We’re thrilled to launch omnichannel payments, Tilled’s powerful new feature designed to help ISVs improve their customer experience and maximize revenue potential.
Omnichannel, Tilled’s newest functionality, is much more than a cool name. In fact, its name is the least cool thing about it. Built to support both card-not-present and card-present transactions, omnichannel processing enables ISVs to process all forms of payments from anywhere. Why should you – the modern software company – care about this? Glad you asked.
Why Support Card-Present + Card-Not-Present Transactions
In today’s world, most transactions still happen in a card-present environment — A.K.A instances where a physical card is swiped through a machine — as opposed to a card-not-present environment — think digital transactions made through hosted payment pages, virtual terminals, or invoices where payment information is entered manually.
Now, when you, the ISV, are NOT supporting card-present transactions, two things are happening:
- You’re leaving serious money on the table.
- Your merchants have a disjointed payment experience.
Let’s tackle #1 first.
You’re leaving serious money on the table.
Earlier, we mentioned that most transactions still happen in a card-present environment. To give you a better idea of what we mean by ‘most’, consider the veterinary market. Roughly 10-25% of transactions across the veterinary industry are card-not-present transactions. For those of you that aren’t math whizzes, that means roughly 75-90% of the transactions processed in this industry are card-present transactions.
Now let’s say your core software serves the veterinary market. If your merchants can only process card-not-present transactions through your platform, that’s up to 90% of other processing potential that is not being processed through your platform. Up to 90%. Up to 9x the margin is being left on the table. That’s. A. Lot.
Your merchants have a disjointed payment experience.
If your core software is not integrated with an omnichannel payments solution, we’ve got news for you: that’s not going to stop your merchants from processing card-present transactions. It’s kind of like taking away a hangry person’s utensils at dinner. That will probably not stop them from eating like a cave-person. Or maybe that’s just me. The point is; if your merchants are unable to process card-present payments through your platform via an integration, they’re left with the option to process them outside of your system – which is where things get problematic.
For your merchant, leveraging a payment processor not integrated with your platform means they’re working with two separate partners, two portals, two support numbers, and two monthly statements just to process all transactions. Talk about a disjointed payment experience, right? And that’s not all; because there’s no integration between your core software and the payment processor, there’s no data sharing going on. As a result, your merchants will need to manually key transaction information into your platform to ensure accurate bookkeeping.
In sum, processing card-present transactions without an integrated solution is not going to do your merchant experience any favors. And it’s not doing you, the ISV, any favors either. That’s why we’re so thrilled to offer omnichannel processing. Processing both card-present and card-not-present transactions through your software maximizes your revenue potential and ensures you’re serving the full need of your merchants.
Tilled’s Omnichannel Processing
Historically, Tilled has only supported card-not-present transactions, but as our mission has always been to help ISVs capture the lion’s share of the revenue, it was necessary for us to build a solution that allowed for card-present processing. Thus, omnichannel was born.
Merged directly into our core API, omnichannel gives our ISV partners the ability to power the payments happening in person, at the physical location where their merchants do business. This functionality not only unlocks HUGE revenue potential, but also allows you to offer a turn-key solution for your customers.
In terms of implementation, the only cost you’ll have to worry about with omnichannel is the upfront cost of the terminal — no hidden monthly or transaction fees. As a part of PayFac-as-a-Service, you can also expect Tilled will also handle the device deployment so that you don’t have to worry about finding, managing and shipping integrated terminals.
A better customer experience and more revenue is here with omnichannel. Get started with Tilled today!