3 Payment Data Driven Strategies for Improving the Customer Experience
Improving the customer experience starts with treating payment data as a strategic asset. Too often, it has been overlooked and undervalued despite it being a key driver of business efficiency. Payment data provides a clear picture of customers, and their purchases, to businesses in near real-time. By understanding a customer’s spending habits and behavior, companies can gain a deeper understanding of the customer journey and create a better shopping experience.
As a payments orchestration provider, OLS can consolidate data across an ever-expanding set of payment types and channels, all in a secure environment. By unifying this data, OLS can provide businesses access to the full breadth of available payment data and allow businesses to see the entire customer journey. With this actionable data, businesses can monitor and adjust their payment systems to improve and gain a competitive advantage.
What payment data driven strategies can businesses use for a positive customer experience?
Businesses can use data from a payment orchestration partner to create a more unified view of their customers, utilize tokenization to improve customer convenience, and build customer loyalty.
Payment Data Driven Strategies for Improving the Customer Experience
Payment systems have seen enormous growth in recent years. The acceleration of new technologies, a need for more robust security measures, and the rising adoption of alternative payments have led to a complex payment environment. These additions have increased payment complexity and led to disparate, pieced-together, or siloed systems that can cause limited visibility into information.
To have access to the full breadth of customer data, businesses need a payment solutions provider that can deliver payment data that is integrated, transparent, and organized. With OLS Payments, merchants can leverage one of the industry’s most powerful omnichannel payments engines to increase functionality and simplify payment complexity. At the same time, customers enjoy a seamless and secure purchase journey from start to finish. OLS Payments offers merchants an omnichannel payments solution that expands their payment capabilities while also shifting management of payment complexity to us.
Use Tokenization To Improve Security and Customer Convenience
Tokenization enables merchants to secure sensitive data but also helps provide maximum convenience to customers, thereby improving the customer experience. These days, consumers are looking for more payment options. Whether they use loyalty cards, mobile wallets, or recurring billing, merchants can use tokenization to mitigate risks across these applications while making these new payment methods frictionless. These tokens can also be shared across payment channels, whether online, in-store, or mobile, mitigating risk in an omnichannel world.
Tokenization helps merchants securely store customers’ data for simple one-click checkout and subscriptions without running into security issues. Additionally, when making a purchase online, there’s no need for customers to enter details like their shipping details, as that information is already safely associated with the payment token attached to their payment method.
Regarding returns, retailers can take advantage of transaction-based payment tokenization to make the process as secure and seamless as possible. Whether it’s returning in-store or through shipping, tokenization simplifies the process without the customer ever having to present a payment method.
Use Payment Data to Build Customer Loyalty
Building customer loyalty involves serving relevant opportunities at the right time and place. By using unified payment data, merchants can better understand returning customers’ average transaction value and frequency and build loyalty and rewards programs that keep customers coming back. Besides connecting to every major card acceptance network, the OLS platform can implement private label solutions that connect loyalty cards or mobile apps to cards on file or directly to an ACH payment solution. These solutions enable transactional savings that can increase customer engagement.
OLS processes and integrates complex point-of-sale (POS) transactions to enable manufacturer incentive programs and loyalty solutions. As their payment orchestration partner, OLS enables merchants to implement triggers that can drive custom processes at the point of sale. These might create various requests, for example asking the consumer to join a loyalty program, asking whether the consumer would like to spend loyalty points or any other activity the merchant requires.
Payment Orchestration Strategies Improve the Customer Experience
At OLS, we understand that payment system data gives businesses insight into what’s happening inside their payment systems. With OLS Payments as their payments orchestration partner, businesses can access the full breadth of available payment data, see the entire customer journey, and provide a great customer experience.
- Payment data provides a clear picture of customers, and their purchases, to businesses in near real-time.
- OLS can consolidate data across payment types and channels, providing businesses access to the full breadth of available data.
- Tokenization enables merchants to secure sensitive data and also helps provide maximum convenience to customers.
- OLS processes and integrates complex point-of-sale (POS) transactions to enable manufacturer incentive programs and loyalty solutions.