Nowadays every type of business must offer their customers the ability to pay in a multitude of ways, including credit/debit cards, mobile payments, gift cards, PayPal etc. Smart businesses realized, that customer prefers multiple forms of payment, which help them to run operations more efficiently and manage cash flow more effectively. Actually, payment processing integration offers business the bunch of advantages. Here are the most important among them.
Integration saves time
By automating your payment system with payment processor, you’ll free yourself from the time-consuming process of entering the transaction information. The less attention you spend tracking payments, the more focus you can put on other areas of your business. Affecting both your business’ back-office and front-line operations, integrated payments helps to ease day-to-day tasks, save time, money and labor costs.
Integration reduces human error
Adding the human element into the payment transaction process increases the opportunity of errors. Payments integration solves this problem by using value-added services of tokenization and end-to-end encryption, which provide a higher standard of payments security. This, in turn, provides better access and visibility in business operations.
Integration increases cash flow
Cashflow is a vital element for any business. Each company cannot grow without ability to pay vendors, employees and other operating costs. To manage them correctly, business should pay attention to reports with full statistics about incomes and expenses. Integrated payment processing, in turn, provides reliable and current reports directly into the general ledger or ERP software, so at the end of it helps business to be informed for making right decisions.
Integration reduces labor costs
With payments feeding directly into the general ledger at the moment of payment, it is no longer necessary to pay an accountant to re-enter data from credit card transactions to reconcile accounts. In addition, costs and time spent training employees to process payments reduces due to the less complicated system.
Better customer service
In addition to the comfort and security, an integrated payment system helps to increase your customers’ level of satisfaction with their shopping experience. While it does track the purchasing status and behaviors of your shoppers, payments integration can also help you keep a close eye on your business’ inventory, sales, and deliveries. Giving you a better statistics that will help to improve your company mechanisms.
As customer preferences for making payments continue to evolve away from cash and check transactions, it just makes sense to have the data from electronic payments seamlessly flow into the business accounting system. For almost every business implementing an integrated payment processing is not the question if, but when.