Omnichannel payments explained

Updated on January 17, 2024

Omnichannel has been around for years. It’s often used interchangeably as a channel but also as a product in the payments world to specify the consolidation of payments online and off. Ever since consumers started switching between shopping online and instore, software companies and merchants have had the laborious task of tracking and reconciling those payments within their systems. Many payments companies have some form of omnichannel tracking but the real magic truly lies in the sophistication of the technology and how deeply connected the integrations are.

If you’re a software company trying to dive a little deeper into omnichannel, you’re in the right place.

What are omnichannel payments?

Omnichannel payments simply refer to the ability to take payments through any channel and track those payments in one unified system. Many merchants interact with their customers online and off and want the freedom to accept payments either way. That part is easy. Then they need to track those payments in the same place in a clear and concise manner.

That’s where the software comes in. Enabling that functionality requires a payments partner with the right omnichannel payment technology. This technology is integrated through your payments API and once implemented, your merchants get the benefit of top-notch reconciliation no matter how their customers are paying.

What makes omnichannel payments important for software companies?

Today’s businesses expect their software providers to enable payments that just work. As a software company, you understand their business needs and how they need to take payments.

The primary advantage of omnichannel payments is that you’re simplifying payment acceptance, tracking, and reconcilation for merchants that require payments online and off.

Just imagine how providing your user base with a one-stop shop for reporting and reconciliation enhances the overall software experience, when they can effortlessly track transactions, regardless of whether they happened online or offline. There’d be no more juggling between different systems – just everything they need in one place.

What happens if your payments partner doesn’t support omnichannel payments?

If your payments partner doesn’t support omnichannel payments or the functionality is lacking, your users can potentially spend countless hours grappling with administrative headaches, manually reconciling data and dealing with the fallout of a less-than-stellar payment experience.

The desired simplicity of merging and tracking online and offline transactions becomes a frustration and your users are left to manually merge and track online and offline transactions, racking up hours of unnecessary work. Some software subscribers may even start looking for a solution that delivers on their payment and payment tracking needs.

Deliver a seamless payment experience with Payrix

Choosing the right payment partner is like picking a dance partner for a salsa competition – it’s got to be someone who can keep up . A tech-driven and modern payment solution ensures that the transition between online and offline buying experiences  is seamless, taking the burden off your users and saving them from drowning in a sea of paperwork.

Payrix helps software companies like yours grow by providing seamless payment experiences, offering solutions for registered payment facilitation and PayFac-as-a-Service.

Want to dive deeper into software payments and how you can create a better customer payment experience? Check out the Payrix PayFAQ podcast here.

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