So your business has decided it’s time to accept credit cards. Cool! But you might not realize that card acceptance means spending time, effort, and money. Manual accounting can quickly drain your business’ resources and leaves room for costly errors and security vulnerabilities.
Fortunately, there’s a better, simpler way!
Integrated credit card payments is a form of automation that ties payment acceptance to accounting, creating a seamless experience that makes business operations run smoother. With integrated payments, payment processing and accounting work together in harmonious tandem.
This allows you the benefits of card acceptance without the drawbacks of manual accounting efforts. In this article, we’ll dive into the ins and outs of integrated credit card payments so you can make the best choice for your business.
How do integrated payments work?
Payment integration allows merchants to accept card payments in conjunction with existing accounting software, CRM system, and/or payment gateway (used for online shopping carts).
Without integration, processing credit card transactions involves paper invoices, data entry, and manually handling accounts receivable and your general ledger to reflect payments.
Once your payments are integrated, everything is done electronically and automatically. Invoices are marked as paid and payments are posted without your direct involvement. No need to go back into your accounting software at the end of the day to reconcile invoices. Integration makes the job super simple.
Your payment processing partner can help your business get set up with integrated payments, and then everything will run smoothly all on its own. It’s that easy!
The benefits of integrated payments
Now you know a little bit more about integrated credit card payments, but what specifically can it do for your business? Here are some of the many benefits of payment integration.
- Saves time: Rather than pouring hours into manual accounting efforts, integration automatically enters batch information into your ERP system or accounting software. With your books handled by the system, you and your employees are freed up to focus on other tasks, learn new skills, and better serve customers.
- Boosts cash flow: About 90% of small businesses that fail do so because of poor cash flow. Getting paid on time isn’t always as easy as it sounds, especially if manual accounting is slowing down invoicing. The automatic accounting features of integrated payments helps speed up cash flow, making it easier to manage finances effectively.
- Reduces human errors: It’s inevitable that manual data entry can lead to the occasional error, such as charging the wrong account or double entry. Plus, it can eat up a bunch of time to identify and correct these mistakes. Integrated payments relieve this pressure by handling accounting automatically as payments are processed.
- Improves security: Integrated payment processing makes use of cloud-based software, allowing merchants to access data from anywhere. Data is stored on servers in off-site data centers, which offers multiple levels of security that your business probably isn’t equipped to handle. This also minimizes system administration costs and protects businesses in the event of natural disaster.
- Maximize productivity: With the elimination of many tasks associated with card processing, it’s much easier to train employees on payment operations and encourage effective workflow management. Payments integration allows your staff to make the most of the resources on hand.
Whether or not your business currently accepts credit cards, you can add integrated payments to your roster of payment services. You’ll want to have discussions with a few payment processors to find the right one for your business. Be sure to find a solution that is compatible with your existing software, makes use of encryption and tokenization, and offers free in-house customer support.
With the right payments partner, you can eliminate the hassle of manual accounting and gain access to a simple, smooth payments experience.