The first and most obvious benefit of integrating payment processing with accounting and other business applications will save you time and money, and more importantly reduce potentially costly errors. Through reports generated you will also get a better overview of your business.
If you are manually entering and reconciling payments to billing, you are wasting time and also exposing your business to human error. By integrating payment processing with other business applications you can re-allocate time spent on manual data-entry and re-verifying credit card information to more productive tasks.
Integrating payment processing automatically updates and records card payments in your accounting system, meaning that all information is up-to date. Credit and debit card payments made via an integrated system are also more secure. By using a Payment Application Data Security Standard (PA-DSS) certified vendor to provide and install your integrated payment solution, you will have the assurance that all payment data exchanges are secure and PCI compliant, with PCI security standards that safely encrypt and store PIN numbers, CVV numbers, magnetic strip data or micro-chip data.
Customer payment preferences have changed everything
The way business is conducted has evolved rapidly away from cash and check payments and if your business is not keeping pace you will lose your competitive edge. It is not only business-to-consumer payments that have evolved, but business-to-business payments as well. Customers want to dictate their mode of payment from available options, including credit and debit card payments, mobile payments and payment portals.
The second benefit of implementing a payment processing integration system is that by having an accurate and immediately updated system allows you to have an accurate snap-shot of your business’s financial situation, giving you insight to your current cash-flow situation. It allows you to evaluate your cash-on-hand. Via the reporting system of the payment processing integration system you have you will know exactly how much disposable funds your business has at close-of business each day.
Payment processing integration systems can also be integrated with your Customer Relationship Management (CRM) system. If you have not yet implemented a CRM system, this would be an ideal time to do so!
Your CRM system manages your customer information and identifies buying patterns. It records all interactions with customers, purchases, sales data and follows through on the lifecycle of projects. By analyzing this information you are able to launch relevant marketing campaigns and ensure customer retention.
The third benefit of implementing a payment processing integration system is you can identify new marketing opportunities that will not be obvious when using a manual system. You will also be able to identify customers who are time-wasters and end up costing your business more money that what they bring in. You can also easily identify previous best-buyers who have suddenly stopped buying. A call to this customer can identify an insignificant reason that made them take their business elsewhere, and you can often counter their objection with ease. For more information about how payment processing integration can help your business or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.