Scaling Your Growing Business Processes with Merchant Services in 2020

Finance team at Fattmerchant

Worried About Managing Business Expenses? Here’s How Integrated Solutions Can Help Your Business Growth

Man reviewing payments in business growth

Is your small business growing rapidly? Do you see it scaling further? Are you planning on expanding even more per quarter?

If yes, first, congratulations on scaling business growth in this current business climate. Achieving exponential business growth in this competitive climate is no small feat.

Secondly, it’s about a good time as any to take a moment and appreciate the costs for growing businesses like yours. Remember that a lack of knowledge in this aspect can be detrimental to your business growth. Knowing the ins and outs of increasing business expenses is the only way to sustain your newfound pace of growth.

Between hiring, office space, and overall costs, fast growth can cause a lot of headaches. This fact is even more relevant if that expansion comes within a short period. This could be overwhelming. But it is essential to understand your business expenses, so you don’t spend more than you are earning. Managing your expenses and earnings is what keeps your business growing at an optimal scale.

When it comes to managing costs for growing businesses, perhaps the best way to go about it is through one, integrated platform. That’s why an increasing number of companies are turning to integrated merchant services to manage their finances.

business colleagues shaking hands in office.

What are Merchant Services and Can They Help in Scaling Business Growth?

Simply put, merchant services refer to the system where your business can accept credit and debit card payments from customers. A merchant bank or payment processor will usually facilitate this system. They also transfer the payments to your business account as they come through.

Remember that having these systems onboard is crucial for business growth in this day and age. While most customers still go for cash in transactions under $10, the preference for credit card processing is on the rise. This trend of preferring credit cards to process these microtransactions is nothing new. This specific trend came about in 2014 and has been increasing at a consistent pace.

More businesses should account for reward-based credit card activity and have merchant solutions to accept these payments. Not doing so could cause you to lose consistent business and slow your growth.

That is reason enough to start considering merchant services for scaling business growth. But that is all about simple merchant services that allow you to accept credit and debit card payments through point of sale (POS). When it comes to the integrated merchant or payment services, this particular system is taken to a whole new level.

Fattmerchant Payment Processing Omni Dashboard

How Do Integrated Payment Solutions Work for a Growing Business?

Leveling up your merchant service system into integrated payment solutions brings many benefits to your business. As the term suggests, this integrated payment system works with your other business programs. These segments can include:

  • Your Customer relationship management (CRM) software
  • Your Finance or accounting books
  • Your Procurement programs
  • Your Enterprise resource planning (ERP) solutions

By connecting to these different programs, you can manage your business expenses more efficiently. In fact, depending upon the features of your merchant services system, you can manage various business aspects easily.

That’s why integrated payment solutions are becoming a popular way to handle revenues and costs for growing businesses. The following advantages highlight a few popular ways that an integrated system helps a growing organization.

Automatic Tracking of Finances

We can see that, typically, receiving payments means that you must enter those revenues manually into your books. This manual input takes time away from other critical business activities. But it also leaves room for human error and causes you to have inaccurate data.

Traditional processes can lead to you never knowing the exact details of your revenue and expenses. As a result, you make financial decisions that are against the actual picture. These improper decisions can lead to disastrous outcomes while trying to grow your business.

With it, this particular flaw can also affect your credibility during audits and inspections. Your books and your portfolio can lose their positive projection to existing stakeholders and potential investors. As a result, your business essentially loses any traction before it can get to scaling business growth.

But with integrated merchant services, you no longer have to make manual adjustments to your financial books. Your integrated payment system performs the required changes according to your revenue. This tool optimizes for accuracy in income reporting and record keeping.

This prevents any room for errors while also saving you time for optimal productivity. As a result, you and your staff can focus on other challenges during your business growth instead of performing redundant tasks.

Better Customer Relationship Management

Businesses that don’t have integrated payment systems must spend more time on manual data entry in addition to other tasks.

For instance, when you receive a payment from a customer, there is no way to tie the payment to them in your CRM without manual data entry. Once again, this takes a lot of time. But seeing that this information is essential in managing business expenses, investing in the right products, and providing better customer experiences, you have to do it anyway.

Further, in some instances where you forget to enter the data, you may not understand how loyal a customer is to your business or what kind of products they like the most. This lack of proper data affects your relationship with your customers and your business growth.

But when you use integrated merchant services, it seamlessly manages these metaphorical costs for growing businesses. Payments are processed through your CRM just as they do through your POS. As a result, you can continue scaling business growth with better customer relationship management.

Smoother Procurement Processes

Business expenses go hand in hand with procurement and purchase processes. This is especially true when you are going through a phase of business growth.

The process with ordinary merchant services solutions remains the same as the other aspects mentioned above. If your books are not updated accurately, you don’t have a clear picture of your actual financial standing. You cannot know if you can spend extra funds on your office space or go big with your inventory.

To put it simply, making such decisions without accurate data is like taking a shot in the dark. If you do it anyway, you may reach your goals, but it is improbable. Thus, many business owners dread making larger procurement decisions.

Once again, integrated payment solutions can manage these costs for growing businesses more efficiently. With accurate data coming right from the POS, you can rest assured that what you can see in your books is exactly what you have in your accounts. This makes it easier to make crucial procurement decisions. As a result, you can ensure scaling business growth consistently.

Better Assessment of Business Standing

Once again, an integrated merchant services platform helps you increase your revenues. But that’s not all. It also lets you optimize costs from the ground up.

By taking care of your invoices, procurement processes, or customer profiles, you can manage them through a single solution. This new process saves you time, increases your efficiency, and lets you focus on your business growth.

These payment solutions also help you make staffing decisions that relate to business expenses. Making plans for expanding your office space, hiring new staff, and managing existing benefits are all great examples here.

You can use these solutions to better focus on your customers. With accurate data and better financial management, you can put your time towards more crucial aspects. You may also develop better customer experience programs, create new products, and introduce customer discount programs.

All of this helps you in managing costs for growing businesses, along with scaling business growth.

man accepting credit card payment

How to Select the Best Payment Platform for Business Growth?

Overall, integrated merchant services solutions play a very crucial part in helping you scale your business. The key is to select a platform that is truly integrated with a host of business applications. Simplification helps you manage your operations as efficiently as possible.

Designed to grow with your business, Omni by Fattmerchant brings your entire payment experience into one easy-to-use platform. The payment system is designed in a way that offers maximum capabilities in an intuitive interface.

Whether your business is in the early stages of growth or the latter stages, feel free to contact Fattmerchant. We will be happy to discuss your requirements and help you manage your business expenses with ease.

Get your free consultation by giving Fattmerchant a call and take advantage of the powerful features that our Omni integrated payment platform offers today.

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