How eCommerce Has Reshaped Payment Processing19th March 2019
eCommerce and online shopping have revolutionized how customers find and purchase products. In fact, 56% of in-store purchases were influenced by eCommerce. With so much momentum in the world of online shopping, the way shoppers make payments has changed as well.
Some shoppers first research a product online before purchasing the item in-store, making integrated payments vital for businesses with both online and offline presences. Here are some key ways eCommerce has reshaped payment processing.
Researching Online, Purchasing Offline
More shoppers are researching products online before they buy, and customers now have a variety of options for how they can pay for their purchase. Some retailers offer both delivery and in-store pickup options for customers, while also having the option to pay in-store or online. With these options available, processing that payment seamlessly means using an integrated payment technology.
Integrated payment technology makes it simple and easy for business owners to get paid on-the-go. With integrated payment technology, you can manage payments from one platform, instead of needing multiple accounts and logins. You can securely accept credit cards in person with EMV smart terminals or POS systems, or online with shopping carts and invoicing.
You can even accept payment in person for a sale that was started online from a virtual terminal. Besides offering convenience, this powerful technology can lower your interchange costs. You can extend the functionality of traditional terminals by integrating them with Fattmerchant’s mobile POS and virtual terminals. With these solutions, you can securely accept payment in person for sales started online, which lowers your interchange costs.
Preferred Payment Methods Have Evolved
Payment has evolved beyond paying with cash or a check. In 2017, 42% of shoppers said they preferred to pay using a credit card while shopping online, with 39% preferring other electronic payment methods. With that large share of shoppers preferring to use credit cards and electronic payment, managing the payment process is vital. Customers have a variety of ways to pay, whether by credit, debit, or cash, so it’s important to accept all the forms of payment your customers prefer.
Credit card companies set interchange rates, with some card brands having a higher interchange rate than others. As a result, some retailers may only accept certain cards over others depending on the rate. It can be frustrating for customers to find the product they’re looking for, only to see they can’t check out because their preferred credit card isn’t accepted. Accepting a wide variety of payment methods not only helps with sales, but it also leaves customers feeling good about your store’s checkout process.
Checking Out is Easier than Ever
As companies expand their eCommerce solutions, keeping the checkout process consistent and simple has never been more important. The customer experience begins from the moment they see your brand, and it extends all the way through payment and even beyond, so having too many forms or steps in the checkout process can quickly become frustrating for customers.
In order to shape the most enjoyable customer experience possible, businesses need to be flexible with checking out. Keeping the checkout process as simple as possible, with multiple payment options and guest checkout features can lower cart abandonment rates. Keeping your checkout process simple and easy is a great way to make sure you don’t miss out on potential customers.
Managing Payment Is Simpler and Unified
There is no denying that the advancements in technology have made managing payments much easier. Instead of needing to log in to multiple platforms and tools to access your business’ payments, integrated payments have streamlined the process. You can now securely accept payment in person, online, or even on your phone. And with integration, you can complete a transaction in person that were started online, lowering your interchange costs.
It’s important for business owners to stay on top of payments, and easily. Multiple logins, tools, and accounts can be frustrating to deal with. Omni by Fattmerchant was developed with this in mind. All of your data and analytics are displayed on one dashboard, and you can sync bi-directionally with QuickBooks Online. And with our virtual terminal, the Omni platform extends into a robust invoicing and billing solution. And all you need is one login.
eCommerce has changed the landscape of shopping and payment processing. Whether you sell online only, or have a physical presence as well as an online store, integrated payment technology has made payment process management easier. At Fattmerchant, we’re dedicated to helping business owners, and our Omni platform streamlines payment processing management. Whether you’re just starting your online store, or expanding from a brick-and-mortar storefront, we’re here to help. Log in to Omni today see and see how payment processing should be. Unified.
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