The modern buyer journey is a complex, multi-faceted affair, with individuals fluidly navigating between various touchpoints to complete their purchases.
This shift towards omnichannel commerce has fundamentally transformed the way businesses must approach payment processing. Gone are the days of siloed, single-channel solutions. Today, successful enterprises recognise the increasing expectations of their buyers and the need to provide high quality payment experiences regardless of the channel they occur on. Further to the customer demands, most B2B retailers are inherently multichannel, so the need for a unified method of managing and processing payments is something that can bring huge benefits to the merchant too - we’ll cover these benefits in more detail later in the article.
While online payments have experienced rapid technological advancement with seamless experiences being delivered through traditional payment options alongside modern alternatives, like digital wallets & PayLater (or B2B BNPL). Offline B2B payments are still full of friction despite representing 90% of all B2B commerce.
Here we’ll break down the core concepts and provide guidance for merchants looking to deliver a consistent, high quality payment experience across all sales channels.
What are Multi-Channel Payments?
Multi-channel payment processing is the centralised ability to accept payments across a diverse array of platforms and touchpoints. This approach empowers your buyers to choose their preferred sales channel, whether that means purchasing offline (in-store, over the phone, in-person) or online (through an eCommerce store, mobile app or via an online portal).
By offering flexibility and choice, you not only cater to the diverse needs and preferences of your buyers, but also streamline the overall payment experience. Buyers can move fluidly between channels, picking up where they left off without interruption & accessing the same payment methods, while your business benefits from a unified, synergized payment solution.
An example;
- A trade buyer typically places orders over the phone with an account manager, receiving 30 day net terms.
- The next month, the buyer wants to visit the merchant’s branch to take a look at the physical product and makes another order while being offered the same 30 day net terms
- The next month, the buyer browses the merchant’s eCommerce store to explore detailed product specifications, and ends up making another purchase, again enjoying the 30 day net terms they received over the phone with an account manager
Through the use of trade accounts, the merchant can offer the buyer the exact same terms across all of the possible sales channels, giving the buyer the flexibility to trade according to their changing needs on a monthly basis. The payment experience is frictionless and provides a great opportunity to drive increased sales.
Multi-Channel Payment Options
Crafting an effective multi-channel payment strategy requires the integration of various payment processing channels, each tailored to the unique needs and preferences of your buyers. Here are some of the key components that make up a comprehensive multi-channel payment platform:
Offline Payments
POS systems
The most common POS system - or point of sale system - are credit or debit card readers. Merchants that conduct in-person sales may use a card reader that can be paired with an app on their smartphone or tablet. The best credit card readers allow you to offer contactless payment, and can be connected to a larger, more powerful POS system. More sophisticated POS systems will handle inventory and order management too.
Merchant Portals
Portals are a great way for when B2B merchants need to process transactions in person but also want to capture further buyer information or offer payment terms. Payment platforms - like Kriya - can provide the technology to authenticate buyers, set up profiles, offer payment terms and store details for later purchases.
Tele-Sales
Tele-sales, is the process of selling items or services over the phone, allowing merchants to reach buyers remotely. Many B2B retailers have a Sales or Account Management function to processed orders placed by phone or email. These solutions work with CRM platforms to help secure and streamline payment processing. Secure IVR for direct payments, call recording for compliance, and multi-factor authentication for transaction security are among the available features.
Mobile Payment Links
Mobile payment links enable merchants to accept payments by SMS, email, or messaging platforms while redirecting buyers to a secure payment website. These linkages are ideal for distant operations and delivery services, as they allow for instant and secure transactions. Providers will typically offer a centralised dashboard allowing merchants to track payments, manage refunds, and handle client data.
Online Payments
Ecommerce Checkout
There are a wide range of ecommerce checkout payment options for merchants to offer buyers. These can be split into either PayNow or PayLater options.
PayNow options for immediate payment:
- Credit/Debit card - A common and convenient payment option where customers use their card to make secure and immediate payments online.
- Bank transfer - A direct transfer of funds from the buyer's bank account to the merchant's account, often facilitated through online banking platforms.
- Digital & Mobile Wallets - Payment solutions like Apple Pay, Google Wallet, and PayPal that allow users to store card information securely and make payments quickly via mobile devices.
- Open Banking - A system where third-party providers access banking data to enable secure and seamless transactions directly from the buyer’s bank account.
PayLater options for deferred payment:
- BNPL (Buy Now, Pay Later) - Allows customers to receive their goods immediately and pay for them in instalments over a set period.
- Invoice-based payment - The merchant sends an invoice to the customer after the purchase, detailing the amount due and the payment deadline, usually offering a grace period.
- Direct Debit - An authorisation given by the buyer to the merchant to withdraw funds directly from their bank account on a recurring basis, often used for subscriptions or regular payments.
Related reading: Check out our guide on B2B eCommerce conversion strategies
Both Online & Offline Payment Methods
Email Invoices
Email payment link technology allows you to send buyers secure, encrypted payment links directly through their inbox. This versatile solution enables you to accept payments even if your business doesn't have a dedicated website, removing barriers to sale and reducing late payments.
Phone Payments
Interactive Voice Response (IVR) solutions enable your buyers to make payments 24/7 through self-service capabilities. By leveraging innovative speech recognition and touch-tone technology, you can empower your clients to complete transactions with ease, freeing up your staff to focus on more pressing matters.
90% of B2B commerce is offline, but it’s still full of friction when it comes to payments.
Despite growth in eCommerce, 90% of B2B orders still take place offline. This doesn’t mean that these traditional account management channels can’t benefit from digitisation though - Read our guide on digitising offline B2B sales
Kriya is enabling leading merchants to offer B2B buyers the same flexible payments options and spending limits whether they order online or offline. We provide merchants a single solution to onboard buyers across tele-sales, email invoicing, in-store & online. Merchants simply create the order and Kriya will handle buyer authentication, assign credit limits, collect the payments and even pay the merchant upfront.
The Benefits of Multi-Channel Payments
Embracing a multi-channel payment approach offers a wealth of advantages for your business, from improved buyer satisfaction to enhanced operational efficiency. Let's explore some of the key benefits in greater detail:
Seamless Buyer Experiences
By allowing your buyers to pay through their channel of choice, you create a seamless, personalised experience that caters to their individual preferences. More importantly, buyers receive the same consistent experience—whether it's payment methods or payment terms—no matter where they transact. This level of consistency, combined with flexibility and convenience, can lead to increased buyer loyalty and higher conversion rates.
Streamlined Operations
A unified, multi-channel payment platform consolidates all your payment processing needs into a single, centralised solution. This not only simplifies day-to-day management but also reduces the risk of errors, improves data tracking, and minimises the costs associated with maintaining multiple payment systems. Furthermore, it allows for a single buyer onboarding experience, eliminating the need for siloed KYC and authentication processes across different channels. Buyers can benefit from having a single account with consistent spending limits and access across all channels.
Enhanced Data Insights
Integrating all your payment channels through a single platform provides you with a comprehensive view of buyer behaviour, preferences, and purchase history. Armed with these valuable insights, you can make informed decisions to optimise your marketing strategies, product offerings, and overall buyer experience.
Improved Security
Multi-channel payment solutions often incorporate robust security measures, such as encrypted payment links and hosted payment pages, to protect sensitive buyer information. By outsourcing your payment processing to a trusted provider, you can mitigate the risks associated with data breaches and ensure compliance with industry regulations.
Leveraging Multi-Channel Payments for Business Growth
As the digital landscape continues to evolve, embracing a multi-channel payment strategy has become a crucial competitive differentiator. Providing a great payment experience across all of your sales channels should be important to any merchant that transacts across multiple channels. A great experience not only enhances the overall buyer experience, but this leads to improved conversion rates, repeat orders & increased average order value.
Offer PayLater across all your sales channels with Kriya.
Give buyers the choice to pay on their own terms and provide a frictionless experience with Kriya Paylater. We handle the transaction from end-to-end, with a frictionless buyer journey.
- One solution across both online & offline sales channels
- Instant buyer authentication & spending limits set
- Flexible payment terms
- Kriya pays you in full on delivery of order
- Kriya takes on the risk & handles payment collection
PayLater is driving real growth for our merchants:
- 40% Buyer Adoption
- 2x Likelihood of repeat orders
- 45% Revenue Growth
- 4x Increase in acquisition of new buyers
Talk to our team today to find out more about how we can help you
