Studies show that almost 70% of online shoppers tend to abandon their carts, leading to $18 billion in lost revenue in a year. Most shoppers abandon carts due to hidden fees or being asked to create an account, but another common reason lies in their preferred payment method not being available. This is where omnichannel payment processing comes in.
Want to see how omnichannel processing offers a unified payment experience? Read on to learn more about these systems and how to implement them in your business.
What Is Omnichannel Payment Processing?
Omnichannel payment processing involves the integration of many different payment methods into one network. The main purpose of this system is to allow businesses to accept payments through diverse channels while offering a seamless customer experience. Some of the more common payment methods you’ll see in omnichannel processing include:
- Credit cards
- Debit cards
- Mobile wallet apps
- Bank transfers
- Buy Now Pay Later (BNPL)
It’s important to note the difference between omnichannel and multichannel processing. The latter also allows businesses to accept payments online and offline, but it doesn’t integrate those channels. As a result, the customer experience can be inconsistent, causing issues such as having to enter the card details multiple times in one transaction.
Advantages of Omnichannel Processing
One obvious advantage of omnichannel processing is that it increases sales volume. It’s easy to see why: the more different payment channels you offer, the more opportunities you’ll have to make money. Omnichannel processing systems also reduce cart abandonment, which is a key pain point in the eCommerce industry.
Omnichannel processing also simplifies the customer experience tremendously. For example, look at Amazon. These days, you can simply ask Alexa to place an order for you. If you already have a card on file, you can even check out verbally. Switching between the different payment methods is a huge factor in improving the customer experience.
Another useful facet of omnichannel processing is that it collects all data sources in one place. This makes it much easier to get an accurate picture of what your customers are interested in.
Implementing Omnichannel Processing
The first step in accepting omnichannel payments is upgrading your website into an eCommerce platform. This makes it easier to process online payments and cater to customers who enjoy shopping from the comfort of their homes. To enhance the customer experience, you can integrate features like subscriptions, digital wallets, and so on.
The other thing is to choose a payment solution that fits your needs and supports omnichannel capabilities. Ideally, you would pick a system that offers a wide variety of payment options while being able to effortlessly integrate across multiple channels. Other top priorities should include usability, loading speed, scalability, and security.
Transform your payment processing and boost your bottom line. Our experts will identify revenue leaks, streamline your systems, and enhance customer experience. Contact MONA Payment Solutions today to unlock your business’s full potential.