In business, staying on top of the latest trends and developments in payment technology is crucial in a highly digitized world. Integrated payments can help out small business owners like you.
But what exactly is an integrated payment system? And why should your small business care? The discussion below will look into the ins and outs of this increasingly popular payment option. Read on.
What Are Integrated Payment Systems?
The term ‘integrated payment systems’ refers to using, accepting, and processing multiple payment methods on a single platform. It’s said that such an payment system is the easiest and most secure way to send money to vendors, employees, and contractors.
Small businesses can start earning revenue by integrating payments, with tools like Exact Payments and others, in their operations. These payment solutions enable businesses to streamline and automate their payment processing operations.
How Does An Integrated Payment System Work?
Integrated payments are made possible by software solutions that seamlessly integrate your payment processing and business workflows, like accounting, payroll, and customer relationship management (CRM) software.
These systems streamline payment management through simultaneous processing, which updates the information in your accounting and other records as the bank processes the payment. Because of electronic processing, businesses can forget about manual tasks like keeping transaction receipts on paper and manually entering the details on a ledger.
Businesses of any type and size can use integrated payment systems because they can be customized according to client needs.
Why Integrating Payments Is Important To Small Businesses Like Yours
Integrated payments give companies access to better financial management tools using one interface. As such, they can stop maintaining multiple systems or applications that are disconnected from each other.
In fact, these payments aren’t just for big companies. They’re an ideal solution for small companies with limited resources as well. The benefits of these payments include:
- Reduced risk – Integrated payments reduce the risk that your customers won’t pay as promised because they’re already verified through trusted third parties. This reduces fraud while increasing trust among customers who use them regularly without additional verification steps.
- Improved customer service – The system enables businesses to offer secure and multiple payment methods, expand the secure payment options, providing clients with convenience.
- Increased sales – Adding different payment options increases sales by making it easier for customers to buy from you (for example, if someone wants to pay with a credit card but doesn’t have one or doesn’t want to provide their personal information at checkout).
- Time- and cost-saving – With these payments, you’ll need fewer working hours and errors in payment processing, record-keeping, and accounting. This results in business efficiency, allowing your staff to focus on their fundamental tasks.
To wrap up, integrated payments can help you increase profits, save time and energy, reduce costs, and increase efficiency and revenue. Because of the numerous business benefits they provide, the global payment processing solutions sector’s value is projected to reach USD$ 139.8 billion by 2030.
How To Get Started
The success of your integrated payments implementation lies in choosing a good payment processor. And with several integrated payment system providers on the market, choosing the right one for your business can take time. Knowing what to look for in a provider is crucial, as they’re responsible for transmitting and integrating crucial financial data in all your payment transactions.
Do your homework by identifying established and reputable payment processors. Read unbiased customer reviews or contact other businesses that have availed of the system and ask about their experience working with the company. Then, ensure that your preferred firms offer the services your business needs.
Plus, your shortlisted companies must have an integrated solution that can be integrated with your current business systems, like CRM and accounting tools. Check if they’re fully compliant with the Payment Card Industry Data Security Standard (PCI DSS) for security and if they have analytic capabilities so you can monitor performance. Finally, review the integrated payments system company’s terms and conditions to avoid surprises and hidden costs.
Conclusion
Payment processing is one of the most important aspects of running a small business. Integrated payments are an easy way to accept credit cards, debit cards, and checks from customers without worrying about losing money on transaction fees or confusing technology. Further, they make it easy for customers to pay with their favorite method and keep track of their spending with one simple interface.
The more you know about these payments, the better you’ll be equipped to take advantage of this innovative technology in your business operations. Hopefully, this feature has contributed to your understanding of why integrated payments are the future of small businesses.
