What are multichannel payments? What is unified commerce?

PayXpert

PayXpert
Published 02/02/2022 · 2 min read

Build your sales strategy with fintech solutions

Let's think for a moment about all the systems, platforms, and solutions that a retail store has to put in place to offer a coherent and cohesive shopping (and brand) experience. From point-of-sale terminals (POS) to distribution chains, inventory control systems, CRM, eCommerce, or new sales channels that are emerging in response to consumer demands. It is a system that is becoming more complex by the day, which is why what used to be the retailer’s panacea (multichannel payments), is no longer sufficient today.

A few years ago, offering multichannel payments was already enough to ensure a relevant position with respect to the rest of the competitors. Now we must go one step further, through the unified coordination of all the systems, platforms, and apps mentioned above; this is what is known as unified commerce.

So, what are multichannel payments and how do they work?

Multichannel payments are a financial solution whereby a merchant offers its customers different channels to carry out the payment process. We show you some of the most popular channels (and others minor ones) so that you can adapt to the circumstances, needs, and desires of your customers at all times:

  • Digital payments: a payment classic, key in eCommerce and online businesses. PayXpert’s digital payments are characterised by their flexibility and greater reach than digital payments from other payment gateways, why? Because we have more than 180 currencies, and more than 20 alternative payment methods. This translates into infinitely greater compatibility with your potential online shoppers, no matter where they come from.
  • MOTO: the payment channel that allows you to start processing purchases right away, without any special integration. Our system allows you to collect your customers' payment information in a semiautomated way, through forms or a phone call. This information can be collected by your agents, if you have them, or by our very powerful IVR solution.
  • IVR: IVR or interactive voice response is a payment processing solution that provides the service of a call centre, with higher availability (99.99%) and much higher profitability. It offers your customers the best customer service while ensuring full security. Especially useful for hospitality businesses, booking agencies, or telephone inquiries.
  • POS: better known as point-of-sale terminal. Much more than a POS device, at PayXpert, we have developed a device with all the features your client can imagine. Available in different languages, compatible with multiple alternative payment methods, and tailor-made for your client.

What is unified commerce and what benefits does it bring to your business?

Unified commerce is a solution based on centralising all sales channels under the same management platform. In other words, interconnecting all sales channels, so that the customer can switch between them, depending on their needs at any given time.

For example, a customer can book a product through a mobile device, make the payment through a phone call, and pick up the product in the store, and the system and its different sales channels unite all the customer’s points of contact with your business, in a single homogeneous experience. This means that all the payment management, stock control and customer handling data are updated in a synchronized way in each of the sales channels.

This is the solution to an increasingly diversified multichannel payment solution, optimising efforts, resources and results. That's why 81% of retail merchants surveyed by Boston Retail Partners have their minds set on integrating a unified commerce system into their business.

A financial partner to optimise your finances and earn more

If all this sounds good, but you don't know where to start, it's time to consider what an expert financial partner can do for your retail business. As one of the leading fintech companies nationwide, our goal is to help you implement the latest financial technology trends, to increase your business profits. Visit our website or contact our team of expert consultants. We have a solution tailored to the needs and objectives of your business, shall we talk?

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