Most businesses nowadays accept mobile and card payments. This allows them to serve more shoppers while delivering a seamless customer experience. An even better option is to use integrated payment solutions.
Integrated payments can streamline your operations and make accounting easier. This technology enables merchants to offer multiple payment options. At the same time, it eliminates the need to enter and reconcile transaction data.
Merchants can integrate these services with their existing POS systems and accounting software. This not only simplifies tax prep but also allows for better forecasting. Moreover, you’ll no longer have to worry about misplaced invoices and redundant entries.
But how do integrated payments work? Here’s what you should know about this technology and how it benefits your business!
What Is an Integrated Payment System?
The global payment processing solutions market is expected to reach $78.2 billion by 2026. Technology-driven companies like PayPal, CCBill, and Wirecard dominate this industry.
Companies worldwide use these services to accept digital payments online and in-store. Yet, many of them are still struggling with mobile and credit card transactions.
That’s where an integrated payment system can help.
With this technology, merchants no longer need to match paper invoices to e-invoices. Also, they don’t have to manually adjust their accounting records. Instead, they can enter a customer’s credit card number directly into their accounting software.
Integrated payment systems leverage automation to streamline your accounting and payment processes. These services enable merchants to input transaction data into their CRM software and other business apps.
The benefits of integrated payments for business also include greater accuracy. This technology will not only free up your time but also prevent common accounting errors.
Let’s take a closer look at its advantages!
Why Switch to Integrated Payments?
Integrated payments allow for better reporting and can eliminate human error. Users can provide new payment options while keeping their existing systems. On top of that, they have peace of mind knowing that their customers’ data is secure.
The latest integrated payment systems may also offer valuable insights into your audience. Some programs include analytics and communication tools, survey capabilities, and other features.
Companies can use this data to anticipate and meet customer needs.
With integrated payments, you’ll work smarter and simplify your checkout process. These services can also free up your time by allowing you to process sales and refunds faster.
Another advantage is their convenience. Most systems are fully customizable and take minutes to set up. Some providers offer on-demand training and 24/7 support.
Are You Ready to Make the Switch?
From increased efficiency to greater mobility, integrated payments offer a host of benefits. This advanced technology simplifies the payment process while reducing your expenses. At the same time, it ensures data security.
Ideally, look for integrated payment systems that include a free trial. Research their features and reach out to a representative to discuss your options.
In the meantime, browse the rest of our blog for other tips on how to grow your business! We’ll show you what tools to use when working with a remote team, how to do your own accounting, and more.