Omnichannel is a payments industry buzzword that looks like it’s sticking around for the long haul. Is there anything behind the word aside from buzz? Let’s take a closer look.
Today’s customer may start an interaction with your company on the web, continue on to mobile and voice channels and finish her transaction in-store. In fact, often customers may want to use multiple channels simultaneously- they are looking for an omnichannel buying experience. However, many companies that are still structured around different siloed payment systems and processes which creates transaction fragmentation.
In today’s retail environment, customer payment interactions take effort and aren’t always enjoyable- which may result in needlessly lost sales. Providing a seamless and effortless consumer interaction experience is becoming a necessity. However, too often there is a disconnect between customer expectations and merchant capabilities, with merchants facing a number of pain points.
Making the Leap from Buzzword to Reality
As wonderful as the world of omnichannel payments sounds, making seamless, multiple-channel payments the norm requires all of the payments industry stakeholders to make some deep changes.
Today, payment processing presents a major challenge as businesses embrace the omnichannel model. i.e. selling through mobile, e-commerce and in-store POS. Usually, merchants end up with disparate payment processors: one for POS, another for e-commerce, and yet another for mobile. Too many processors can spoil the customer experience and create needless headaches for the merchant.
Payment service providers can play a very important role in providing the omnichannel payment solution that would drive transactions from all channels through a single payment processing platform.
Wanted: Technological Innovation
Unfortunately, a single payment processing platform still remains a buzzword rather than a reality and to make the shift, merchants will need to make significant technology investments. According to Forrester, 40% of merchants report difficulty in integrating back-office technology across channels, and 35% cite a lack of digital commerce technology as an issue (Forrester: Customer Desires vs Retailer Capabilities, 2014).
We look forward to working together with our PSP partners to make omnichannel payments a reality for merchants worldwide. Through technological innovation, we can turn a buzzword into the industry standard.