The pandemic has completely changed how people pay. The transformation shows no signs of stopping and will only be fueled by changing commerce habits. More people than ever pay using digital payment methods, avoiding cash bills wherever possible.
In 2020, the online retail sales in the US touched $794.50 billion, accounting for 14.4% of total US retail. A new world record in itself. Major credit goes to the exponential digitization of payment methods as seen throughout the pandemic.
This excessive digitization calls for a balance. Businesses that are accepting digital payments today may be using multiple platforms for catering to diverse sales channels. For instance, several merchants use separate solutions for in-store payments and online transactions. This creates a disparity in the payments data and it becomes hard to track all sales from a single point of view.
Omnichannel Payment Processing
The answer to this sprawling problem of inconsistent payment channels lies in setting up Omnichannel payment processing. Let’s discover what it means, how to apply it and how Payor can help you set up Omnichannel processing easily for your business.
Omnichannel payments refer to processing all business transactions from a single platform. This means that the same payment provider is processing cash transactions, credit cards, online payments – everything. This helps businesses let go of disparate platforms and increase accountability.
A few common payment channels are;
- Online Bill Payments
- API Bill Payments
- Virtual Terminal or Web Portal Payment Processing
- Credit and Debit Card Payment Processing
- ACH Payment Processing
- Downloadable Mobile Payment App
- Kiosk Payments
You can easily guess that you would probably require different payment platforms for handling these many payment channels. Right? Well, actually not!
The purpose of Omnichannel payment processing is to centralize all your payment needs so that you don’t have to scout around each time you receive a new payment, and wonder where it came from.
Benefits of Omnichannel Payment Processing
Omnichannel payments are created for the very purpose of centralization. You don’t have to log in to 5 different payment platforms to track your earnings. Many businesses use a POS solution for their in-store payments which generates a list of transactions of its own. And then there’s the online portal which tracks payment differently.
With an Omnichannel payment provider such as Payor, you can accept all payments from a single dashboard. Payor offers an integrated payment ecosystem wherein each payment method can be traced back to one dashboard. You can easily view where are the payments coming from and make financial projections without worries.
Whenever you’d go for financial audit or get your books done, you’d not want to generate hundreds of receipts from all of your payment channels. You need one continuous platform where all your payments can securely be managed. Omnichannel payments provide for a singular system for managing everything from tax to audit and more.
Your CPAs use software tools for auditing your accounts and filing taxes. Most of these tools integrate with your payments software for pulling your payment records. If you’re using multiple systems for managing cash, checks and credit card processing, you’re sure to run into trouble at the time of accounting.
Opting for one harmonious system such as Payor can help you simplify business accounting. As Payor’s digital payments system makes it cohesive for you to view financial data, it ultimately reduces your accounting hurdles also.
Better Payment Offerings
One of the key benefits of establishing an Omnichannel payments process at your business is the provision for activating more payment channels. You may have a POS, but you may not be selling products online but whenever you’re ready, you can contact your Omnichannel payment processor. You’ll be able to make the shift without getting into hassles and increase customer convenience.
More payment methods make it quite lucrative for customers to buy from you. The more payment methods you offer, the easier it is for them to buy.
Considerations of Omnichannel Payment Processing
The essential factor to consider in omnichannel instalment handling is information incorporation. instalments prepared in different channels need to give a consistent encounter and give simple access; to both the business and buyer. Have both promoting, activities, and instalment processors coordinated for a superior encounter?
Numerous organizations depend on isolated outsider instalment suppliers for versatile instalments, in-store instalments, and online exchanges, which keeps them from offering an omnichannel experience. Utilizing separate instalment suppliers can make it harder to oversee and see instalments. This can likewise make it harder for the client to know and believe the client experience.
Utilizing incorporated instalment handling is a vital factor to making a consistent client and business client experience. All information should go to a similar processor regardless of where or how the instalment is made. Inconsistent instalment channels can cause issues for clients and furthermore make it difficult for organizations to know when instalments are made.
One issue has been organizations utilizing one framework to check for ACH and one more for Visa instalments. Regardless of whether an instalment is made utilizing on the web, telephone or paid with Visa or ACH; it ought to be simply gotten to in one framework, To make that stride, organizations should pick innovation that permits all instalments to be seen and overseen in one incorporated framework or instalment entryway.
One instalment processor can guarantee the client experience is appropriately marked regardless of how clients decide to buy products or cover bills.
Popular Payment Methods
Online instalment handling can be coordinated with a current business site or associated through an internet-based gateway without a site. Clients use what is alluded to as an instalment door that offers a protected technique to handle charge cards, Visas, or ACH instalments.
Via Phone Payments
Intuitive voice reaction instalments make a computerized framework for customers to make instalments utilizing their voice. The additional advantage of IVR instalment preparing isn’t needing additional staff to deal with high call volumes. For conventional client care instalments; the best arrangement is a protected instalment stage that can be effectively overseen. Specialists can safely enter instalment data and have the option to get to charging data.
Cell Phone Payments
Most purchasers consistently have their cell phones close by, so why not give the alternative of making instalments however cells. One of the most up to date innovations in instalment preparing is paid by text. Organizations use messaging capacities to send charges, instalment updates, and cycle instalments. Purchasers find that text instalments are quick and advantageous. Other than utilizing on the web portable access for charge instalments, another arrangement is a charging application. Purchasers can download an application and control their instalment experience.
There are as yet various purchasers that either don’t approach banks or lean toward utilizing cash. This is the place where a stroll in the instalment community could give one more channel to gather instalments. Regularly instalment focuses can be seen in Walmart or other huge corporate retailers. Be that as it may, imagine a scenario where those chains are shut because of a pandemic. That is the reason picking an instalment place with an enormous organization is significant. While a few chains were briefly shut; fundamental organizations stayed open. Clients actually could make instalments through elective stores in the organization, for example, service stations or supermarkets.
Many organizations offer far off instalment preparing, however, pick one that elements in client experience, security, and consistency. Minimal expense and free instalment items may not generally be a superior choice. One illustration of bombed instalment frameworks is a service organization in Ohio utilized an instalment framework that was not viable with their own framework. Clients that pursued paperless charging couldn’t see their web-based bills.
Centralize Your Payments with Payor
Payor offers multiple payment avenues integrated into a single platform for all B2B merchants who want to implement omnichannel payment processing at their business.
The platform has been designed for maximum payment flexibility without undermining the security of payment providers. Currently, Payor offers you the following payment modes that you can exercise;
- ACH Processing
- API & Integration
- Cash Discount
- Consumer Financing
- Flat Rate
- Interchange +
- Mobile Payment
- Point of Sale
- Virtual Terminal
The Virtual Terminal is something worthy of your attention. It is a single view system that allows you to control all your payments across all your payment methods. You can view gross earnings, payment types, statistics and more, using a single unified interface for managing revenue.
You can start by signing up for Payor’s Merchant Account and activate as many payment products as you require. Our account experts would be happy to understand your needs and get you started conveniently and confidently.
The changing payments landscape and market dynamics are pushing payment systems to be readily digitized. More people want to pay using a digital payment method and businesses are scrambling for as many as possible. Omnichannel payment processing makes it possible for you to capture payments from wherever your customers are, without the fuss of decentralization.