Running a business comes with a lot of accounting. If you’ve heard about integrating payments, but are still on the fence, perhaps we can help.
Besides, finding out about integrated payments could help take a load off of your daily tasks. Please read this article to learn more about how it works.
Table of Contents
What Are Integrated Payments?
We hear a lot about unified, integrated, and collaborative services. What’s more, it often seems like every provider and financial company out there is knocking to sell their services.
Integrated payments is the general term used by most to describe a payment system connected to business-centric software in use by your company. It is unique to your business, and the exact structure differs from one company to the next.
A good example could be a bank using Intuit for their accounting. Using their internal payment gateway, they transmit each transaction to Intuit’s software system. In this way, it is considered an integrated payment solution.
Why Should You Use Integrated Payments?
In your business, you may have many independent processes running at the same time. These all do what they are supposed to do, from accounting, customer relationship management (CRM) to payroll. Still, if they don’t work well together, it’s a bit inefficient.
With the right Point of Sale system, you will be able to align everything together, including business administration, payment processing, and client experience management. Integrating payments will let you optimize back-end business operations seamlessly.
What Are the Advantages of Integrated Payments?
Integrated payment processing platforms come with many features that help your business. Besides, there is a bevy of benefits that you should consider as well:
The Reduction in Labor
The administrative and data input processes probably take up a lot of time during the workday, which dramatically decreases when you implement integrated payments.
A Decrease in Errors with Integrated Payment Systems
When accurate payment data is directly sent to your accounting system from your POS, it means no mistakes in calculations, no double transactions, and headaches are diminished.
Robust Marketing and Sales Capabilities
When you combine customer relationship data with sales data and you can begin to segment customers. Looking at customer data based on outstanding debts, renewal dates, product types, and lifetime value becomes exciting. Imagine when you can efficiently conduct a demographic analysis and analyze your top customers by product.
After you export these high-value profiles, upload them to Facebook. Now you’re on your way to targeting a lookalike audience for your next campaign.
You Don’t Fear Tax-time as Much
Your accounting software already holds all your information, and it’s arranged precisely how you need it to be at tax time. Your accountant won’t be spending hours pouring over your records. Less stressful for you and time savings for them.
Now You Know More About Integrated Payments
As you can see, integrated payments can help your business in many ways. Making your business efficient on the front and back-end is essential.
We hope this information helps you get your business on track. Come back soon to read other excellent articles here.