Omnichannel Payments Explained
More and more “omnichannel” is a term that is circulating in the payment acceptance space. But what is it? And what does it mean for merchants? In the case of payments, omnichannel means an “all-in-one platform” that gives businesses the ability to be paid in a variety of ways through one payment processing company.
Who Benefits from Omnichannel?
If your business accepts payments in multiple ways—chip card, magnetic strip, contactless (such as Apple Pay or Samsung Pay), online, over the phone, etc.,—then you will have two options: work with processors and obtain merchant accounts separately for each acceptance method or work with a processor that can offer an all-in-one payment processing solution.
Which methods you need will depend on your specific business. A shoe store may only need online and swiped payment capabilities, while a fitness instructor may want recurring billing and swiped payments. B2B companies might want to offer invoicing, while pizza delivery restaurants might find phone orders and smartphone processing to be mandatory to accept transactions.
If your business uses various types of payment acceptance methods, then omnichannel processing may be the right fit for you. It is not required but it will likely make everything from reporting to customer service easier, according to business.com.
What Does Omnichannel Payments Mean for Your Business?
As a business, your goal is to generate growth through sales and revenue. To ensure this happens, you want to remove any barriers to customers’ payment methods. Your business should accept cash, credit cards, debit cards, checks, and contactless payment methods to accommodate the ever-expanding list of card acceptance choices.
- Read more on: Mobile Payment Adoption
Focus on your customers’ needs when choosing the payment methods, you want to offer. It can mean a lost sale when a business doesn’t offer a specific form of payment that a customer wants to use and that customer chooses to walk away. Not accepting the right types of payment can ultimately affect your bottom line.
Find Out Which Omnichannel Solution Works Best for Your Business:
Contact us online or call 1-800-621-8931.