Omni Channel Payments – The Differentiator
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. It’s 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. Some time later, customer finds some issue in the mobile and wants to return it for a refund. 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. When the customer returns the product, a refund is lodged into the customer’s account. Customer later 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)
Benefits of Omni Channel Payment Solution
- Save business’ & customers’ time: Eliminate inefficiencies, time and improve customer’s experience during the payment process. Customers time is saved by enabling web refunds & they no longer need to go to the store to return goods or wait for weeks for their claim to be handled.
- Serves cross-border: By offering 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 accept payments from customers online.
- Expand 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 which increases your in-store conversion rate and average basket size.