In this digitally advanced era, Omni - channel transformation requires adopting a view, that breaking down boundaries is a necessity. It's not just an event; instead, it's a journey. The retail industry is widely flourishing with the introduction of the Omni Channel Providers. Today’s customer may start an interaction on the web, continue on to mobile and finish his/her transaction in-store or out-store. In fact, customers are looking for multiple channels simultaneously, gaining an omni-channel buying experience and making easy payments.
The world of omni-channel payments sounds wonderful; making seamless, multiple-channel payment options, but the norm requires all of the payments industry stakeholders to bring some vital up-gradation. The tech solutions offered by the Omni Channel Providers, make payment a easy task by making the payments through mobile, e-commerce and in-store POS. Usually, the retail merchants make use of numerous contrast payment processors: one for POS, another for e-commerce, and yet another for mobile.
In today’s retail environment too often there is a disconnection between customer expectations and merchant capabilities, ending up merchants facing a number of pain points. A digital/omni-channel strategy is a must for retailers.
Fortunately, the emergence of digital advancement in technologies and mobile devices has embarked some of the significant changes in the retail environment, providing opportunities for the retailers to reshape their marketing strategies. Nowadays, customers tend to be looking for information in the physical store and at the same time they are getting additional information from their mobile devices. Extraordinary features, like easy return policy, size charts and same-day delivery, have boosted ecommerce and promoted omni-channel shopping.
However, if you accept payments in multiple ways then you will have two options: work with processors and obtain merchant accounts separately for each acceptance method or work with a processor that can offer an all-in-one payment processing solution. Essentially, an omni-channel payment processing solution provides the ability to accept payments in multiple ways through a single processing company.
However, some businesses looks for a particular POS system with more advanced features. Here, you can often use the POS system of your choice having different processors, but you may have two different points of contact – one for your credit card processing or payment needs, and another for assistance and installation with your POS system itself.
Omni-Channel Providers offering tech solutions to the retail industries make payments easy through various ways:-
1. Release the infinite Aisle, improvising shopper experience
The Infinite Aisle is the concept that a shopper is able to purchase whatever they want, without restrictions on time, location, channel, or even what is available in store. This is achieved by easy and short payment process.
2. Reduce finance and operations costs
Before, the emergence of the tech solution from omni channel providers, the international merchants needed a terminal provider, an integrator and a payment partner in each country of operation, for each sales channel. This lead to a huge investment in multiple contracts, managing reports and monetary flows.
However, the recent tech solutions enables businesses to accept and process payments across multiple markets, helping the retailers to simplify these processes and cut down on the human and financial investments.
3. Raise sales across social media and other channels
In terms of payments, is usually considered to be a sweet link between mobile app and sites, e-commerce, and in-store. So, by using the high end technology retailers can employ social media payment strategies, achieving significant amount of revenue through the Omni Channel Providers.
In a store environment, sometimes a retailer wants a different color shirt to what is currently in stock. With an technical approach, they can go to the in-store tablet, that carries the entire web-based inventory, choose the color they want, make the payment easily on the site, and get it delivered to the address as per their choice. A foreign company, called Adyen allows retailers to accept chip & pin payments for these type of orders in store with the Adyen mobile point-of-sale (mPos) solution.
File tax compliance
The blend of traditional and online sales strategies gives great opportunity to retailers, creating opportunities in the world of taxation. The omni-channel transformations can affect a company's treatment of sales tax. Sales tax automation delivers many benefits, including:
1. Consistency: It gives the confidence that the retailer stays in compliance with all taxes in all jurisdictions.
2. Cost-effective compliance: The highest level of compliance is reached at a much reduced cost as compared to manual approaches.
3. Reduced audit exposure: It also gives lower audit exposure and a reduced need to maintain higher cash reserves to cover class-action lawsuits or penalties.
4. Simplified consolidation: A compatibility with any e-commerce, point-of-sale and other back-office systems ensuring tax management consolidation throughout the entire enterprise is achieved.
5. More time: It saves time of the tax function, as it is liberated from time-consuming data-collection tasks to focus on higher-value tax-planning tasks.
The strategy of an omni-channel providers offering tech solutions to the retail industries focuses on the customer, not the company and recognizes that tech solutions have enabled customers to to make payments easily, meeting file tax compliance too.
The article has been penned down by Prabhu Ram, Group CEO & MD, PAYSWIFF SOLUTIONS PVT LTD