Omni-Channel Payment Processors and Reducing Overheads
The phrase ‘omni-channel’ is rapidly becoming a buzzword across the retail industry, and it’s not difficult to see why. Customers want to be able to buy goods and services at any time, any place and through any method they have available to them. As such, retailers need to respond to this by allowing for payment methods of any type across the multiple channels of in-store, over telephone and online, along with acceptance of the multitude of credit and debit cards, online payment systems and universal gift cards that are currently available. Therefore, businesses need to be able to accept all of these.
What is an Omni-Channel Payment Processor?
Traditionally, a business has either been unable to accept all of these types of payment methods, which potentially means turning away willing customers and losing sales, or must be connected to a variety of services which each deal with a few of these payment methods, having to pay for each of these. However, omni-channel payment processors allow retailers to easily accept all payment methods through a single system, resulting in customers being able to pay however they wish, and retailers only needing to subscribe to a single service.
How does it reduce overheads?
This has many benefits for business, primarily the reduction of overhead costs. Since customers are able to buy from the same brand in-store, online, through their mobile, self-service or through an app, businesses have traditionally treated each of these channels in isolation. Not only does the physical cost of processing payments have an impact on business overheads, but so too do the additional security features required for each of these channels. Combined with the new GDPR legislation that has come into effect, optimising data security is more important than ever. An omni-channel payment solution allows both of these overheads to be reduced because all transactions go through a single system.
In addition, by allowing all data to be collected through the omni-channel payment solution, businesses are easily able to aggregate this data and use it strategically for business information and analytics purposes, resulting in more informed, and thus more successful, marketing and campaigns.
February 21, 2019