Payment Processing: Should It Be Integrated for Your Business?
Before technology made payment options easier to complete, whether your business’s transaction information was integrated or not wasn’t a concern. However, with new systems available that allow you to have greater control over how payments are performed, this can mean a number of things for your business. If you are thinking about updating your payment processing, then you might want to keep a few things in mind.
Here are some things to consider when you are looking to integrate your processing.
Payment processing integration allows for greater connectivity
As customer preference becomes more and more of interest to business owners, how payments are made and which methods are used can have a large influence. Integration not only benefits customers by allowing them choice in which payment method they want to use, but it also allows for better merchant services.
When integrating a payment processer, you no longer have to wait for batches of transaction information, and transactions are automatically entered into your accounting system without having to be done manually. In the past, these manual entries might have been incorrectly recorded, which makes financial reporting more difficult.
Integration saves the business owner time
Manual entry used to take up time that could be used for other tasks. Since transactional information is directly delivered to your accounting software or your ERP system, you don’t have to spend the time that you normally would entering data into your software. In the past, you would also have to dictate to your software to not add up totals, whereas integration technology automatically recognizes your reason for pulling up each transaction.
Integration also reduces human error, which can increase the amount of time it takes to record payments because you have to go back and correct your mistakes. If you incorrectly enter information into your system, you might have to face tax auditors in the future. By integrating your payment methods, you are taking out any problems that might be faced by human error and that might come back to haunt your business.
Payment processing reduces labor costs and increases cash flow
All businesses need cash on hand in order to pay vendors, employees, and general operating costs. Waiting for invoice payments could cause a business to be late on providing payments, and they could be penalized for it. With integration, it has become much simpler because cash flow is automatically registered in your ledger. This means you also don’t have to have dedicated accounts for your employees and payments are made automatically.
This also means that your employees have additional time to spend on other tasks rather than reentering customer data such as credit card information. As a business, this can save you time and money because it allows you to spend less time focusing on training employees to enter data and process payments.
As more and more systems for businesses become automated, then businesses who do not choose integration for their payment processing can be left behind. For greater control and ease of mind, it can be worth considering so you can spend less time focusing on your payments and more time making your business great.