PAYMENT CHANNELS: A REFRESHER
It’s been a while since the online chatter about omnichannel payments shifted from fringe to mainstream. The word “omnichannel” refers to the ability to support multiple channels, which is something CSG has years of experience at doing.
These payment channels aren’t limited to use in the retail industry. Government agencies could implement online payments to accept taxes online and build a smart physical point-of-sale (POS) system for in-office payments. Property management companies, service providers and other businesses can all benefit from considering an omnichannel approach.
Now that we’ve covered the basics, here’s a quick breakdown of payment channels and what we offer.
What is a Payment Channel?
A payment channel any way a customer can make a payment or any method by which you (as a merchant) might accept a payment. This is slightly different from the definition of a retail channel, which includes brick-and-mortar locations, catalogs and online shopping/eCommerce sites. Payment channels are related to retail channels, but are more specifically tied to how the payment is made: physical POS systems, phone/IVR payments, online checkout solutions and mobile payment options, for instance.
Here’s how to think about the overlap between retail and payment channels: at a brick-and-mortar store processes payments on a physical POS system (i.e., the cash register), as well as on smartphones or tablets within the store. That store’s catalog might accept payments by phone and also integrate those catalog orders with the in-store POS system, allowing customers can order through the catalog then pick up their merchandise in store and pay at the POS—and maybe pick up another item or two while they’re there.
Offering this symbiotic relationship between payment channels and retail channels will help your business start creating a cohesive, omnichannel experience. But with all the payment options out there, it’s essential to consider which payment channels you should implement.
Payment Channels CSG Forte Supports
CSG Forte offers full payment processing support for the following channels:
Physical POS
When you have a physical location where customers want to make in-person payments using credit or debit cards, we can supply card readers, help build a solution with our Virtual Terminal that turns existing computers into instant workstations and more.
Phone/IVR
Your customers may appreciate the convenience of phone-based payments. We have a solution: a toll-free number and script-building assistance.
Mobile Payments
Customers are spending more and more time online, and smartphones are increasingly their number one shopping tool. Take advantage of that with our responsive checkout solution, allowing your customers to pay on their preferred device. You can also generate tokens for your mobile app using our solutions.
Online Payments
Our checkout process is smart, speedy and stocked with options: You can allow your customers to store their payment information, process payments or schedule future transactions. You can even process your customers’ payments with their preferred digital wallet.
Payment Channel Solutions For Your Business
CSG Forte makes it easy to accept electronic checks, credit and debit cards on many channels. Each channel comes with our DEX Payments platform for transaction management and reporting capabilities, so you won’t have to worry about putting things together yourself.
What’s more straightforward than setting up all your channels with one company? Get started with CSG Forte today. Call us at 866.290.5400 to see what we can do for you.