Do you accept credit cards as a form of payment? Today, businesses have the option to implement a variety of different integrated payment services, but some merchants aren’t aware 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 giving away precious revenue on unnecessary expenses and hidden costs. However, integrated payments can automate your payment acceptance process and provide you with more time to focus on customers and other areas of business.
Here are 5 ways integrated payments can improve your business:
1. Reduce Operating Costs
By integrating payment acceptance into your accounting, ERP, or CRM software less time is spent 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, eliminating double data entry. Accepting credit cards directly within your accounting, ERP or CRM software removes the need to use an external device or terminal to process cards, reducing the time spent on entering payments into multiple software systems.
3. Reduce Human Error
Integrated payments reduce back-office accounting paperwork and transmits information automatically, nearly eliminating 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, and inaccurate data entries.
4. Improve Security
With 40% of all financial fraud relating to credit cards, data security is a vital priority. Many integrated payment solutions offer data tokenization to secure information. Tokenization takes credit card information and substitutes it with a unique token, which is only decipherable using the proper integrated payment system. Tokenization makes it nearly impossible to hack or decipher credit card data.
5. Improve Customer Experience
Many integrations will provide solutions designed to streamline the relationship with your customers. For example, integrated payment solutions will often allow you to easily email customer receipts, safely store customers credit cards information on file, and set up automated recurring billing. 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 would otherwise need to be keyed in by hand. If your business is looking to reduce costs and increase productivity, integrated payment services might be a valuable solution to consider.