Here’s why you should care: You can integrate accounting, CRM, and many other business applications along with your payment processing. That makes all your work processes more efficient, saving you money and allowing you to deliver better service. You’ll also eliminate dual entry errors and get a better overall picture of your business.
And finally, but most importantly, you get higher profit margins.
Integrated Payments = Better Cash Flow
Consider the problems you face as a result of NOT using an Integrated Payment Solution:
- You don’t get paid as fast as you want
- Manual entry and reconciliation of payments causes more errors and time wasted
- You need to spend more time reconciling payment information in all systems in which your business’s payments are involved
- Increases the possibility of internal fraud
Besides saving time, money and reducing errors by having an Integrated Payment Solution, you also get a better picture of your company’s finances and more control over them. Automatic recording of the data keeps your reports accurate and up-to-date. By doing that, you also reduce your day's sales outstanding, which also speeds up your ability to post receivables.
At the end of it all, you have better cash flow.
Not all integrated payment options from various providers are the same. That’s why it’s important to think these things through carefully before talking to vendors:
- Where does most of your transaction volume come from?
Is it Paypal, credit card, paper checks, or something else? Regardless of what you use, it’s most likely where you spend most of your time reconciling your data. This is where you get the biggest payback from your integrated payment solutions.
- Which business applications of yours will benefit from payments integration?
In most cases, you’ll start with the applications your accounting department uses. Sales may be the second biggest area to check because employees there are heavily involved with your CRM.
- How much integration do you get from the solutions you’re considering?
Will it pre-authorize, accept, or decline payments? Is all information securely encrypted? What other features might you need?
- How can I integrated without increasing my exposure to a cardholder data breach?
Can I eliminate the cardholder data from touching my systems or applications?
- What are Your Future Payment Needs?
Will you need to accept payments from mobile devices? Make sure you know whether your integrated payments vendor is prepared to offer this, or if they are at least in the process.
Integrated payments will pay off for your business – but make sure you think these things through before pushing forward. And ensure you go through a trusted provider, like Solupay, who has the experience and expertise to handle setting up your integrated solution, and ensure it is working for your business and bringing you the benefits it promises.
Click HERE to have a Solupay representative call you to discuss integrated payments.