What Are Integrated Payment Solutions?
Every time you accept your customers’ payments, there is a cost. These costs are more obvious when it comes to paper payments. Traditional checks and bills require shipping, equipment and other equipment – expenses ranging from $ 4 to $ 20 per check posted.
Yet even when you scan your payment solutions, there are always hidden costs – and most merchants are blind to these expenses. They are so happy to receive money, which they do not think about what they are spending when they manually:
However, with integrated payments, it is possible to automate these steps so that payment processing, accounting, and CRM all work together seamlessly.
What are the advantages of this approach?
Here are just five of the most important benefits that you will enjoy if you use integrated payments within your company.
Save money
The most important benefit is savings. You do not have to spend so many hours monitoring, tracking, and reporting transactions in your payment environment. Everything happens automatically – without having to intervene directly.
Higher accuracy
The built-in payments allow you to completely remove the human error from the equation:
• No more redundant entries.
• More calculation errors.
• No more lost bills.
This benefit reinforces the first. Fewer errors mean fewer losses (ie greater savings).
Better forecast
When your payment system is not integrated, processing, accounting and marketing are all separated into separate silos. What’s more, it takes a lot of energy to know where your money is going.
Yet, when you integrate these separate sections, you gain greater visibility on your finances.
Simplified tax preparation
With built-in payments, there is less need to chase old bills or store faded receipts in shoe boxes:
• All reports are centralized.
• All accounting becomes automatic.
Come tax time, you have a handy record of every dollar that went in and out of your business. Some built-in payment solutions even allow you to export this information directly into your preferred tax preparation software.
Best customer service
In addition to the convenience of increased security, an integrated payment solution supports your staff’s ability to assist your customers and helps you increase the level of customer satisfaction with their shopping experience. An integrated CRM solution is a detailed customer database for your business. It can track past customer sales, capture prospects and contacts, maintain customer interactions, and improve your marketing for more focused engagement and targeted promotions. Similar to accounting and ERP software, CRM automatically updates customer data and metrics for quick and easy reporting.
While monitoring the status of your customers’ purchases and behaviors, payment integration can also help you keep a close watch on your company’s inventory, sales, and deliveries. Allowing you to learn about stock, in-transit or on-order items can satisfy your customers – and your potential customers – with excellent service and, ultimately, foster the kind of customer service that will create more business for your business.
