April 2, 2024

Omnichannel Payments - What are they?

With the pandemic having confined people within their homes, the e-commerce sector got a big boost. And the acceleration in payment transformation leapt years ahead of pre-pandemic plans. After the era of globalized shopping, it now seems to be the age of omnichannel payments, where a retailer gets integrated payments solutions for all the channels he is operating on, and his customer would not have to worry about the mode of payment as long as one’s credit balance allows the purchase.

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What are Omnichannel Payments?

Omnichannel payments is revolutionizing retailers' payment systems with an integrated payment solution for all channels providing a hassle free solution.

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Types of Omnichannel Payment Processing Channels

Omnichannel payments are a way for businesses to process payments through multiple channels, including online, mobile, and in-store. Omnichannel payments offer a variety of different types of processing channels that can be used to make payments.

B2C POS Payments

Point-of-sale systems allow businesses to take payments from customers in person. Omnichannel in-store payments allow shoppers to pay for their purchases using the payment method of their choice – whether it’s cash, card, or even a mobile wallet. This not only makes the shopping experience more convenient for customers, but also helps to increase sales for retailers.

Online Payments

After COVID pandemic, many retailers had to quickly transition towards eCommerce for the future of their business in order to retain customers. 

Online payments make it easy to pay for goods and services without having to go to a physical store. You can use your bank account, E-Wallet, or debit/credit card to make purchases.

BNPL Payments

BNPL (Buy Now, Pay Later) is a form of short-term financing that allows consumers to pay for their purchases at a later date, usually interest-free.

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Problems retailers face with traditional payments solution providers

Time wasted in coordinating with different solution providers for different channels

Retailers that don’t use omnichannel payments have to deal with a number of different third-party payment providers to get payment solutions for different channels. Each of these providers has a different phone number and support department, so if something goes wrong, retailers waste precious time getting in touch with multiple support teams and waiting for a response. Even if there’s no emergency, trying to manage several separate payment providers can be troublesome.

End-customer journey is too long and complicated

When the retailer has to rely on multiple traditional payment solution providers for online and offline payments, they are unable to provide the ideal customer journey to their customers. This is because traditional payment solutions are outdated and not adapted to the customer needs. Customers have to repetitively add their details every time they want to buy something that makes their journey difficult.

Delays in onboarding

Too many steps required to get registered with traditional payment services providers make the onboarding process of retailers extra lengthy and complicated.

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Excess documentation requirements

Traditional payment service providers require a plethora of documentation which is cumbersome for retailers and they end up wasting time and resources.

High payment processing fees

Traditional payment service providers charge high processing fees from retailers especially if their volumes are small. This puts additional burden on retailers trying to get payment solutions.

Resources wasted in integrating multiple payment solutions

A lot of resources are wasted in integrating various third party payment solutions both offline and online. Hence the requirement for a single integrated Omnichannel payment solution.

Security issues

Traditional payment service providers face security issues because of outdated technology.

Omnichannel payment providers offer all-in-one service. They supply everything a business needs to accept payments across a wide variety of channels, so there’s a single point of contact. This approach simplifies operations, saves retailers time, and ensures everything works together seamlessly.

Online Payment Gateways For Ecommerce Businesses

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Why omnichannel payments are important for your business

Omnichannel payments are a big part of the modern business world, and they're something that you need to be aware of if you want to stay ahead of the curve. By offering customers the ability to make payments through various channels, you can increase sales and improve customer retention and loyalty.

Save money and boost productivity

Investing in one platform to manage all your payments, rather than having to use multiple platforms for each payment stream, saves money and will require fewer updates. By only investing in one system to manage payments, you can spend less time managing multiple systems and more time doing what you do best.

Streamline integration with back-end systems

Businesses can save time and improve efficiency by streamlining payments and integrating with back-end systems. Payment processing is a critical part of running a business, and it can be difficult to integrate different payment systems. By using one system like XPay, businesses can simplify their operations and improve their integration with other systems. In addition, they can cut down on the time it takes to process payments.

Payment Insights

Retailers can access and analyze large sets of transaction data in real time with XPay analytics. With this feature, you can gain extensive insight into payment trends, unlocking new opportunities and helping your business grow.

Decrease Cost

One of the most significant benefits of omnichannel payments is that they can save your business money. By paying through different channels, including the use of QR Code, you're reducing the processing and settlement fees your business pays. Additionally, by accepting payments through various channels, you're increasing the chances that your customers will make purchases from your business.

retail omnichannel payments

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XStak Omnichannel Payments Solution

XStak Pay provides you with instant online and offline payments solutions through its partnerships with payment service providers. You do not have to go to different service providers to get these solutions as XStak Pay provides you with all the solutions under one umbrella while offering a lower processing fee than the market and bringing down your onboarding time drastically.

The payments solutions offered by XStak Pay include  

  1. Online B2C card payments
  2. Online B2C buy now pay later payments
  3. Offline B2C point of sales payments

Solution Features

One solution provider for all channels: Through XStak pay, you get all offline and online payments solutions from one solution provider and do not have to spend time and money integrating different solutions from different service providers.

Seamless end-customer Experience: Provide a seamless payments experience to your customers with XStak Pay. XStak Pay employs secure methods like tokenization that make your customer journey shorter and smoother.

Quick Onboarding: With XStak Pay, your onboarding experience is seamless and swift because we have reduced drastically the number of steps that you need to go through with the traditional payment services providers to get a payments solution. 

Less Documentation Needs: With XStak Pay, you do not have to engage in a plethora of documentation that is required by traditional payments service providers.

Lower payment processing fees: It does not matter whether you are an enterprise or a small to a mid-market retailer. With XStak Pay, you get lower payment processing rates than traditional payment solutions providers in the market.

No Integration fee: Unlike other payment services, XStak Pay does not require huge integration fees for payment solutions. 

Security: Security is always an issue in such payment solutions. XStak pay is a PCI-DSS compliant entity that provides you with a secure platform to process your payments. Our advanced fraud detection technology detects dubious transactions and alerts you to take appropriate action.

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