Why you should be using omnichannel payment solutions

With omnichannel payments, customers may trade easily on a variety of platforms, including in-person, online, and mobile. As more and more customers demand the ability to purchase and pay for goods and services however suits them best, these methods of payment are growing in popularity.  

Regardless of how customers choose to engage with them, retailers can offer a unified purchasing experience with omni-channel payments. This raises client happiness while also assisting organisations in boosting sales and enhancing their bottom line.  

In this article, we’ll delve into omnichannel payments in more detail, along with its advantages and different payment options.

What are omnichannel payments?

The term ‘omnichannel payments’ refers to giving your customers multiple ways to pay, both online and offline, while at the same time providing an integrated, consistent brand experience across all customer touchpoints.¹ Omni-channel payments is about connecting your brick-and-mortar store, eCommerce platform, social media, mobile app, phone line, and wherever else you do business with your customers, so that you’re able to deliver a seamless and efficient customer experience no matter when or where it occurs. 
 
Now that you’re clear on the omni-channel payments definition, let’s take a look at an example of omni-channel payments in action. 
 
A customer walks into a clothing store and asks a salesperson about a product. The customer is part of the store’s loyalty program so the salesperson asks for their details and brings up their profile on their handheld device. The salesperson uses their purchase history to recommend products to them, one which the customer wants, but isn’t in stock at that particular store. The salesperson makes an order through the company website so the item will be delivered to the customer’s address. 
 
A week later, when the customer receives the product, they conclude that it isn’t quite right. Looking to return it, the customer gets in contact with the company via Facebook. The company offers them two options – return the product to their local store or send it back free of charge. When the item is returned, the customer receives a credit in their account to purchase another product from the company.

Why are omnichannel payments important?

In our continuously connected world, customers expect their digital and physical buying experiences to merge together – making their shopping experience simple, easy and convenient.  

As a business, offering an omnichannel experience is therefore beneficial to meeting your customers where they are. In fact, McKinsey says it’s now a requirement for survival. 

Benefits of omnichannel payments

Omnichannel payments come with a lot of advantages. It combines all your payment channels in one place, which simplifies the reconciliation process, makes it easier to monitor sales, and saves you time spent on admin. 

Let’s go through the other benefits below. 

Personalisation

Epsilon research found that customers are 80 per cent more likely to make a purchase when brands offer personalised experiences. 

One of the biggest benefits of omnichannel payments is that it enables you to create a customised experience for your customers. 

Here’s how: Omnichannel payment platforms unify data and give you a single, simple view of your customer interactions. You can use this information to create and deliver an engaging, personalised and consistent customer journey across any shopping channel for an individual shopper.²

Invaluable insights

According to Novalnet, an omnichannel payment solution also allows you to look at the bigger picture and gain better insight into customer buying habits and patterns, market trends and other strategic data. Thanks to this information, you can stay better connected with your customers and ensure you’re offering the best solutions as a brand, while continually investing in options that help you stay ahead.⁴

Revenue boost

According to analysis performed by omnisend, in 2020, the purchase frequency for omnichannel customers was 287 per cent higher than for single-channel customers. 

If these figures are anything to go by, offering an omnichannel payment experience could help you gain access to customers who buy more and more often.

One stop shopping

A BRP report revealed that customers want access to a single cart to shop across channels and be able to reach their cart via phone, computer, or even in store. Over 56 per cent indicated that they were more likely to shop at a retailer that allowed them this payment experience, instead of a retailer that didn’t offer this service. 

Since omnichannel payments make one-stop shopping possible, you may be able to satisfy more customers by integrating it into your business.

Omnichannel payment processing channels

As we mentioned earlier, omnichannel payments involve both online and offline channels. Some of the most common types of omni payment channels include:

• In-person payments with a physical or digital card 
• In-person, phone, and mail payments with a virtual terminal 
• eCommerce payments conducted on a company’s website or app 
• Invoicing by text or email with a link to a secure online payment page 
• Recurring subscription payments made with the customer’s card or bank account information on file

What payment methods are available?

In payment processing, there are two main types of transactions—card-present and card-not-present. 

Card-present occurs when either a customer inserts, taps or swipes their physical or digital card through an EFTPOS machine.  

Card-not-present occurs when information from a card is used to make a transaction but without the card being physically present. These are made remotely, either online, over the phone, or by mail.

Choosing an omnichannel payment processor

If you want to do omni payments, you’ll need a payment processor that can handle the payment methods your customers require. 

The most straightforward solution is to find one company (like Tyro) that can handle all of your payment processing needs so everything is in one place.

How Tyro can help

Thanks to our suite of integrated payment solutions, we make omnichannel payment processing possible. With the following technology you can create a complete and seamless customer experience that keeps both you and your customers happy. 

Tyro Go EFTPOS reader: A portable EFTPOS solution that you can take wherever business takes you⁶. Small and lightweight, you can slip Tyro Go into your pocket, bag, toolbelt (or wherever you need), ready to whip out when you’re ready to make a sale. 

Tyro eCommerce: Take your business online and let customers pay quickly, securely, and safely over the web. Team it with your Tyro in-store solution and you’ll get one single settlement, just when you need it. 

Tyro Connect: An integration hub that plugs must-have apps into your POS system, making them easier for you to use and manage⁷.

POS considerations

Our Tyro Pro EFTPOS machine integrates with a wide range of POS/PMS systems (at no extra cost to you) so you can process transactions quickly and easily.  

Learn more about our integration benefits here. 

Multi-channel vs omnichannel

Though they sound similar, omni-channel and multi-channel are two different things. To curb any confusion, let’s go through what sets these two terms apart. 

What is multi-channel payments

Multi-channel payments are about offering your customers different online or mobile channels to pay. For example, if you own a brick-and-mortar store as well as an eCommerce one, either on your own website or a marketplace, you’re offering them multi-channel payments.

The big difference

While multi-channel involves multiple ways of paying, omni-channel is about integrating shopping experiences and payment touchpoints through data to create a connected, convenient experience for customers. 

According to BigCommerce, a good way to differentiate the two is that multi-channel is more product focused and omni-channel is more customer focused.

Wrap-up

Want greater customer loyalty?  

Omnichannel payments are essential if you want to provide your customers with a seamless shopping experience no matter where they interact with your business. Beneficial to both your customers and your business, omnichannel payments is an easy way to elevate your brand and take your business further. 

Want to talk Tyro solutions? Get in touch!

1 business.com. (2022). Understanding omnichannel payments https://www.business.com/articles/ellen-cunningham-understanding-omnichannel-payments/  

2 fisglobal. (2021). What is an omnichannel payments platform? https://www.fisglobal.com/en/insights/merchant-solutions-worldpay/article/what-is-an-omnichannel-payments-platform 

3 BigCommerce. (n.d.). Omnichannel vs. Multichannel Retail: Which is Better for Your Business? https://www.bigcommerce.com.au/blog/omnichannel-vs-multichannel/ 

4 Novalnet. (2022). 3 Reasons Why Omnichannel Payments Benefit Your Business 

5 Tyro’s Pay@Table, SplitBills and BarTab features are only available where the POS/PMS supports the integration. SplitBills is only available with Tyro’s Pay@Table feature. 

6 Tyro Go EFTPOS reader requires a Bluetooth-enabled mobile device or tablet, the Tyro Go App to be installed, and mobile network coverage. Check Google Play & App Store for the latest OS compatibility requirements. 

7 To integrate via Tyro Connect customers will be required to agree to the Tyro Connect Terms and Conditions.