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What are omnichannel payments?
Read time: 4 mins Added date: 7/11/2023
How connecting online, over the phone and in-person transactions could help you improve customer experience and sales.
Whether they’re buying online, placing an order by phone or returning an item in-store, customers expect a simple and easy experience. Omnichannel payments allow you to provide this by joining all of your sales channels together in one place – making it easy to recognise customers.
As an added benefit, it can also provide you with key data insights which may allow you to understand your customers and serve them better. That improved service might help you grow your business as you could build customer loyalty and encourage buyers to return.
Unlike the traditional single or multi-channel approach, seamless payment integration ensures that customers have the same payment experience wherever and whenever they interact with your brand.
Single channel
You start off as a shop only accepting cash. Next you add the ability to take credit card payments. This is known as ‘single channel gateway’ as it allows one type of payment.
Multi-channel
You expand and create a website so customers can buy online. You now have separate systems for both channels, but they cannot communicate with one another – this may lead to a poor shopping experience.
Omnichannel
You now expand your sales channels to in-store, a website and on the app. An omnichannel gateway connects these channels effortlessly. So, it doesn’t matter how your customer shops – they can use their preferred payment method easily across all platforms.
A seamless customer experience
Give customers the freedom and flexibility to choose how they buy from you, while also giving you useful customer data and business insights.
A seamless shopping experience
Customers may not know what omnichannel payments are, but they expect the benefits they provide. Convenience is everything, and omnichannel payments offer a frictionless purchasing process.
Customers can start a shopping journey on their computer, add products to their basket later on their mobile and complete the purchase through the app.
It’s like having an invisible shopping cart follow them everywhere they go resulting in a familiar and consistent shopping experience.
Key insights
Data can serve as a goldmine for business growth. Omnichannel payments collect valuable data about customers – for example what they purchase, where they shop, and how frequently they shop. This key information helps you to make informed decisions. For instance, you might uncover that a specific product is popular online but not in-store.
With these insights, you can refine product offerings, marketing strategies, and inventory management to help you grow. This can result in better customer service which can build loyalty from buyers.
Added convenience
When it comes to payment, customers want options. Omnichannel payments can provide them with the freedom to select their preferred payment method – whether it's a credit card, mobile wallet, or something else – across various platforms.
Customers appreciate the convenience of using the same payment method regardless of the channel they're using. This flexibility enhances the shopping experience and could also boost the likelihood of completing a purchase.
Customer satisfaction
An unsatisfactory sales service – such as long queues, system failure or having to continuously provide payment details – can dissuade customers from making purchases. Omnichannel payments can help to ease these concerns.
Omnichannel payments mean less hassle for customers. By having a single payment system handling transactions across all channels, potential for errors and confusion is reduced. Customers no longer need to repeatedly explain their preferred payment method, and your staff wont struggle to juggle multiple systems.
Efficient management
Payment management can be complicated, particularly when dealing with multiple systems. Omnichannel payments simplify this by storing all transactions in one place. Joining payment systems can help streamline financial reporting, accounting and other tasks – saving both time and effort.
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In summary, customers now increasingly expect a seamless shopping experience, and to be offered convenience and choice across different payment platforms. The better the customer experience is then the more likely they are to return.
Additionally, increased customer interactions can provide your business with valuable data that helps you make informed decisions moving forward.
Embracing the benefits of omnichannel payments can help your business thrive in today’s competitive market.
Important legal information
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc, Lloyds Bank Corporate Markets plc and Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH.
Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is a wholly-owned subsidiary of Lloyds Bank Corporate Markets plc. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH has its registered office at Thurn-und-Taxis Platz 6, 60313 Frankfurt, Germany. The company is registered with the Amtsgericht Frankfurt am Main, HRB 111650. Lloyds Bank Corporate Markets Wertpapierhandelsbank GmbH is supervised by the Bundesanstalt für Finanzdienstleistungsaufsicht.
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