The term “omnichannel payment processing” has crept into the vocabulary of Merchant Service Providers such as Aurora Payments. As a merchant that accepts credit cards, you may already be participating in omnichannel payment processing without knowing that term. Consumers expect you to provide Omnichannel payments processing.
What is it?
Omnichannel payment processing refers to a business's ability to integrate multiple payment options in a brick-and-mortar store, online, at a public festival, via recurring invoices, or any other place or method a customer chooses to pay. Simply put, it is the ability to accept payments in the method your customer prefers including physical credit cards, digital wallets, ACH payments or even Buy Now Pay Later plans.
Why It’s Important
Your customers are looking for convenience as well as a shopping and payment experience that is “on-demand” using payment methods they want. They want to make purchases online 24/7 or in-store that are without friction and completed in seconds.
The Payment Methods
Technology continues to deliver faster and easier payment processing options. Omnichannel payments include some of the most popular payment channels such as Smartphones and their mobile wallet apps like Google Pay, Apple Pay and Samsung Pay. Even in-person payments have changed with the introduction of self-serve check-out, tablets or other hand-held devices used in-store and the traditional point-of-sale cash register. Online shopping offers the convenience of 24/7 shopping that benefits both merchants and consumers. It’s one more place you must accept credit and debit cards. Don’t forget about customers who like to use Zelle, PayPal or Venmo. All of these comprise the omnichannel payment methods.
B2B Sales
Business to Business sales present additional opportunities to embrace technology and implement ACH payments and eliminate the cost of buying checks, paying for postage, and enduring long postal delays. Businesses can also offer recurring billing/subscription services, software integrations and electronic invoicing with payment links that allow a business to pay an invoice with a mouse click.
Personalization
According to a study by Accenture, 91% of consumers surveyed said they choose to shop with businesses who recognize and remember them. They also indicated that a seamless omnichannel payment solution is a must so they can pay in the way they prefer.
The Bottomline
Payment technology improvements in the past decade have provided great benefits to both merchants and consumers. The challenge is to stay in step with each other. Provide the payment options your customers want and expect. The more payment options a business has, the less chance there is of a customer giving their business to someone else simply because you don’t accept payments from a Smartphone or through an online payment portal. Ask your customers what they prefer.
Who is Aurora?
Aurora Payments is a network of professionals providing Merchants with reliable payment solutions for any industry and any environment. We help businesses increase efficiency and growth. Our proprietary technology provides One Ecosystem - One Contract - One Partner - One Aurora. As a Full-Service Provider (FSP), we have all the products, services, solutions, and support Merchants need - all-in-one place. We’re an organization driven by a passion for helping our Merchants succeed. Interested in learning how you can eliminate credit card processing fees? Send us an email at hello@risewithaurora.com or call us at 833-287-6722. You’ll be saving money in no time!
