The Advantages of Integrated Payments
Businesses of all sizes rely on integrated payment solutions for processing customers’ payments in a secured platform with features of customization and integration. An integrated payment solution allows merchants to accept a variety of payment forms, including PayPal, debit & credit cards, ApplePay, and other methods. It helps companies keep up with the latest accounting standards and practices to avoid inaccurate reporting and misrepresentation of financial statements.
There is no waiting time for updating accounting systems using data entry because the integrated payment software does the work every time payment transactions occur. Integrated payments are advantageous for customers, business owners, online retailers, and physical stores. The software applications support APIs, Cloud, Linux, Mac, Mobile SDK, and Windows. Before the invention of payment processing integration, the methods of payment were optional, but over the years it is a necessity.
Advantages of Integrated Payment Processing
- Security and data protection.
- Saves companies time.
- Labor costs reduction.
- Instant posting of sales data.
- Increased cash flow.
- Reduced human errors.
Security and data protection are important benefits when using integrated payment processing applications. It keeps cardholders’ personal information and data protected by combining encryption, tokenization, and EMV. Tokenization replaces a customer’s credit payment method with a token which is a series of characters and numbers. Only issuing banks can generate tokens during the authorization process.
Another advantage is that integrated payments save companies time to reduce costs. It doesn’t require interaction with the employees nor the employers which reduces labor expenses using the workforce. Small business, for an instant, hire an accountant, bookkeeper, or CPA to record sales transactions daily. With an integrated payment system, a company no longer needs to pay for those services. It has the potential of saving businesses tens of thousands of dollars each year.
OpenEdge for an example offers integrated payment solutions to automate payment acceptance and to accept credit cards and other payment methods. Transactions go directly within online shopping carts, ERP, CRM, or accounting software. Integrated payments processing ensures cash flow is accurate which is a key element for companies to know the exact amount of cash-on-hand. It provides reliable and updated reports to help manage inventory, payroll, and to make better business decisions.
Human errors often happen in the workplace, but integrated payment processing software reduces the possibilities because the system quickly updates transactions to the accounting system. It reduces duplication and inaccuracy of the customers’ personal data while posting payment transactions instantly to accounting software or ERP. Most of all, integrated payments eliminate manual processing and consumption of paper from producing invoices and statements.
Integrated payments make it easier to have transaction data from electronic payments flow accurate into the business accounting system. Integrated payments update in real-time and is important to running a company and meeting obligations for paying payroll taxes, vendors, and other operating expenses. It also supports customer service to assist and help customers with accurate information about their accounts, products, and services. Contact a reputable integrated payment solution providers today to learn more about the different solutions that benefit your company.