Consumers have grown attached to newer payment methods that have been introduced over these past few years. As a result. businesses have found themselves integrating many of these newly popularized methods to keep up with this expected convenience. This offering of multiple payment types is referred to as “Omnichannel” payments, specifically motivated to further consistent convenience for any customer that may come your way. You can offer multiple different payment types to meet any potential client’s expectations. This trend originated both from the advent of mobile payments in covid, in addition to the popularization of other consumer-centric payment methods like Buy Now Pay Later Services. Your baseline offerings should start at the essentials, offering cash, credit cards, and debit cards, while incorporating popular new contactless payment wallet types like Apple Pay, and Google Pay, In addition to multiple other frictionless methods.
Besides expediting the checkout process, there are numerous other benefits that can come from utilizing an omnichannel system. Businesses that accept both card-present and card-not-present payment options greatly benefit from the set-up, streamlining the accounting and reporting process, by assembling them all under one umbrella.
The Available Channels and Payment Types
Card-present and non-present are defined as…
Card-Present Transactions: Transaction data is transferred digitally, through card reader
Card-Not-Present Transactions: Card data is documented and facilitated physically
Many processors charge higher processing rates for card-not-present transactions, so it can be difficult to operate using both transaction types if you’re running a singular payment setup. To repeat, by joining this data under one omnichannel setup, it can completely simplify your accounting and reporting operations.
Methods for Accepting Payments
These are the basic ways one can accept a customer payment either card-present or card-not-present.
- NFC Contactless Transactions, Apple Pay
- Recurring billing or Subscription Services
- Keyed Transactions
- Mobile Payments Via Compatible Card Reader
- Traditional Credit Card Setups
- POS Systems
- Invoices with Payment Form Links
Whichever you utilize strictly depends on what your business needs are in these multiple payment setups. A high-volume take-out restaurant may not need to implement any recurring billing or subscription setup. Focus on the different methods that elicit the most potential for your business.
Things to Consider for your POS System
Determining Payment processor and POS system compatibility can be tough. More often than not, it should be a relatively seamless process to integrate your current POS setup. However, some may require you to invest in a new updated POS system, one that can effectively support the features provided by your payment processor.
Selecting Your Payment Processor
Choosing the right processor can be a little tricky at first. It is of course important to select a processor with tight security, lower rates, intuitive equipment, and familiar customer service, but you may run into trouble finding the perfect match when only focusing on these aspects. The most important thing for you to determine is which processor offers the most payment options; or at least the ones that you specifically need.
A one size fits all situation is ideal when finding your payment processor, you don’t want to spread out your different payment channels into multiple different processors. The whole point of the omnichannel setup is to streamline all these methods down one path, scattering them out into different avenues completely defeats the purpose. So, take some time to choose the processor that covers most if not all your essential needs.
If you’re struggling to find a processor that covers all the bases, contact us at Revitpay. We’re a merchant services provider equipped with the knowledge and tools to match you with the perfect processor with the right offerings.