In this article we look at the rise of Omnichannel Payments...
What are they? Why are organisations embracing omnichannel payments? How do they do this? What are the challenges adopting omnichannel payments, and how do I remain secure and compliant to protect your business and customers!
What are Omnichannel Payments?
Omni channel payments refer to the ability of an organisation to accept payment from customers over any communication channel, seamlessly. These channels include the telephone, in-store, online, mobile, social media, web chat, email, and other channels. The purpose of adopting omnichannel payments is to provide a seamless and immediate experience for customers when a payment needs to be taken, regardless of the communication channel they use to make a purchase.
The Benefits of Omni Channel Payments
There are several benefits to implementing omnichannel payments in your organisation, we have listed the main ones below:
- Increased customer convenience: Omni-channel payments allow customers to pay over the channel they choose to communicate on. This leads to a better Customer Experience.
- Increased sales: By offering a payment option on the channel the customer is using, more payments are taken, increasing sales and revenue.
- Improved operational efficiency: Omni-channel payment systems can streamline payment processing and reduce the need for manual data entry, resulting in improved operational efficiency and cost savings.
- Enhanced security: Omni-channel payment technology can incorporate various security features, such as encryption and compliance support, to ensure that transactions are safe and secure for both the business and its customers.
- Access to data insights: An omni-channel payment system can provide valuable data insights into customer behaviour and preferences, allowing businesses to better understand their customers and tailor their marketing and sales strategies accordingly.
Omnichannel Payment Gateway
To implement omnichannel payments, businesses must have the right infrastructure in place. This includes various payment technologies that can accept payment data from customers, and process payments, over multiple channels. The right omnichannel payment technology can help with securing sensitive payment data over all channels, a contractual obligation for all organisations taking card payments issued by the PCI SSC, as well as a regulatory obligation under the Data Protection Act and the GDPR.
Another important aspect of technology you can adopt to support omnichannel payments is the ability for you to provide consistent information and service across all channels. For example, ensuring that pricing and product information is not contradictory.
Support is important too, as businesses must ensure that customer support is available across all communication channels so that they can quickly resolve any issues that arise while a customer is paying.
Omnichannel payment gateways can also help businesses gain valuable insights into customer behaviour. By aggregating payment data across all communication channels, businesses can gain a better understanding of customer preferences. This can help businesses optimize their marketing and sales strategies and improve customer retention.
Find Out More About Omnichannel Payments...
PayGuard can help you take Omnichannel Payment securely, cost effectively and provide huge reduction in agent time. Contact us for a free demo or to speak to one of our specialists to see how we can help your business.