What are integrated payment systems, and why are they increasingly popular for businesses? Learn more about integrated payment solutions here.
If processing payments only means completing the transaction for your company, you likely have an opportunity to make some helpful changes.
Payment processing by itself is the foundation of integrated payment systems. However, the true difference-maker comes from connecting data from transactions to other key business systems.
Integrated payment systems stand out because they bring robust payments functionality into your software or website. Linking your SaaS to robust payments features. Integrated to create one seamless platform
That means far fewer opportunities for human error. It also leads to more effective use of time by you and your staff. Rote tasks, like data entry and reconciliation, are largely automated. And that’s just one of the many benefits integrated payment platforms can provide.
Keep reading to learn more about the many advantages of integrated payment systems.
Already know that your business can benefit from implementing an integrated solution? Swipesum can help.
Our independent payment consultants can lead the way in optimizing your payment ecosystem. We’ll find the best overall solution for your business. We’ll negotiate more favorable terms for merchant account fees and other costs. Best of all, we’ll do it at no additional cost to your company.
Even small businesses have multiple systems in place to manage customer payments, their finances, and their operations as a whole.
When a payment system sits apart from the software companies and their customers are working out of everyday... business management software, POS... and customer relationship management (CRM) tools, it leaves value on the table. Carrying the data over from one system to another falls on the owner and staff.
Don’t get us wrong, ensuring data is complete and correct in all business tools is an important task. The result is vital to business success. However, the process that gets your company to that point can be streamlined and improved.
Why stick with time-consuming, error-prone manual workflows for managing payment data when a more efficient and accurate option is available?
There are solutions available — integrated payment systems, to be specific — that automate the process.
That can save a significant amount of time for staff and owners alike and drastically increases the value and stickiness of your SaaS solution. That’s true in terms of carrying the data over to other systems, of course. But there’s deep value in making it easier to retrieve, review, and analyze that data later on as well.
This can lead to better customer experiences, more efficient back-office operations, and better business visibility. Critically, integrated payment systems also make a company’s software suite more harmonious. In other words, linking these tools together means fewer opportunities for conflict and misalignment between different pieces of software.
Now that the underlying value of an integrated payment platform is clearer, let’s dive into some specific benefits.
A simple mistake typing in a value during manual data entry can throw things far off course for businesses. The accuracy of accounting tools and other financial systems suffers each time an error is made.
That leads to valuable time spent, either by yourself or your trusted staff, combing over data for errors. Instead of focusing on more complex issues or exciting opportunities, you’re stuck looking for a simple mistake.
Integrated payment systems remove the possibility of human error by automating this process. Connecting point of sale (POS) technology with accounting tools, inventory management software, and other systems builds a single source of truth.
Ultimately, that can make everything from managing accounts receivable to completing taxes easier.
A more connected payments ecosystem delivers benefits to your customers as well as your back office. When you connect your payment system with other crucial tools, it can mean a smoother experience for customers when shopping.
Online, that means completing the transaction all in one place. An integrated payment system removes the need for a redirect to another site where the transaction is actually completed. In person, it becomes easier for customers to use many different payment methods.
In general, payment integration leads to a streamlined payment process. That means less waiting for customers in brick-and-mortar stores. It also saves time for staff, which they can then put toward providing better service.
If your business uses CRM software, it can connect payments to this valuable relationship management solution. That leads to a more complete accounting of customer activity, preferences, and more.
You can learn more about your customer base simply by implementing an integrated payment system. That can lead to more informed marketing decisions, better customer support, and much more.
When payment information is manually inputted, it means errors can easily enter your systems and databases. The simple fact is that computers are much more reliable than people when it comes to transferring data and completing calculations.
Integrated payment solutions can deliver payment data to whichever other systems need it. These systems can connect with a wide range of accounting tools and similar software.
Integrated payment systems can also be valuable if your business invoices customers instead of directly charging them at the time of sale. Tools to manage accounts receivable can also easily accept payment data.
Integrated payment systems deliver enhanced security by reducing the need to send sensitive data through outside channels. You won’t need to rely on a third-party payment gateway or other tools that can attract the wrong kind of attention.
An optimized process for payments cuts down on points of access. In practice, that means fewer opportunities for cyberattacks.
There are plenty of options when it comes to integrated payment systems. Finding one that meets the unique needs of your business is crucial.
Swipesum’s payment experts can lead the way in helping you select the right integrated payment system. We’ll negotiate more favorable terms and identify further opportunities for optimization, too.