As the name suggests, an integrated payment solution incorporates one of the most critical business functions – payment processing – with other key business functions, such as accounting, payroll, and customer relationship management (CRM).
To make informed business decisions, it is essential to understand what they mean and why they are relevant. Then, you will likely be obliged to accept a solution that is tailored to your needs.
What Are Integrated Payment Systems?
An integrated payment system is a term that implies a payment system that considers all your company’s critical software. All businesses’ integrated systems are unique, so they should be viewed as such.
The benefits of database integration are outlined below, but the key is in data input and retrieval. Your institution can be agile across every department with easy access to powerful insights enabled by a payment integration.
Here are some reasons why you should switch to an integrated payment solution:
- It Saves Time
Integrating merchant services can be advantageous in many ways, including its ability to speed up processes.
To begin with, you no longer must perform redundant data-entry tasks. You can save the time otherwise spent repeatedly punching the same details into different systems.
If your store receives a high volume of transactions, processing every transaction can take at least a couple of hours each day. Not only does this time-consuming process increase costs for human resources management, but it also leads to higher infrastructure charges.
A fully integrated payment platform, on the other hand, eliminates the need to process payments through several platforms. Since you no longer need to allocate time and resources to a variety of systems, you do not need to allocate so many resources.
The convenience of this feature allows you to considerably reduce your costs, leading to higher profit margins than using a traditional payment system.
- Reduction Of Errors
This is especially true in terms of accounting. It is much easier to manage payments when the exact payment data is sent from your POS (Point-of-Sale system) to your accounting system, preventing double transactions and the possibility of errors in calculations.
- A Superior Level Of Security
Your security apparatus can be tighter with fewer systems and better integration of them. Reduce the manual communication between your business software to reduce fraudsters’ chances of compromising your data and the likelihood of a costly breach.
In today’s integrated systems, tokenization, EMV, and end-to-end encryption are used to pass along data, and this is vital for maintaining and proving PCI compliance.
- Marketing And Sales Capabilities
Adding sales data to your CRM is incredibly powerful. Segmenting customers based on lifetime value, outstanding debts, renewal date, and product type would be revolutionary.
It becomes even more interesting when you can easily analyze your top customers by product and conduct demographic analysis on them. These high-value contact profiles could just as easily be exported and then used to pitch your latest account or offer.
Choose a reliable merchant service provider for your business. The easiest way to find credit card processing equipment and software is online. However, getting integrated platforms that offer modern features can be a bit complicated, but it would certainly be worth the effort.