For quite some time now, omnichannel retail has meant ‘buy from anywhere’ and ‘fulfill from anywhere.’ And when customers get increasingly demanding, omnichannel has no choice but to evolve. Businesses have to integrate different ways of payment, and one of the most common methods is split tender payment. Read until this post’s end to learn more about the method, how the transaction works, and its benefits for businesses.
What is a split tender payment?
This is a multi-method – it combines several payment methods for one purchase transaction. Customers could purchase a product with credit cards, gift cards, cash, etc., all in one transaction.
E.g. customers use cash and card ( or 1 credit card and 1 gift card) to pay; restaurant guests split the bill into 3.
Although this payment seems complex, it caters to customers’ wants and needs. This payment type is not rare in brick-and-mortar stores, but what about online?
Online split tender payment
With various sets of payment options, paying with several methods would be a desire for every customer. To capture this demand, split tender payment would have no other way but to become a norm method. Therefore, POS systems are improving to equip this feature.
Online POS works the same as offline. However, online transactions do not allow 2 different credit cards in one payment, meaning it could only work with a combination of gift cards and cards, gift cards, and gift cards.
Opportunities for businesses
Split tender payment is important in retail and it has full capability to grow in the eCommerce market. By catering to customers’ desire to purchase, they would have more trust in your business and keep coming back.
After all, omnichannel aims to create a consistent and seamless experience across channels. Customers would expect to have this capability on those channels. For that matter, make sure your POS systems support split payments.
All in all
Split tender payment is no stranger to customers and a must-have option to make your businesses stand out. Having it implemented into your POS system would broaden customers’ payment options and fulfill their desires so that their omnichannel experiences would be seamless. As business retailers, your businesses and customers should integrate the features of your POS. Here at ConnectPOS, we have advanced technology and support split tender payment features, whether it is online or in-store. Contact us for your free trial.