As consumers increasingly experience convenient, flexible buying options, omnichannel payment processing is becoming a necessary business strategy. But what exactly does that mean?
We live in a digital age. Our smartphones are always in our hands or our pockets, and they have irrevocably shaped how we interact with the world, including the way we shop. Think back to the last significant purchase you made. Did you go to the store in person and simply buy what was on the shelf? Or did you have a more complicated experience?
These days, the following scenario is fairly common: You visit the store, look up competitors’ prices on your phone, go home, do some more research, see a few ads on social media, and then finally decide to purchase the product online.
And this customer journey isn’t just limited to B2C. B2B buyers are increasingly going through similarly nuanced experiences, where they interact with the business at several different touchpoints before making a purchase.
With this changing buying process, consumer expectations have shifted. They want to seamlessly interact with a brand or company across multiple platforms and touchpoints. Crucially, this attitude extends to payments. Consumers want the flexibility to pay where and how they want—in a store, with their phone, online, and more. If businesses want to succeed in the modern era, they have to be savvy enough to capture payments whenever customers show buying intent, regardless of sales channel. That’s where the idea of omnichannel processing comes in. So, what is omnichannel payment processing? Continue reading this article here.
For more information on this topic, make sure to register for the Insightful Accountant webinar, "How to get your customers to pay their invoices faster" on August 17th. You can register here.