Small business owners are familiar with the frustrations of manual accounting processes. But did you know that there’s a better way to manage cash flow that is both easy to use and affordable to set up?
Enter integrated payments.
With this technology, you can now streamline payment processing, business administration, and the customer experience. Payment integration brings these factors together, providing seamless performance that runs automatically.
Businesses of all sizes can take advantage of integrated payment processing to link payments and accounting. This link allows transaction data to flow directly from point-of-capture into your accounting or ERP system, eliminating the need for manual data entry.
Let’s take a look at four ways payment integration solutions can benefit your business.
Saves time and money
Time and money: two commodities of which we never seem to have enough. But integrated payments can help save your business both. Once set up, payment data will automatically and immediately be documented in your accounting software.
That means no more time spent manually entering and reconciling transaction information. The automated process can save hours upon hours of time, freeing up you and your staff to focus on other areas of the business.
Time is money. So a chunk of time saved correlates to minimizing production and labor costs. Because payment integration automates a process that previously required manual accounting, you may no longer need to employ someone who is dedicated to accounts receivable.
And since the integrated payments process is simplified, it will likely require less time and effort to train new employees on payment processing, cutting down on training expenses.
Increases cash flow
Over 80% of small businesses fail within a few years because of poor cash flow management. Getting paid on time isn’t always easy, especially without a solid understanding of cash flow principles.
Integrating your payments helps ensure that cash flow gets documented in real time when transactions are completed. Without this technology, long wait periods for invoice payments and other delays could disrupt business operations.
An integrated payments solution provides up-to-date reporting so you get an accurate depiction of cash flow. Knowing how much money your business has available each day helps you better manage operations and inventory, along with paying vendors and bills without dipping into the red.
Reduces human error
Before payment integration, businesses had to wait for a batch report and then manually enter transaction data into accounting software. This process left room for human error, such as incorrect data entry, duplicate data entry, or applying data to incorrect accounts.
Simply put, labor-intensive data entry can lead to mistakes — and those mistakes can be time-consuming to discover, locate, and correct. Plus, errors can impact financial reporting.
The automated, seamless flow of transactions from multiple channels (in-person, online, using a mobile app, etc.) directly into your general ledger or other accounting system eliminates much of this concern, giving way to confidence in your accounting and reporting. Data you can count on helps you manage operations and cash flow, leading to lasting success.
Maximizes payment security
Data breaches and fraud are a growing concern, and protecting customers’ payment data should be a top priority for every business. Fortunately, many of the vendors that provide integrated payment services also provide value-add services like tokenization and encryption. These measures provide a higher standard of payments security to keep data safe and protect the integrity of your business.
With cloud-based accounting and reporting, you can securely access data from anywhere that has an internet connection. This is because your data isn’t stored on in-house servers that could experience downtime, but rather on vault-like servers that meet PCI compliance standards with multiple levels of security.
For more information on payment security, you can download our free eBook The 4 Security Musts in Payment Processing.
What are you waiting for?
Now that you know how much integrated payments can improve your business’ work and cash flow, it’s time to find out how to apply this solution to your existing payments setup.
Visit our website or call us at 866-290-5400 to speak with a payments professional about integrated payment solutions today.