment along with the link for completing the transaction. They can click on this link and send the requested amount to the merchant.
An omnichannel payment strategy is a must for all types and sizes of businesses. It gives your customers the convenience of choosing from different payment methods while allowing you to manage transactions easily without sacrificing speed. Most importantly, an omnichannel payment system gives you the chance of reaching out to a wider audience and attract the attention of more people.