What Is an Integrated Payment System And How It Helps Your Business
Want to take your operations to the next level? Here’s how an Integrated Payment Platform can help.
Regardless of the kind of business you have, running your operations takes sheer focus. Whether you are managing your merchant services or taking care of inventory, everything becomes a pathway to achieving your larger goals.
You seek to overcome challenges and look for supplemental services that can help you carry out your tasks with improved precision. After all, what’s better than attaining all your daily goals?
Achieving them more efficiently!
That’s where integrated payment platform services come in.
Remember that integrated payment platforms go beyond simple debit and credit card processing. These payment systems can help you streamline your business operations. From analyzing your revenues to managing customer expectations, they can assist you in achieving crucial goals in a super simple way.
Here’s how these integrated payment processing platforms work and can help your business.
Why Do You Need an Integrated Payment Platform?
If you use a conventional merchant services solution, then you will be well aware of the end of day processes that come with entertaining debit and credit card processing methods.
You know the drill. First, you have to save all your receipts throughout the day. Then, you have to manually reconcile them before you can enter them into your accounting software. Only after putting everything through this process is when you can finally put your payments through. Further, it is after that you can receive your payments in your merchant account.
As you might be aware, this process takes place every single day so you can maintain a steady cash flow for your business. If your accounting slips for even a single day and the receipts pile up, then you find yourself with countless hours of data entry work. When left unattended, these tasks grow increasingly redundant with each passing day.
That’s where integrated payment processing platforms can help you refine your business activities.
How Do These Integrated Payment Systems Work?
Integrated payment systems work by streamlining the payment acceptance process and integrating automatic payment acceptance.
They work by doing away with traditional tedious processes such as manual storage and compilation of transaction information. Further, they eliminate the need to connect written copies of transaction information with digital invoices to match match payments to the right invoices. Finally, it eliminates the need for you to tinker with your ledgers regarding payments afterward.
Instead of reconciling invoices or manually process payments, integrated platforms automatically process and posts payments to its associated sale or invoice.
As a result, you no longer have to enter the same payment information into different systems manually. Your payments go through as soon as they are processed at the time of the transaction itself. It doesn’t get any simpler than that, does it?
But that’s not all that an integrated payment platform can do for your business.
How it Helps Your Business
These features of integrated payment processing platforms make them a sought after solution for all kinds of businesses. These aspects seamlessly translate into tangible benefits that can help any business scale right according to their expectations.
To help you understand the advantages of having an integrated payment system, here are a few ways how this mechanism can help your business.
It Saves You Time
One of the most evident advantages of using integrated merchant services comes in the form of speedy processes.
For starters, you no longer have to perform redundant data-entry tasks. This way, you can save the time that is otherwise wasted in repeatedly punching in the same details into various systems.
This process improvement goes a long way into helping you manage your employees’ time in a better manner. It also shortens the gap between your customers’ transactions and when you receive your earnings in your merchant account.
Did you know that you could set up recurring payments? Integrated payment systems may include scheduling features linked to payment data that makes it easy to bill without having to repeat actions regularly.
These simple benefits have a butterfly effect throughout your payment processes. From making your operations more efficient in ensuring cost-efficient procedures, you can see how this little advantage boosts your business performance in a significant manner.
It Improves Your Cash Flow
A significant drawback of debit card and credit card processing comes in the form of affected cash flow.
Even when you receive a large number of payments from multiple avenues such as your retail store, and your website, the accounting processes associated with conventional payment systems can delay the payment transfer to your merchant account.
As a result, you must manage your costs through other avenues, which can have drastic effects on your business’ overall wellbeing.
Remember that these integrated payment processing platforms allow you to process your payments as soon as they go through. To be clear, that can mean faster deposits due to real-time payment updates and reduction of lag time with manual labor. This new implementation improves your cash flow and helps you continue increasing your operations with timely payments.
It Cuts Your Costs
As noted above, running around multiple systems to process your payments can take a lot of time. Yet a conventional payment system leaves you no choice but to move forward with this process at the end of every day.
Depending upon the traffic of your store, processing all transactions can take a couple of hours every day, at the very least. This time-consuming task not only increases the cost of managing your human resources, but also makes for higher infrastructure charges.
Conversely, an integrated payment platform easily saves you from processing payments through multiple applications. Since you no longer have to divide your time on numerous systems, you don’t need to allocate as many resources to the process.
This feature allows you to cut your costs in a substantial way, which leads you to generate higher profits as compared to the usage of a common payment platform.
It Allows You to Analyze Crucial Data
If you use a modern merchant services provider that lets you perform payment data analysis through your system, you can learn critical information about your customer’s transactions.
From cash payments to credit card processing, you’re able to analyze your revenue through easy to understand data points. This analysis lets you determine which payment method is popular among your target market, which in turn enables you to invest in your infrastructure accordingly.
You can also see historical data on your revenues. This historical information lets you judge your business’ performance at different times of the year. If you use omnichannel payments, you can also compare the data against multiple locations and avenues of your business.
But that’s not all. By integrating your payment processing platforms into your accounting software, you can determine your products’ performance quickly. You can see correctly which of your products are favorites among your customers. Further, you can also find out which ones are grossly underperforming. This system lets you make decisions on further investments in your inventory for maximizing your profits.
Overall, effective data analysis through an integrated payment platform can work wonders for your business.
The Key is to Find a Reliable Merchant Services Provider
Finding simple credit card processing equipment and software is easy. But getting integrated payment processing platforms with modern features can be a bit trickier, but not impossible.
At Fattmerchant, our debit and credit card processing systems are designed to meet the needs of the modern payments market. Whether you need an integrated payments system for your ecommerce website or your brick and mortar store, we can help you set it up in no time.
With modern features, including data analysis and mobile payments, our payment systems can meet all your requirements perfectly. We prioritize value. As such, Fattmerchant subscription-style merchant services save business owners an average of $513 per month!
Reach out to us at Fattmerchant to learn more today.