For everyday consumers, a payment starts and finishes when they tap their card on a Point-of-Sale (POS) system or click ‘pay’ on an online purchase. What seems like such an easy, seamless process is actually quite complex behind the scenes – and it is this complexity that Omni absorbs to allow you to focus on creating a great consumer experience and frictionless payment experience.
What is an end-to-end payment processor?
As the name suggests, an end-to-end payment processor manages the entire payment process from start to finish, from when a transaction is initiated, and completed to settlement, and money is in the bank.
Another way to think of an end-to-end payment processor is that they are the central point that brings all the necessary systems together to make this a seamless, simple, and safe experience for all parties involved.
How does this work?
End-to-end payment processors enable electronic payments by offering services such as payment gateways, acquiring, transaction processing, and risk and fraud management and prevention tools. They act on behalf of a merchant for all things related to payment processing. They provide the infrastructure and security necessary to make online payments safe and efficient.
Here is a brief explanation of the key players involved in processing payments.
Payment gateway: when your customer makes a purchase online by submitting their card information, the payment gateway sends the information to a payment processor for verification. Its role is to verify if the card is valid or not, like how a POS terminal checks the physical card’s chip. A payment gateway instead is used in conjunction with a payment processor.
Payment processor: connects the merchant and the financial institution. Payment processors. captures and transmits transaction data back and forth between the financial institutions, the merchant, and card schemes to authorize, clear, and settle the transaction. They then pass this information back to the merchant to allow the transaction to be cleared and settled.
Card issuer: When a customer makes a purchase with their card, the card issuer authorizes and processes the transaction via the card scheme. This involves verifying the availability of funds (in the case of debit cards) or assessing the credit limit (in the case of credit cards). The card issuer sends information with the merchant’s payment processor or merchant acquirer to facilitate the transaction.
Why use an end-to-end payment processor over separate providers?
Instead of having to use multiple payment providers for different types of payments, whether it is face-to-face or online, merchants can streamline all of their payment needs by using a single provider for everything. By consolidating payment providers, merchants can benefit from improved customer experience and operational efficiency – ultimately saving them precious time and money!
While many payment processors claim to offer end-to-end payment solutions, not many actually deliver. That’s where Omni differentiates, as we offer a truly all-in-one payment solution as a Merchant Acquirer, Payment Gateway, and Card Issuer. Having these capabilities across the entire ecosystem enables our transactions to be processed more efficiently, and provides a unified view of payments for merchants.
Seamless Customer Experience
Payment processing is a vital part of delivering a seamless customer experience. An end-to-end payments processor reduces friction and optimizes the overall payment experience. This seamless experience enhances customer satisfaction, boosts conversion rates, and fosters customer loyalty.
With Omni, our payment solution encompasses both online and face-to-face payments, allowing merchants to accept payments from cards, digital wallets, and even cryptocurrencies. For larger merchants, Omni can also issue physical or digital cards that can help boost customer loyalty or create new revenue streams.
Enhanced Security and Compliance
End-to-end payment processors such as Omni offer robust security measures and compliance frameworks. As an ASX regulated payments provider, Omni has a strong compliance and security team that ensures sensitive customer data is protected throughout the entire payment journey.
Omni also offers merchants a chargeback guarantee which provides merchants peace of mind by minimizing fraud, increasing approval rates, and reducing overhead costs.
Streamlined Operations and Efficiency
Instead of dealing with multiple providers and systems for payment processing, reconciliation, and reporting, merchants only need to work with one provider that manages all of these functions. This consolidation simplifies financial management, reduces administrative overhead, and minimizes the time and effort required for reconciling transactions and generating reports. By automating these processes, businesses can allocate their resources more efficiently, allowing them to focus on core operations and strategic initiatives.
Scalability and Flexibility
For businesses looking to grow and scale quickly, an end-to-end payments processor offers the scalability and flexibility to enter new markets, handle increased transaction volumes, etc.
For example, Omni offers a set of API integrations and sandbox tools that allow businesses to get set up and implement changes quickly. Omni can help merchants build their ideal payment solution using our flexible and modular services, which include add-ons such as fraud prevention.
Data Insights and Analytics
Data is king and an end-to-end payments processor offers merchants rich data and analytics in a more simple and centralized way.
With Omni, merchants can access a dashboard for in-depth transactional, product, and customer-level insights to help them better understand sales performance and research payment trends.
