Customer demands are raising the bar for payment expectations. Merchants need a powerful, flexible solution like a payment orchestration layer that improves the checkout experience for customers by providing access to the latest payments capabilities. A convenient and frictionless purchase journey for customers leads to an increase in conversion rates and more profits for merchants. Yet, deploying and managing the payment processing system is time-consuming and challenging to scale with variable technologies and new forms of payment.
Enabling an omnichannel payment orchestration layer allows merchants to expand payment capabilities while shifting the management of payment complexity. OLS Payments helps orchestrate existing and emerging payments in the most simple way. Our solutions enable merchants to attain an expansive payments ecosystem and connect data across channels, creating nearly infinite connections.
How can a payment orchestration layer boost profits?
An omnichannel payment orchestration layer can help merchants boost profits through revenue-generating payment products by increasing access to more customer transaction data, an enhanced customer experience, and lower implementation and operational costs.
1: Increase Profits Through Point of Sale Solutions With a Payment Orchestration Layer
Through its integration with InComm, OLS Payments can provide merchants with the point of sale solutions that allow them to offer services and products that are beneficial to customers. These point-of-sale solutions, such as in-lane bill pay, gift cards, and general-purpose reloadable (GPR) prepaid cards, are indispensable additions to the payments environment that can enhance a merchant’s suite of retail products. Instead of focusing on attracting new customers, which is expensive, merchants can see a greater ROI by finding ways to generate higher revenue from existing customers.
Point-of-sale solutions help increase the value of individual transactions and improve engagement by increasing the number of times a customer visits the merchant’s store, ultimately helping to increase revenue. In-lane bill pay, in particular, is often a point-of-sale solution that a merchant may not have previously considered. This convenient solution allows customers to pay their bills using cash in the checkout lane at many retail locations where they already shop.
The OLS omnichannel solution allows merchants to collect payment and transactional data and makes that data available across systems. Merchants can further analyze this data to provide additional insights and convert it into actionable programs.
2: Increase Profits With a Larger Customer Base
Consumers want to make purchases with payment methods that are common to them, which vary significantly by location and demographic. If for whatever reason, a customer is faced with a transaction where they cannot use their preferred payment method, a growing percentage of them will abandon their purchase.
Offering alternative payment solutions means reaching more consumers and removing friction experienced during the transaction process. These additional payment methods provide greater consumer convenience and a more effortless shopping experience, ultimately increasing revenue. Businesses that can adapt to new consumer demands and implement a wider variety of payment solutions will be rewarded with a strong competitive advantage.
With access to the latest payments capabilities, a payments orchestration layer partner can help businesses as they develop the right mix of payment options. OLS supports every major payment network in the United States and an increasing number of international payment types and is capable of implementing private label solutions.
3: Increase Profits by Providing Customers with a Consistent Experience
Consumers expect a payment experience that is cohesive, unified, and personalized, no matter what sales channel they select, which can be a challenge for merchants. Omnichannel payments orchestration allows merchants to track each interaction they have with a customer, regardless of the sales channel. By unifying these various sales channels, merchants can provide customers with a seamless, secure, consistent experience. Developed through years of helping other merchants overcome these same difficulties, the OLS payments solution offers a true Omni/cross-channel experience for consumers.
4: Increase Profits by Preventing Cart Abandonment with Offline Processing Solutions
Processor failures, network issues, third-party systems latency, and outages can lead to the same outcome: a merchant unable to complete transactions, frustrated customers, and both online and in-store cart abandonment. Unfortunately, the rising complexity of the payments environment represents an increased risk for merchants with a growing number of potential failure points along the transaction flow. To mitigate or eliminate the adverse effects of these occurrences, particularly the loss of sales, merchants should consider turning towards offline processing as a convenient backup method.
Offline processing allows merchants to continue completing transactions even when one or more points along the process flow are unavailable. With offline processing, any time the merchant cannot get real-time approval, OLS will step in and take responsibility for those transactions that have been deemed appropriate for store and forward or stand-in. The merchant’s main payment application will never know the difference. OLS can help merchants navigate the complexities of stand-in processing, prepare their systems properly, and mitigate any future payment processing outage.
5: Increase Profits by Reducing Costs With a Payment Orchestration Layer
Reducing payment complexity with an omnichannel solution has the bonus of reducing the costs and resources required to manage payment systems, specifically by substantially lowering implementation and operational costs and driving down payment acceptance costs. The OLS solution can integrate with existing and new solutions and is a streamlined payment processing system that helps merchants process payments most simply and cost-effectively.
An omnichannel payment solution should expand payment capabilities, facilitate nearly limitless connections, be highly scalable, prioritize transaction security, and help drive down payment acceptance costs. OLS Payments is modular and flexible, fitting into nearly any situation or environment. Contact us today to learn how OLS Payments can help you improve profits with an omnichannel payment orchestration layer.
- Enabling an omnichannel payment orchestration layer allows merchants to expand payment capabilities while shifting the management of payment complexity.
- A convenient and frictionless purchase journey for customers leads to an increase in conversion rates and more profits for merchants.
- An omnichannel payment orchestration layer can help merchants boost profits through point-of-sale solutions, a more extensive customer base, and a consistent customer experience.
- OLS Payments is modular and flexible, fitting into nearly any situation or environment.