Why an Omnichannel Payment Strategy Is More Important Than Ever

 Uniformity in payment functionality is what most folks are seeking. In a lot of ways, this has been the bugaboo for mobile payments and other alternative payment schemes, a lack of universality in acceptance. Having the methodology at one’s fingertips is only half the equation. If the consumer has to consciously think about the payment method, there is an unnecessary obstacle to the transaction.

 

Payment falls into the same pattern, whether that’s debit or credit, cash, card, contactless payment, mobile wallet or Direct Debit. As far as the customer is concerned, a purchase – from browsing to selection and payment – is a single transaction, and it benefits businesses to make the interaction between channels seamless so that what buyers enjoy is a continuous shopping experience.

 

Mercator Advisory Group anticipates merchant groups will become increasingly vocal around limiting the disruption consumers and small business experience to payment systems as trade deals are recast. The author strikes on the truism being taken into account that the consumer expects to be able to pay in the method they prefer (within reason of course). This expectation is being held regardless of the geo-political decisions being made around trade agreements in North America, Europe and Asia. Payment is one of the last touchpoints in the consumers’ interaction with a business. It behooves the business to ensure it proceeds without a hitch.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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