One platform that supports all types of payments on all channels is key to competitiveness and flexibility
Few successful merchants today do business on only one channel. Consumers have become accustomed to being able to shop however it’s most convenient, whether online, in-store, self-service, in-app, or any combination of channels. These shoppers also expect to be able to complete purchases wherever they engage, requiring an omni-payments platform.
The Benefits of An Omni-Payments Platform
One payments platform that supports all types of payments on any channel gives merchants several advantages, including:
- Increasing Revenues
Customers want ease and convenience at every step of a transaction. Unfortunately, the slightest friction can lead to abandoned shopping carts – online or in the store. Omni-payments platforms make payments easier for customers to complete their purchases using their preferred payment methods. And when cart abandonment goes down, revenue goes up.
An omni-payments platform gives merchants the flexibility to perfect customer experiences. They can choose from a variety of payment options to offer their customers, such as credit and debit cards, mobile wallets, contactless cards, QR code payments, and unattended payments at self-service checkout kiosks. Giving consumers payment method options can also help boost revenues – shoppers may choose to spend more if they can pay the way that’s most convenient and best for their budgets.
- Bringing the Online Experience In-Store
Coresight’s 2022 Retail Personalization Index Retail & Consumer Survey found omnichannel experiences top consumer expectations. Moreover, merchants that provide them, for example, creating consistent experiences for their customers as they move from one channel to another, receive positive customer reviews.
An omni-payments platform is an effective way to create seamless experiences across channels. It allows shoppers who log into their accounts to use saved payment methods and check the status of orders wherever they’re shopping. Additionally, acquirers and solutions providers that equip merchants with a Payments Platform as a Service (PPaaS) solution allow consumers to use alternative payments, such as buy now, pay later (BNPL) and peer-to-peer (P2PE) payments in store and give customers the option to redeem loyalty points they earn online or choose an e-receipt in-store.
- Managing All Payment Data Centrally
Data silos have evolved from an inconvenience to a crippling handicap. Merchants need to base decisions on data from all channels. With data from a single platform that supports all types of payments on all channels, merchants can build a complete picture of customer behaviors and gain deeper insights. Utilizing omni-payments data enables merchants to provide personalized service to market to their customers more effectively.
- Improved Operational Efficiencies
In addition to enhancing customer experiences, an omni-payments platform can help a merchant’s business run more efficiently. One payments report streamlines end-of-day reporting and back-office processes. In addition, the right payments platform makes checkout workflows smoother and faster, eliminating repetitive tasks and minimizing errors.
Furthermore, traditional retailers aren’t the only businesses that benefit from transitioning to omni-payments platforms. Field services businesses, such as home repair, snow removal services, and interior design, as well as many other businesses, benefit from new payment capabilities, such as mobile payments, tap on mobile, and electronic invoicing, which allow customers to pay with the payment method of their choice at the time of service. As a result, the time spent on paper invoicing and collections decreases – and cash flow improves as well.
One Platform for All Payments
Different merchants have different requirements for payments technology. Some are deploying self-service payment options. Others need the ability to accept payments on the go. Some still primarily accept payments at a checkout counter in the store but also sell online or on social media. Moreover, how a business operates today may not be the best way to serve its customers in the future.
An omni-payments platform provides the functionality, features, and flexibility merchants need to adapt their businesses to meet consumer demands and operate efficiently now and in the future.
To learn more about the advantages of an omni-payments platform, contact us.