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Effective multi-channel payment collection strategy and operations

by Kylene Casanova

Multi-channel payment collection is a must for most companies in the consumer and business markets. It is essential for be able to collect receivables via the payment channel that your customers prefer to use. A recent announcement by Thai Airways shows how all-inclusive multi-channel solutions need to be to cover all customer’s needs.

Thai Airways multi-channel solution

Thai Airways International has announced that 2C2P, a Singapore-based, comprehensive payments solutions provider, will now process all online sales transactions made through the Thai website, for both domestic and international ticket sales. Thai Airways’ customers at present have more payment options, including credit cards, debit cards. There are plans to add more payment options for travellers on THAI, including payment via ATMs, other bank channels, and counter services soon.

Omnichannel solutions in Europe

Suppliers of multi-channel solutions in Europe include PAY.On who offer online merchants an omnichannel payment platform for online payment processing, payment service. PAY.ON provides the technology for eCommerce, mCommerce, and mobile point-of-sale transactions, and their MOTO Call Centre Application (eTerminal) enables call centre agents to key in and process transactions worldwide. 

CTMfile take: There are a growing number of third multi-channel payment solution providers world-wide, the issue for corporates is should they use these services direct or via/with their cash management bank. There are advantages and disadvantages with each approach, but not providing multi-channel payment options for collections is no longer an option.

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Comments

By Kees Kindt on 26th May 2016:

Omnichannel is clearly the right direction for regional B2C corporations, such as airlines. However, is it the right direction to have all your payment collections to be processed by a single payments solutions provider? Just like with banks you might opt for more banks and choose the payment solutions provider with outstanding track records for the local markets serviced.
Make them plug and play.

By Jack Large on 26th May 2016:

Kees,

Yes for the high volumes you are right. But the issue today, particularly for B2C corporates, is that new payment systems keep springing up and it can take ages (many months or even years?) to develop the new interfaces, etc. as well as being very costly. Transcentra, a leading omnichannel providers in the US, estimate that it costs $200k to develop a new channel and $90k/annum to maintain it. I accept that they will inflate the costs to impress, but each channel is not cheap.p.
I met a US corporate last year who uses the omnichannel providers to ensure not to miss a new market opportunity and then scales up with them or a new provider if the channel takes off. It seems to me that maybe this is how B2B corporate could tackle the problem of new payment channels.

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