Unified Online Payment Solution

Invest in a Unified Online Payment Solution – 8 Reasons Banks & Business Are Keen

Whether you’re a small enterprise or a large-scale company, having a unified digital platform that allows you to make and receive payments seamlessly saves you a lot of time, cost, energy, resources, and effort. You could benefit a lot from such platforms not only because they are simple to use but also because they’re very much cost-effective in the long run. The following section sheds more light on it. Let’s begin:

Your Consumer Wants You to Unify

The biggest reason is that your consumer wants you to unify all your payment platforms. He has not just become technologically savvy but wants a more unified and simpler way to make a purchase with you. In addition to this, new technologies have made it possible for retailers to unify all their payment platforms already. This is another reason you should go down the same path.

The open banking and instant payment initiatives have also brought down several market barriers and made it possible for a diverse consumer group to make purchases with your brand in the past few years. When every business is on the bandwagon to getting unified payment platforms, so should you.

Diversity with Cost-Effectiveness

Unified Online Payment Solution

Source: hindustantimes.com

If you are looking to invest in a unified online payment solution for your business, you have another reason to expedite this process. There are several distinct payment types that your current consumer group may be divided across. The purpose of a unified payment resolution is to bring them all under a single umbrella.

For example, if your consumers make retail payments through their credit card, they will have different consumer protections as compared to what they get with an online bank transfer. You can easily unify all these payment types and increase the level of acceptance of your brand from your consumers. You will require fewer processors and your overall cost of operation will reduce significantly.

A Unified Point of Contact

Your customers seek a unified point of contact with your company. They may have several accounts or payment options but they want to use a single point of contact whenever making payments to your business. This is specifically beneficial for retail businesses because it allows them to streamline their payments. It gives them the freedom to focus on what they are best at, which is providing goods and services to their customers.

A unified payment solution acts as a payment gateway and also a means to acquire your goods and services for your customers. This means that you don’t have to maintain two separate platforms or two distinct relationships with your consumers.

Making Banks More Efficient

Now coming to another one of the most critical ways that a bank can benefit from a unified online payment solution! A single and easy-to-use interface makes transaction access more definable for both the customers as well as bank officials. The bank representatives become more efficient when it comes to processing the transactions.

Because the unified payment platform is reconfigurable, the workflow is simple to understand and does not invite many queries. As a financial institution, it is critical for you to save major costs on infrastructure and this is exactly what a unified online payment solution is capable of doing for you.

A Higher Degree of Merchant Motivation

You as a retailer/merchant are already quite motivated to unify your digital payment solutions. According to HPS Worldwide, retailers are growing more and more in the favor of real-time payments where there is no interchange or interference of credit card companies.

They have understood the clear benefits of instant funds availability and added convenience at the (POS) point of sale. Whether it is in their physical store or on their online platform, the frictionless payment phase is here to stay and they favor it even more because it maximizes transaction closure.

Multiple Third Party Payment Integration

Unified Online Payment Solution

Source: http://clickspay.info/

Have you ever wondered what it would be like for the user to see all their multiple third-party payment channels and platforms listed under a single umbrella? Whether it is Google Pay, Samsung Pay or Apple Pay, bank transfers, credit cards, or debit cards, the user will be able to access each one of them with just two clicks. This is what a standardized and state-of-the-art online payment solution does for your customers.

Batch and single payments are a breeze. The authentication process is super fast and the OTP delivery is always bang-on, making it possible for them to complete the transaction in a matter of seconds. This is highly beneficial for enterprises and retailers.

Highly Scalable and Wide Adoption

Because of the state-of-the-art technology that is being used in these unified payment platforms, the final result is a framework that is able to cater to close to a billion users without crashing or hanging even for a second. Yes! This is the strength of modern-day digital online payment solutions.

The learning curve attached to these platforms is very subtle and whether it is an individual user, a bank, financial institution, a retailer, or an enterprise, the ease of adoption is palpable and this is exactly what makes it so successful. And of course, the online payment platforms of today provide full interoperability across various smart devices and tablets as well.

Also Read: Payment Trends 2022: Here Are The Top 10 To Look Out For

Don’t Want Mobile Wallets? Ok!

There has been a rather visible onslaught of mobile wallets in the banking sector all over the world. This is why several banks have started rolling out their own versions of digital wallets and strategically abandoning the role of a banking regulator altogether. The worldwide launch of unified online payment platforms has come as a rescuer for major banks all across the globe.

These digital payment solutions have become a big game-changer for the banking sector by allowing them direct points of contact with their customers and never losing their ground to the deluge of practically countless digital wallets.

Nowadays, merchants and retailers are very much inclined towards embedding new payment mechanisms into the buying process. It removes barriers to purchase for a large consumer base. This is seamlessly applied to physical stores and online marketplaces alike.  

Final Thoughts

Having a unified payment platform is not just safe and simple but the need of the hour. If you want to stay relevant, you’ll need it. If you want to become the most preferred choice of your consumers, you’ll need it. So, which unified payment online payment solution have you thought about investing in today?