What is omnichannel payment processing?
Omnichannel payment processing refers to the process of accepting multiple payment options, integrated into a single, consistent experience for the customer. When they’re ready to pay, your customer is presented with different payment options tailored to their preferences. This could include everything from credit cards to digital wallets and instant bank transfers.Customers commonly shift between online and offline interaction with businesses, with 48% transitioning between digital and physical. Omnichannel payments include a selection of online and in-person options to meet customers where they are, seamlessly providing them with important purchase information. No matter the payment method chosen, the customer should see the same consistent company branding from start to finish. A smooth, secure online checkout process can increase sales and conversion rates.Types of omnichannel payment processing channels
Omnichannel payment processing encompasses multiple channels, both online and offline. Here are some of the primary channels which are commonly used in an omnichannel payment platform:- credit and debit card payments
- Manual bank transfers
- Instant bank transfers (powered by open banking)
- Direct Debit payments
- Mobile wallets
- Email invoicing with links to secure payment
- Keyed transactions for phone orders
- Recurring subscription payments
- Point of sale (POS) systems
Benefits of omnichannel payment processing
One benefit of offering omnichannel payments is a better customer experience. Customers are more likely to finalise a purchase when they can use their preferred payment method. According to a recent survey, 44% of UK shoppers would stop a purchase if their preferred payment method wasn’t available. Omnichannel payment processing ensures a wider selection of payments.Merchants also benefit from the consistency of an omnichannel payment solution. An omnichannel payment solution can:- combine multiple payment methods into a single unified system
- offer all-in-one reporting for simplified accounts reconciliation
- make it easier to monitor sales and inventory
- consolidate customer purchase journeys across channels
- reduce management and maintenance time