Technology has changed at an astounding pace over the two few years, especially for the payments industry. The Covid-19 pandemic accelerated the development of payment solutions far beyond what anyone could have expected. Omnichannel Payments are changing the way businesses interact with customers, and the way customers interact with businesses.
What are Omnichannel Payments?
Omnichannel payments refer to the ability to accept payments through multiple channels. Omnichannel payments enable consumers to conduct transactions in whatever way suits them best. No matter what business you’re in, it’s more important than ever to accept payments in whatever method the customer prefers. This could include everything from debit or credit cards, to digital wallets, to instant EFTs, or to Buy Now Pay Later (BNPL) services.
Why are Omnichannel Payments Important?
Customer demands matter more than ever, and this is what’s driving businesses to change their payment services, not only to include multiple payment methods, but multiple methods of interaction. It’s this interaction and unified, personalized experience that’s influencing customer loyalty, and making the difference between an abandoned shopping cart and a long-time repeat customer.
Customer demands matter more than ever. Nowadays, customers expect payments for their purchases to be a seamless process, so developing payment solutions that facilitate multiple channels is essential. Your customers want to be able to pay by whichever method suits them best at the time – card, mobile or online – and they want a single real-time view of their transactions, independent of the channel.
Sheer customer demand is driving businesses to enhance their payment services to include multiple payment methods. You don’t want your customers to abandon their shopping carts simply because they can’t or don’t want to pay via the payment method you offer. Through an omnichannel payment platform, a retailer can integrate payment solutions for all the channels they are operating on. This makes the customer journey seamless, sophisticated and more enjoyable.
Traderoot’s Payment Service Provider – Channel is an all-in-one solution that can acquire, authenticate and route transactions across multiple channels in real time. It supports full functionality for all payment channels, including mobile, P2P, P2B, debit and credit cards, and prepaid cards. Traderoot’s PSP-Channel product ensures seamless and secure payment acquiring and aggregates the transactions into a single channel.
The solution provides a uniform outcome, whether your customers make card-present transactions at an ATM, kiosk or point of sale; or card-not-present transactions such as e-commerce and m-commerce transactions.