5 Ways Integrated Payments Can Impact Your Business
Do you accept credit cards as a form of payment? Today, businesses have the option to implement integrated payments through a variety of services. Some merchants aren’t aware, however, that accepting payments comes with its own set of expenses.
Every time you manually enter transactions, reconcile your bank account, and update your accounting/ERP/CRM software, you’re wasting precious revenue on unnecessary expenses and hidden costs. However, an integrated payment solution can automate your payment acceptance process. This will provide you with more time to focus on your customers and other areas of business.
Integrated payments can improve your business in the following ways:
1. Reduce Operating Costs
By integrating payment acceptance into your accounting, ERP, or CRM software, you can spend less time manually entering in payment information, updating Accounts Receivables, and balancing General Ledgers.
Small Business Digest reported that 91% of small to medium business owners with integrated payment systems reduced back-office expenses by at least 21%.
2. Reduce Processing Time
An integrated payment module allows you to process payments directly within your accounting, ERP, or CRM software. This eliminates double data entry and negates the use of an external device or terminal to process cards. In turn, the time spent on entering payments into multiple software systems declines significantly.
3. Reduce Human Error
Integrated payments reduce back-office accounting paperwork and transmit information automatically. Streamlining the process almost completely eliminates the data errors that can occur when manually inputting information. With integrated payment services, your business will not have to worry about calculation errors, missing or incorrect invoices, or inaccurate data entries.
4. Improve Security
40% of all financial fraud relates to credit cards, which means that data security should rank high on your list of priorities. Many integrated payment solutions offer data tokenization to secure information. Tokenization takes credit card information and substitutes it with a unique token, which only the proper integrated payment system can decipher. With tokenization, hacking or deciphering credit card data is nearly impossible.
5. Improve Customer Experience
Many integrations will provide solutions designed to streamline the relationship with your customers. They may allow you to easily email customer receipts, safely store customers credit cards information on file, and set up automated recurring billing. While these features will benefit your business, finding a provider that offers quality customer service is the best way to ensure continued business success.
By integrating payments with your accounting software, you can reduce human errors to save valuable time and money for your business. Integrated payments automatically enter data that you would otherwise need to key in by hand. If your business is looking to reduce costs and increase productivity, consider integrated payment services as a valuable solution.