Understanding Multichannel Payments
Today, customers use multiple channels to engage, transact, and pay bills. A McKinsey study found that 82% of Americans use digital payments. These digital payments encompass browser-based or in-app payments, in-store checkouts using mobile devices or QR codes, and person-to-person payments (P2Ps).
Customers appreciate the convenience and ability to make payments in multiple ways when transacting. They also expect seamless, personalized experiences from your business. Providing multichannel payment options is one way you can meet their needs.
What Are Multichannel Payments?
Multichannel payment processing refers to the ability to accept customer payments across various channels. It offers your customers the freedom and flexibility to make payments using their preferred methods and platforms, whether that means paying in-store, on a mobile app, over the phone, or online. Multichannel payments provide your customers with a consistent, streamlined experience while making things easy for you to manage with one synergized vendor and solution.
Efficient multichannel payment processing also makes it easy to track customer behavior, preferences, and purchase history across various channels. With that info, you can deliver better customer service, marketing, and overall experiences.
How Do Multichannel Payments Work?
Multichannel payments offer a convenient experience no matter the path your customers choose. A customer may use your services or purchase your products and want to transact in a unique way. With a multichannel payment solution, you can make the switch between channels seamless.
Your customers can pay on their preferred channel—email, text, interactive voice response (IVR) or via a live agent—and switch at any point. You can simplify the payment process for your customers and merchants while keeping interactions personalized.
Multichannel payments link all your touchpoints through an integrated platform, making payments highly personalized and focused on your customer’s preferences.
What Are Multichannel Payment Processing Channels?
Typical multichannel payment processing channels include phone, in-person, email, and text.
1. Phone Payments
Pay-by-phone IVR solutions enable you to accept payments 24/7. Leverage innovative speech-recognition and touch-tone technology to empower customers to make rapid payments using self-service capabilities.
Your customers can connect to your system at any time from any phone, following prompts to complete transactions. IVR payment methods provide frictionless payments and shorten your collection time. The self-service functionality will free your staff to focus on more urgent matters.
2. In-Person Payments
Speed up in-person payment processing with advanced contactless payment technology that makes point-of-sale (POS) purchases a breeze. Digital bill payment methods will continue to grow, but in-person transactions are still the preferred pay point for many consumers.
A contactless system enhances the offline payment experience, helping customers pay bills securely and efficiently while on the go. You can opt to integrate award-winning POS solutions with your current system or use the enterprise-grade POS terminals as standalone devices.
3. Email Payments
Leverage email payment link technology to streamline billing for your customers. To accept payments through this channel, you need a trusted payment services provider (PSP) to set up a secure system that enables you to send customers a safe email link. This email link will take customers to an encrypted hosted page or NanoSite where they can make payments online. The link will also work when sent via text or through social media.
You can accept email payments even if your business doesn’t have a website. Email payment processing is versatile and quick. It removes barriers to sale and reduces late payments by supporting them via multiple methods, including:
- Credit cards
- Debit cards
4. Text Payments
Pay-by-text capabilities enable customers to make payments via SMS and MMS. When a customer initiates a bill payment, they’ll receive a message with a secure link. This encrypted link will take the customer to a secure gateway or NanoSite to complete the transaction, offering a seamless payment solution.
Text payments are opt-in services that help customers conveniently pay when you message them, reducing your past-due payments.
What Is a Multichannel Payment Platform?
A multichannel payment platform helps you manage multiple types of payments in one place. CSG Forte Engage provides secure, frictionless payment methods, allowing your customers to pay using their preferred channel anytime. This integrated platform offers:
- Multichannel payments: Give your customers the power to pay at multiple touchpoints and via email, text, IVR, or live agents—with the option to switch throughout the payment process seamlessly. Enable customers to select payment options like autopay for recurring fees or installment payments.
- Secure payment options: The live agent assist feature allows your contact center staff to create online invoices and send them directly to customers. With cutting-edge NanoSite technology, clients can securely complete transactions without sharing banking details or credit card information across multiple channels. This approach reduces the risk of sensitive information leaking.
- Customized payment journeys: Rapidly deploy personalized payment journeys for your customers. Branded payment journeys can be activated for one-time, recurring, or future-date payments. You can send invoices with payment prompts, confirmations, or late payment notifications to a customer’s channel of choice.
The Benefits of Our Multichannel Payment Platform
Innovative multichannel payments offer your business several advantages. When you leverage our platform for multichannel payments, you can benefit from:
- Fast implementation: Advanced solutions enable low-to-no coding, meaning integration takes days, not months.
- Convenient automation: Multichannel payments reduce repetitive tasks through automation while still providing highly personalized customer experiences.
- Secure transactions: Custom payment pages or NanoSites allow customers to transact with your business quickly and securely, reducing late payments.
- High adoption rates: Multichannel payments increase self-service capabilities and encourage the adoption of digital payments, minimizing the costs associated with some offline payments.
- Seamless testing: Your business can leverage multichannel payment capabilities to split-test elements of the payment journey. See what best works for your customers and use it to enhance their experience.
Partner With CSG Forte for Secure Multichannel Payments
At CSG Forte, we leverage decades of experience to help your business scale payments and grow with smart, unified payment solutions. Our payment platform is designed to meet your ever-changing needs and customer preferences.
Want to learn more about how we can help you simplify and scale your multichannel payment capabilities? Get started by connecting with our team online.