What is an Omnichannel Payment Platform - pos system on a counter

What is an omnichannel payment platform?

Tuesday, November 18, 2014
As a small business owner, you're always looking for the best way to handle payment processing. As you know, you want to include credit cards and other payment methods; but is there a payment platform that can handle a variety of payment options while providing an outstanding customer experience? This guide to omnichannel payment solutions can help you understand your options. 

What Is Omnichannel Payment Processing?

By providing a consistent payment experience, omnichannel payment processing offers you the means to take a variety of payment options, from online payments to mobile payments. It's a payment gateway that offers you flexibility. Some of the payment options include the following:

Online Bill Payments

Whether you handle all of your sales online or offer both a storefront and an ecommerce option, you need online bill payments for customers to safely and securely make purchases from your online store. 

IVR Bill Payments

You might want your customer experience to include a way for your customers to make payments over the phone. Interactive Voice Response (IVR) bill payments allow your customers to make automated payments over the phone using voice responses. 

API Bill Payments

An Application Programming Interface (API) is designed for managing payments. This helps your clients buy from you with confidence, knowing that the checkout and credit card processing is smooth and their payments are secure. 

Virtual Terminal or Web Portal Payment Processing

If your company does a lot of ecommerce, then a point of sale (POS) system that takes digital payments is essential for your invoicing. This web page allows you to process transactions on any device with an internet connection.

Credit and Debit Card Payment Processing

Credit and debit cards are a large share of the payment industry, and you want payment processing that supports it. From contactless options to touch points, you need a payment processor that takes all forms of credit and debit cards. 

ACH Payment Processing

With automated clearing house (ACH) payment processing, your business can accept electronic checks from customers, and it can also set up automated payments for subscription programs. 

Downloadable Mobile Payment App

Today's customer wants a mobile payment option. Mobile payment apps not only have security features that protect customer data, but the customer simply makes payments from their mobile device, thereby eliminating the need to purchase goods in-store. 

Check by Phone Payments

Although checks might seem like an antiquated payment method, a payment provider that can accept checks can increase their sales channels and revenue. 

Payment by Text

An ideal user experience includes using smartphones to pay by text. Payment by text uses a text message service to invoice a customer. The customer completes the purchase by texting a response or clicking on a link, which sends the transaction information to the merchant’s payment processor. 

Kiosk Payments

Kiosk payments allow your customers to see pricing and place orders in real-time. When you offer kiosk payments, your customers enjoy a seamless experience where all they need to do is pick up their order and go. 

What Are the Benefits of Omnichannel Payment Processing?

Your small business is probably already using a payment processing system, so you need to know the benefits of omnichannel payment processing before you make a switch. Here are some benefits to consider:

Ease of Customer Payments

When a customer enjoys the user experience, they're going to want to continue visiting your business. When your payment system offers all of the payment types they need and want, it's a great way to enhance the customer journey. 

Streamlined Technology Across All Platforms

From your online store to a kiosk, you need to streamline your credit card processing to ensure that your payment data is always up to date, and an omnichannel payment platform allows for this. Security is also a great benefit of an omnichannel payment platform. Let’s look at it.

Omnichannel Security

Security isn't only a buzzword. You need to protect your data and your customer's payment information against hackers and other bad actors. A seamless experience includes peace of mind for the client with knowing their payment information is secure. 

PCI DSS Compliant

Part of the omnichannel payment processing security is to ensure that the system you use is always PCI DSS compliant. This protects both your financial information and your customers’ data. 

Cross-Platform Tokenization

Cross-platform tokenization creates an extra layer of security when you need to send payment information from one platform to another. This protects your customers’ data while providing the necessary payments for goods and services. 

Point-to-Point Encryption (P2PE)

After your customer swipes their credit card at a terminal, you're responsible for protecting it as it moves through the payment processing system. Encryption ensures that those who need the information receive it while keeping it out of the hands of those who don’t. 

What to Consider When Choosing an Omnichannel Payment Platform

There are many omnichannel payment platforms available, and you need to find the right one for your business and customer base. Here are a few things to consider:

Security

You need to know that your payment processing solution and POS system are offering your customers and your business the security they deserve. It’s a must that your new payment solution offers outstanding security features. 

Scalability

You didn't start your small business only to grow to a certain point and then stop. You need payment capabilities that can grow with your company so you aren't looking for a new payment processing solution every couple of years. 

Ready-to-use

You want a payment solution that's ready to go as soon as you open the box and connect the cables. You don't want to lose sales while integrating a new payment system. 

Easy-to-use

Your omnichannel payment platform must offer ease in usage for both the customer experience and for your employees. 

An omnichannel payment processing platform can help your business in a variety of ways. You get the benefit of accepting a wide range of payment types and the security you need. With all of the benefits, an omnichannel payment platform can help your business thrive. 

Ready to get started with an omnichannel payment platform?

Heartland helps nearly 1,000,000 entrepreneurs make and move money, manage employees and engage customers with human-centered technology solutions that allow them to rise above the daily grind and lead their businesses into a brighter future. Learn more at heartland.us.