Today’s consumers often use multiple channels to initiate, modify, and complete retail transactions, and expect each subsequent step to account for all previous interactions.
Shoppers of all ages say they value a seamless omnichannel experience Forbes Technology Council.
78% of baby boomers are frustrated by having to redo customer journeys, and this percentage is even higher among tech-savvy Millennials and Gen Z.
Not all merchants have access to such acquisition services that contribute to a smooth, personalized experience across all channels.
What does an acquirer need to make their services truly omnichannel?
open waya payments technology provider, gathered insights from omnichannel players using its Way4 acquisition software platform, including Nexi, Shift4, Halyk Bank, SmartPay, Banesco, and Equity Bank Kenya.
Various benefits of centralized channel management
Managing disparate technology platforms impairs acquirers’ ability to continually launch new services for POS, e-commerce, MOTO, marketplaces, and other merchants.
To address this challenge, Nexi, Europe’s largest omnichannel acquirer by number of clients, Replaced multiple legacy acquisition systems Uses the integrated Way4 platform.
The transition was completed in just nine months amidst the constraints of the 2019 pandemic.
Among its most popular services, Nexi can now offer personalized and dynamic pricing across all channels.
To date, the company’s portfolio has grown from 1 million to 2 million merchants.
Adapting to new payment trends is essential to maintaining leadership.
For example, Pay By Link and e-commerce QR code checkout are rapidly becoming popular even in latecomer markets.
By integrating these solutions on the same platform as existing channels and methodologies, acquirers can gain an additional competitive advantage in lower TCO.
Even in countries with few bank accounts, major payment providers support multiple payment channels.
In Vietnam, SmartPay started with C2B payments as remittances within the mobile wallet ecosystem and later introduced QR code payments for both new and old merchants.
Currently, SmartPay’s mPOS and e-wallet channels are Supported by over 700,000 small businesses and 40 million consumers.
A similar business model could be successful in Latin America.
Banesco Panamathe country’s largest POS acquirer, is considering a digital wallet solution and plans to ensure merchant loyalty with a seamless experience across multiple channels.
Sophisticated omnichannel payment scenarios
Some industries are more demanding than others when it comes to a seamless payment experience.
In the hotel industry, acquiring platforms handle multiple T&E rules (online and on-site payment options, deposit requirements, group rates, etc.).
These parameters not only vary from hotel brand to hotel brand, but also within the same chain.
For example, Hilton’s empire includes 8,000 properties, and Shift4 is a trusted acquirer because it offers flexible, personalized omnichannel services.
Shift4 also provides high approval rates for CNP transactions.
Its unique methodology includes monitoring spikes and drops in approval rates, analyzing rejection patterns by channel, card type, merchant, and other parameters, and making timely adjustments to processing systems.
Sophisticated payment channels also apply to fleet acquisition. Some drivers pay for fuel directly at the pump and then pay for additional items at the POS inside the station.
Some people skip paying at the pump and use POS for both fuel and snacks.
Additionally, pump payment workflows can vary significantly. Some stations require pump screens to advertise store merchandise or car wash services, but at refueling-only stations, drivers prefer to keep information on the screen to a minimum.
A key function in fleet acquisition is capturing line items and performing real-time Level 2 and 3 data analysis.
If the driver is not authorized to purchase a particular item with the card provided by the vehicle company, such transaction should be rejected immediately.
Integrated omnichannel data as the key to strategic opportunities
Acquirers use OpenWay’s Way4 platform to collect various channel and transaction data and stream it to seller portals and other systems.
Merchants appreciate having a comprehensive, real-time view of each cardholder’s transaction history across all channels, including transaction amount and purchase details.
Acquirers with rich payment data also become valuable participants in ESG projects.
For example, one of OpenWay’s clients introduced contactless payments on its rail lines, allowing passengers to pay their transit fares at the turnstiles as well as at POS terminals.
These initiatives can improve decision-making for rail companies and public transit agencies by leveraging transaction data captured by acquisition platforms, including details such as channel, location, amount, and frequency for each passenger. can.
Acquirers can also leverage Way4 to maximize the benefits of Gen AI in two key areas.
First, OpenWay’s platform can provide real-time, integrated data from online front and back offices to the integrated Gen AI engine.
Then, as Gen AI suggests enhancements to pricing, loyalty programs, risk assessments, and other acquisition service components, Way4 leverages its unique flexible parameterization to improve pricing, loyalty programs, risk assessments, and other acquisition service components across all relevant channels and seller segments. New service terms can be implemented instantly.
According to EY analystsGen AI’s hyper-personalization of services drives customer satisfaction and retention.
