The inception of Omni Channel payment has made the e-commerce environment more diverse as many vendors are able to offer different pieces of the payment solution.
When it comes to check out, consumers want choices, which becomes a challenge for businesses as they not only need to provide new and convenient payment methods but also to implement these capabilities in-store, online and through mobile.
Let’s take an example to understand how an Omni Channel payment can cater to all your basic business needs.
A customer reaches a Mobile shop to purchase a mobile. As soon as the customer arrives, the sales assistant takes his phone number and tracks his past purchases. Based on the previous records, he makes personalized product recommendations.
Finally, the customer picks up a product and opts for EMI payment. The sales assistant quickly checks all the EMI criteria and promptly places the order. The customer gets the paper invoice along with a message and e-mail.
Cut to a week later, the customer finds the mobile not functioning properly and wants to return and take his money back. He gives a call to the store and raises the complaint.
The complaint department tracks customer’s transactions check the return policy of the product and offers a multitude of easy return options. Once, the customer returns the product, a refund is lodged into the customer’s account and soon he receives the returned amount.
This seamless integration of the product purchase, payment methods, and service is what the emerging trend of Omni Channel payments is all about. Here, the company provides the following features:
- Accepts any type of payment (card, cash, EMI, wallet etc.) anytime, anywhere
- Maintains records for sales, transactions
- Provides e-invoicing
- Sometimes, provides payment gateway (sending payment links via SMS, email) without the need for website
- Card accepting machine (wireless)
To bring more choices to the table, find out the reasons how an E-commerce business gets benefited by an Omni Channel Payment Solution.
- Customers Experience a full spectrum: Omni Channel payment solution in the e-commerce sector is designed to not only manage sales in multiple channels but aims that customers experience a fully functional spectrum of sales capability.
- Saves Business’ & Customers’ time: By utilizing the Omni Channel technology, businesses can eliminate inefficiencies and time, whereas customers experience frictionless payment process. Customers time is saved by enabling web refunds. Customers no longer need to go to the store to return goods or wait for weeks for their claim to be handled.
- Serves cross-border: With extensive experience in worldwide payment technology expansion, the Omni Channel payment solution serves cross-border e-commerce demand and offer features that not only support multiple countries but integrate all transaction currencies.
- Secures data & Reduces Fraud: With the adoption of new Omni Channel payment solution, increased security measures are taken to protect both businesses and customers. Additionally, the P2PE standard secures data and simplifies PCI-DSS certification by reducing fraud risks.
- Integrate payment gateway into website: To make instant online payment, E-commerce business integrate payment gateway into their website, where payment from multiple modes can be done. For which merchant pays fees, which is sometimes not affordable.
- Expands your Customers & Service/Product: The Omni Channel token represents a payment card, that can be fed into a CRM tool to further analyses consumers’ purchasing behavior. This expands your target and makes your products or services affordable, thus increases your in-store conversion rate and average basket size.
- No merchant account or documentation: To make e-commerce easier, Omni Channel payment employs a 3rd party payment processors to facilitate online payments. Accept all types of payments without dedicated merchant account and necessary documentation.