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What Are Omnichannel Payments?

By April 24, 2023December 21st, 2023No Comments

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!

A bank in the middle of omnichannel payments

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.

Omnichannel Payment Gateway through a remote phone payment option

The Challenges of Omnichannel Payment Solutions

There are several challenges associated with implementing omnichannel payments. One of the biggest challenges is ensuring that payment data is secure across all channels. Organisations have many regulatory and contractual security standards to meet, to securely transmit, process and store customer payment information.

The Need for PCI DSS Compliance with Omni Channel Payments

In the context of omnichannel payments, PCI DSS compliance is a particularly crucial requirement because of the integration of multiple payment channels, which increases the risk of data breaches and fraud. For example, a customer may make a purchase in-store using their credit card, and then later use that same card to make a purchase online. If a business’s payment system is not properly secured and compliant with PCI DSS, the cardholder data could be compromised, leading to fraudulent activity.

To find out more about PCI DSS Compliance click here

How a person balances Omnichannel payment challenges

Another challenge is ensuring that the customer experience is consistent across all channels. This can be difficult, as different channels may require different payment processes and may have different user interfaces. Businesses must invest in the right technology and processes to ensure that the customer experience is consistent across all channels.

In conclusion, omnichannel payments are becoming increasingly important as more consumers use multiple channels to make purchases. By providing a seamless and consistent experience across all channels, businesses can improve customer satisfaction and loyalty, increase sales, and reduce costs. However, implementing omnichannel payments can be challenging, and requires the right technology, infrastructure, and support to be successful.

PayGuard enables secure and compliant omnichannel payments that suit all types of organisations and Call centres. To find out more about our award winning technology you can contact us here or on the contact form below where we can find your perfect payment solution.

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.