What Are Omnichannel Payments? See How Integrated Payments Can Improve Your Sales
Have you heard of “omnichannel payments” and wondered what the term means? This system is an easy, all-in-one digital solution often used as a preferred method of sales for businesses ranging from restaurants to retail shops and mobile sales teams. Its integrated digital model helps you connect instantly to all aspects of your business, and it is so effective, it will be used more frequently in the future.
Sounds straight forward enough, but how do these types of payments affect your business image and customer’s experience? We’ll go over the way this unique system and discuss how it will help your business maximize profits.
What are omnichannel payments?
An omnichannel payments platform connects different forms of payment and other business data into an all-in-one digital system in real-time. Because the information syncs, businesses get a single view of all transactions from in-store POS systems, online systems, and mobile device platforms.
In addition to order taking, you can create invoices and reoccurring payments and improve the selling experience across every device. All of this work appears as one entity to fit your brand and give customers a cohesive experience when they make a purchase.
You can even take advantage of unique business solutions to increase sales and revenue across all channels. Beyond financial transactions, these systems also provide instant readings on stock, menu pricing, and delivery updates, to name a few. All of these advantages have made them a preferred method of sales and activity analysis.
Benefits of omnichannel payments for buyers
From the customer’s perspective, paying through an omnichannel payment platform makes ordering online or on a mobile device as easy as buying in your retail store or restaurant. The entire platform appears as one master digital payment system, not multiples with different brand names that create confusion. All touchpoints are consistent, making the experience across every payment method simple while maintaining your digital brand identity.
With multiple channels, customers can pay in ways that are best for them, and implement reoccurring billing to ensure their payments are completed on time.
Benefits of omnichannel payments for sellers
Increase brand image through customer convenience
This unique solution is a preferred method of sales for sellers as well as buyers. If you launch a wider range of integrated purchasing options through an omnichannel system, you experience more sales from customers, for both instant transactions and reoccurring payments. Omni solutions have become more popular as more businesses recognize they need to provide multiple types of payment solutions for customer solutions. If your business is difficult to work with, buyers may shop elsewhere for greater convenience.
Easily manage all business activities/transactions
As an owner, channeling all transactions from various devices through one system instantly helps business owners track their profits with more ease, as they can see all incoming payments from various locations and have a broader understanding of their cash flow. Best, of all, it’s not just for payments. You can connect all orders to other information such as stock, menu changes, and pricing.
Empower your staff to sell
With its all-in-one, integrated solution, omnichannel payments make purchasing both remote and in-person easy. It has the capability of syncing information for online or offline use, making it simple for your sales team to take payments anytime - even on the go - while keeping an eye on stock and delivery information. And it works with “card-present” and “card not present” transactions. With less need to do these steps in a brick and mortar location, sales happen while the iron is hot.
With mobile device capability, it also opens the door to faster ordering at restaurant tables and faster purchasing at a retail location, leading to faster turnarounds and more sales.
With all systems interlinked, you improve customer satisfaction by keeping offerings current. Menus stay up-to-date with pricing and day-specific options instantly, letting you make changes on the fly and extending those changes to all locations. If an item happens to be out of stock on a particular day, customers and staff know it before the order is taken. Also, orders can be delivered directly to the kitchen, speeding up the turnover at tables while reducing errors. If any elements are not up-to-date, the process slows down and customer satisfaction decreases.
Better ordering options
If you have a current system and are looking to upgrade to online ordering, omnichannel platforms can expand your current system to work with other online ordering platforms. This means if you have a restaurant and decide to expand to website online orders, you can integrate payment and delivery information while blending in seamlessly with your current billing software.
This type of system is particularly useful for businesses with multiple revenue streams. If you have more than one retail location or restaurant, all information can be updated across all locations while offering easy-to-read snapshots of all sales and activities. And if you have deliveries, the inventory will be updated instantly.
Types of omnichannel payment processors
Once you have an idea of which digital channels you want to implement, your business will work with a payment processor to implement an omnichannel payment solution. Since the goal is keeping transactions simple, it helps you have one source for your processing needs to get the most advantage of your omnichannel platform. The more services you sign up for with that company, the more benefits you get. As you bundle more digital channels to accept payments through, pricing will decrease if you stick with one provider, compared to if you seek multiple providers to serve your payment needs.
As a payment processor, we here at BNG Payments assist with all aspects of purchasing. We provide all needed hardware and software for in-store purchases, including tablets, registers, table-sided ordering, and smartphones, and can even work them into any current systems you own.
We sync your systems together for an easy understanding of all stock, sales, and deliveries across all payment systems, giving you a clear read on your movements and profits.
We also offer quality customer assistance to ensure all transactions are moving smoothly. And we only work with the best institutions to ensure prompt and reliable payments.
BNG Payments also offers specialized tools such as inventory readings, price changing, menu creation, delivery software, reservation management, and clear readouts on employee performance, resulting in more robust business performance than if you used just one. You can access the information anytime, anywhere you are, giving you the real-time readouts on sales and performance you need.
As a payment processer, we here at BNG Payments can create a custom blend of omnichannel payment methods and intelligent benefits that best suit your business and customers. Contact us to learn more.