For quite some time now, ‘multichannel’ has been talked about a lot in the payments industry. Often, ‘multichannel’ is referred to as ‘omnichannel’.
Players in the payments industry claim that they either need it, have it or that it is of utmost importance to offer omnichannel payment solutions. No doubt about that, we agree. We are a global processor of omnichannel payment transactions for payment service providers/independent sales organizations, and every day we experience the growing importance of our clients being able to offer omnichannel solutions in order to maintain or grow their market share – and, of course, to grow their revenues. But what does ‘omnichannel’ actually mean?
Let us look at it from the perspective of the various players and users in the payments chain:
Shoppers could not care less about a payment solution being multichannel or omnichannel. They simply want to pay using their preferred (and thus usually domestic/local) payment method – no matter where the shop they are ordering from is actually located. Thus, shoppers prefer the payment method they know and trust.
Merchants simply want conversion. For a merchant’s business success, it is important that customers can pay with the payment methods they prefer – in a very sleek and comfortable way. The easier the payment process, the better. If shoppers can pay using their preferred payment method, the merchant’s sale is safe – as well as the revenues!
However, for internal processes it is very important that all the payment options merchants provide ultimately work the same way with regard to their shop system, meaning that merchants can be sure that their established processes remain fully functional no matter which way the shopper chooses to pay.
Payment service providers/independent sales organizations:
payment service providers/independent sales organizations simply want global coverage. Their task is to make exactly those things happen which their merchants need in order to serve the shopper. So why care about whether it is omnichannel? The answer is strikingly simple: if the payment infrastructure of the PSP/ISO is omnichannel-enabled, it provides precisely what merchants need to serve shoppers with exactly what they want payment-wise.
The service of the PSP with regard to merchants is to provide a diverse selection of payment methods, payment types and the respective workflows in a unified way that specifically enables smooth payments for shoppers and smooth processes for the merchants accepting those payments. Also, adding new payment options while keeping the merchant’s processes intact is also key.
You see, this is why it is crucial to make things simple when there are so many ways to pay (click link or watch same video below).
It is a good thing if payment service providers/independent sales organizations rely on PAY.ON’s platform to achieve this goal. Out of the box, the PAY.ON platform is automatically omnichannel-enabled, providing you with robust functionality based on future-proof technology. E-commerce transactions, m-commerce transactions, mobile POS transactions, POS transactions – they all run through one single platform. That is what ‘omnichannel’ is all about.