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Embedded payments in physical stores will help boost digital payments

Commerce, COVID-19, DCC, Digital Payments, Embedded Finance, Embedded Payments, EMI, India, Omicron, Open Finance, Payments, retail, Worldline

March 10, 2022

  • Commerce
  • COVID-19
  • DCC

Senior Vice President, Worldline India

The Indian government has achieved the milestone of inoculating over 150 crore vaccines. With the progressive unlocking happening in the majority of cities and villages across the country, the Omicron-led contagious third wave is anticipated to come under control soon.

by Vishal Maru, Senior Vice President Merchant Payment Services, Loyalty and Digital Payments, Worldline India

Physical shopping is regaining its lost glory as small retail outlets, malls are opening up while native markets are thriving. Amid all this, the requirement for quick, secure, contactless digital transactions remains a top priority for merchants and consumers alike.

Making embedded payment solutions available to all or any merchants across the country can help address these growing needs. Enterprise Resource Planning (ERP) solution has become critical for physical stores to assist in keeping track of inventory, system, and payment ledgers of the business. Today, most digital payment solution providers are realising the benefits of enabling ERP solution providers to integrate their billing software with POS terminals.

How does an embedded payment system work?

The embedded payment is about integrating payments options with enterprise resource planning platforms used by the merchants. This automates the process of entering the purchase amount manually in the POS terminals. It captures the card transaction details within the billing software for merchants. At the physical store, the selected items are added to the cart for billing by the merchant and therefore the system reflects the ultimate price including local taxes and discounts if any. Customers can pay by their preferred digital mode instantly because the waiting time is drastically reduced.

An advantage to the merchants

The Integrated system enables a merchant to supply quicker check-outs and error-free payment acceptance to the cardholders additionally to a quicker reconciliation of card transactions. Embedded payments on Android POS terminals make it a furthermore powerful and useful gizmo for merchants to manage their enterprise end-to-end because it is a mini kiosk with all features like payments, billing, inventory, reconciliation, customer loyalty, credit/cash history, BNPL, etc. on one single platform.

Embedded payments modernising most sectors

Embedded payments are changing the way businesses accept payment. It’s getting adopted across wide merchant categories like retail stores, hospitals and pharmacies, hotels, and quick service restaurants among others. This can not only help merchants to supply innovative payment acceptance but also first-of-its-kind contactless payment but automating their current billing processes and enhancing payment acceptance modes for quicker checkouts.

The growth within the size of the embedded payments is primarily thanks to increased government focus and initiatives that are aimed toward digitising the economy. It’s not to mention the customer-centric innovation that the industry is bringing to the table. As an example, POS terminals aren’t any longer limited to facilitating card transactions, it accepts payments via NFC-powered contactless cards, QR codes, UPI and offers several value-added services like EMI, DCC, among others. Additionally, it offers services like accounting and inventory management, payroll management, merchant financing, etc.

The connected POS helps hospitality players lead sales, invoicing, and orders at restaurants, rooms, activities, meals, and hotel boutiques. It will not only work in a restaurant but also for hotel activities, the boutique, and room service moreover. It ensures a connection between a hotels’ various departments, making it more efficient for the deployer while offering a flawless high-end customer experience.

From better inventory management to simplified invoicing, quick payments, and absolute customer satisfaction, embedded payments are adding value to the business and enhancing customer experience in every possible way for better and greater achievements.

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