Research by analytics advisory firm Escalent reveals that 61 percent of consumers wanted to shop in-store this holiday season, more like the pre-COVID-19 days. At the same time, e-commerce doesn’t appear to be on the decline. eMarketer predicted a 17.9 percent growth in online sales last year. Basically, shoppers want it all, but do your payment solutions deliver?
Anywhere, anytime shopping and payment are creating the demand for omnichannel payment solutions. It’s impractical for businesses to have separate payment solutions for transactions on various channels – it would cause inefficiencies, extra work to close out the day, and limit the merchant’s ability to build a 360-degree view of shopper activity. One unified solution will give your clients the payments functionality and features they need, including:
- Online payments: Shoppers are sold on the convenience of browsing and paying online for the items they want. Analysts are predicting that consumers will use buy online pickup in store (BOPIS) heavily to avoid crowds – and delivery fees. Statista reports that 33 percent of consumers plan to use this option more in 2021, 51 percent about the same, and only 16 percent anticipate using it less.
- Contactless payments: Although shoppers are looking forward to returning to stores, they are still conscious of the risks of touching shared devices – such as PIN pads – during a pandemic. The 2021 Visa Back to Business Study points out that 56 percent of consumers have used contactless payments more often, comprising the biggest shift in shopping habits.
- Touchless payment options: Another way merchants can minimize touch involved in payment transactions is to give consumers the option to pay by scanning a QR code. Statista reports a growing awareness of this payment type, with about 47 percent of consumers in the UK and U.S. noticing an increased use of QR codes since the beginning of the pandemic. This option may also be attractive to SMB retailers who want to provide touchless payment experiences but aren’t ready to invest in new technology.
- Mobile wallets: Mobile wallets like Apple Pay and Google Pay also enable contactless payment experiences – the shopper opens the wallet on a mobile device, taps it or waves it near a card reader, and the transaction is complete. Mobile wallets can also provide the advantage of managing online and mobile or m-commerce payments, giving consumers one payment method that works on any channel.
- Unattended payments: Consumers who want to minimize their time waiting to check out may choose self-service. The added convenience it provides, along with the ability for one sales associate to manage several lanes at once, is driving adoption. IndustryARC is predicting the retail self-service market to grow at a CAGR of 7.3 percent to reach more than $30 billion by 2026.
- Gift cards: The payment solution you integrate with should also give your clients the ability to issue and accept gift cards, a perennial favorite for holiday giving and receiving.
Omnichannel Payment Solutions Can Capture Every Sale
Give your clients the ability to accept payments on any channel and provide consistent payment experiences as shoppers move from online to mobile to in-store and unattended payments. Consumers will always look for the most convenient ways to pay – and your clients will appreciate access to value-adds such as same-day funding.
Contact us to learn more about the flexibility, range of payment capabilities, and added value an integration with North American Bancard can provide to your clients.