What are omnichannel payments and why it’s important for your international business
For companies that sell internationally, the need for flexible, secure, and seamless payment options is of paramount importance to attract and retain clients who might otherwise buy domestically.
In this comprehensive explanation of omnichannel payments, we will explore what they are and how they benefit shoppers, as well as the process of implementing them in your business.
Omnichannel payments defined.
Not so long ago, both foreign and domestic buyers paid for products and services using their credit cards. However, today’s commercial landscape has expanded to include a host of other methods, including UPI or peer-to-peer, net banking, and via digital wallets.
With omnichannel payments backed by overseas payment processing, businesses can offer these options across all interaction points, from international mobile apps to online payment gateways.
The result is an enhanced buying experience, repeat orders, and higher retention rates in a highly competitive marketplace.
What makes omnichannel payments superior?
When you incorporate an omnichannel payments ecosystem into your international business structure, you have upped your sales game considerably. That’s because it gives you a comprehensive platform that encompasses all of your payment methods across every sales touchpoint.
In addition, the service makes it easy for you to generate a complete snapshot of all transactions, regardless of where or how they occurred.
Armed with this fully integrated information, you can formulate accurate reports that give you everything you need to make precise forecasts that maximize the customer experience.
Benefits of omnichannel payments.
You may already have discovered the advantages of accepting several forms of payment. On top of those, the omnichannel platform further raises the bar for your company.
For one thing, the customer experience gets another boost. That’s because you have access to each person’s buying history and payment details from anywhere. From the buyer’s perspective, this leads to a friendlier and more seamless buying journey and a better relationship with your business as a whole.
The insights provided by the omnichannel payment platform also help to boost your brand with your customer base. This happens through your system’s robust reporting features, which can let you know which channels are performing best and which are preferred by specific segments of international customers.
In the end, that gives you everything you need to further tailor and refine each individual’s buying experience to match with their unique preferences and pain points.
Finally, streamlining all of your payment methods and touchpoints into one universal portal saves you a lot of money. Instead of exhausting your resources on multiple solutions and struggling to tie them together, this unified source saves you both time and money, making payments and data analysis easier, more efficient, and secure.
Incorporating omnichannel payments into your operations.
Your overseas payment processing provider can give you all the details you need to set up your omnichannel payments platform. You then have two choices of how to get started.
You can either add plugins to your existing platform or direct your customer to the payment gateway. Once they are there, they can pick their preferred method, i.e., UPI, card or net banking.
Alternatively, you can send a payment link by QR code, text message, or email.
Your international payment gateway can provide other secure ways to get the funds you are owed from your international customers. Via the gateway, payments can be accepted through your mobile app or on your ecommerce website.
You can offer customers various payment methods as well as the ability to split payments or to pay over time in predictable amounts. Furthermore, automated invoices and payment reconciliation allow for reduced time and effort on your part and a better buying experience for your international clients.
If you do business in other countries but want to find other ways to get the funds you are owed other than on a website, your omnichannel platform has you covered. You can send links for invoices and even refunds via email or SMS, or you can use texts, emails — even WhatsApp to communicate with your customers in other countries. Another option is to send a QR code that a buyer simply needs to scan in order to be taken to a secure payment page.
What to look for in an omnichannel payment service provider.
You may be happy with your current overseas payment processing company. On the other hand, this might be the perfect moment to look at your options. In either case, it makes sense to ensure that the vendor with whom you partner is offering the most important features.
The payment gateway the company provides should accept all major payment types. This includes all major debit and credit cards, UPI and net banking, digital wallets, buy-now-pay-later (BNPL), split, and recurring payments.
For some foreign customers, cryptocurrency is also an important method to include.
Furthermore, the company should be friendly to the preferences of your customers abroad. In order for that to happen, they need to let you accept transactions in the native currencies your clients prefer.
Additionally, data security must be a high priority with the vendor you choose. This means complying with the Payment Card Industry Data Security Standard (PCI DSS) that protects cardholder data.
In addition, the gateway should come outfitted with a robust set of risk-management and data-security features, including end-to-end encryption, firewalls, and antivirus safeguards and screening to detect possible fraud so that it can be red-flagged and investigated.
Furthermore, you should collaborate with a company that settles your payments quickly. Authentication and approval by the processor should only take a day or two, after which your funds should be immediately transferred into your account.
A fast and easy onboarding process is also important. To that end, the vendor must go through KYC verification as well as obtaining business details and merchant history. Only then can the payment channels be integrated with your app or website.
The faster this mandatory process proceeds, the better for your business because you can get up and running sooner.
A robust set of data analysis features is also crucial. These allow you to produce detailed reports of transactions and cash flow that you can refine and segment in order to come up with intelligent sales forecasts that can be used to grow your international business and come up with the most effective marketing campaigns.
Finally, you need to compare pricing structures. As a business, you have the ability to negotiate for the best rates with gateway providers. Just be aware that you will usually have a one-time fee for infrastructure and onboarding as well as annual and per-transaction charges.
You can expect to pay two to three percent of the transaction amount.
Today’s customers demand choice and flexibility in every facet of the buying experience, including how they pay for the purchase. An omnichannel payment platform makes this possible while simultaneously allowing you as a business owner to streamline your infrastructure, invoicing, reporting, and record-keeping.
Once you bring an omnichannel payments platform into your international company, both you and your customers will soon be reaping its many rewards.