11/08/2021

Omnichannel Approach Pays for Merchants

Here is a quick overview of payment options consumers have today

Since the pandemic began in early 2020, new payment technologies have emerged and completely changed the landscape. Today, instead of paying by check or cash, consumers have so many choices when it comes to purchases. Even though it can be difficult for merchants to keep up, the omni-channel approach to payments can usher in more profits while freeing up employees to concentrate on running a smoother business.

Types of Omnichannel Payments

Here is a quick overview of payment options consumers have today:

• Mobile – Transactions made via smartphone or wearables provided another payment channel for consumers. The creation of Google Pay, Samsung Pay, peer-to-peer payments like Venmo, FI digital payments such as Zelle and more, demonstrate mobile pay’s popularity.
• Online – Making purchases via an eCommerce site was already popular but the pandemic sent this digital transactions into overdrive with online retail sales increasing 39 percent in Q1 2021.
• Voice – This type of payment is the ultimate convenience method. Consumers can let a virtual assistant, like Amazon’s Echo, know that they need more products by calling it out loud while they sit on the couch.
• In-person – Even though digital payment options have increased; many customers still want to go into the store. But this time, they have multiple ways to pay such as contactless or mobile wallet.

Please select this link to read the complete blog post from OSAP Member Infintech.