Small businesses need every ounce of possible advantages available. One of the biggest you might want to consider is an integrated payment system. With this type of system, payments are entered into your accounting software and automatically applied to your general ledger or credited to invoices. In other words, integrated payments allow you to integrate with the following:
- Other applications
- Payment processing
The end result is greater accuracy, greater efficiency, and far less time spent on the administrative aspect of your business. It’s a win for everyone.
Benefits of Integrated Payments for Your Business
The benefits of adopting integrated payments for your business may not seem that apparent from the outside. However, once you begin to experience them, you will realize that there are few areas of your operations that aren’t enhanced by incorporating this technology into the day-to-day operations of your business. By implementing integrated payments into your business you will:
- Streamline your operations
- Increase accuracy while reducing errors
- Have stronger data security
- Provide better customer service
Streamline Your Operations
The more things you can automate, the better it is for your business. Automation saves time, effort, and energy. When you automate the more administrative tasks, you’re freeing that time, effort, and energy to devote to the things that make your business profitable.
More importantly, you’re freeing up employees to devote their energies to more profitable pursuits and reducing the labor costs that would otherwise go to the repetitive tasks that are eliminated through integrated payments.
Greater Accuracy/Reduced Errors
Making multiple entries in multiple locations invites multiple errors. Human error can be greatly eliminated by reducing the number of times and locations you need to enter the same exact information. Automating the process eliminates mistakes, lost invoices, miscalculations, and more from the equation, leaving you with cleaner numbers and more accurate accounting for your business.
Stronger Data Security
We live in a world where all eyes are on security. With each new high-profile data breach, the scrutiny and distrust of the entire system of accepting credit card and other personal information grows. Tokenization offers end-to-end encryption helping to secure your customers’ personal and financial information from prying eyes and providing them with greater confidence when it comes to trusting your business with this information.
This is doubly the case when you keep their credit card information on file for recurring billing or to make their shopping experiences easier. While ease of experience is important for the overall customer experience, you don’t want to offer it at the expense of their security. Integrated payments offer safeguards to protect their information.
Better Customer Service
Customer experience is a major factor on the minds of business owners and retailers today. You’re constantly seeking out new ways to improve the customer experience and build brand loyalty for your business. It’s just good practice. Integrations can help in more ways than you might imagine, including providing a big picture view of each customer by:
- Tracking previous purchases
- Registering contact information and leads for follow-up communications
- Maintaining customer interactions
- Improving marketing efforts by providing better engagement and highly targeted promotions
Integrations also help you to manage and track inventory more effectively, so you can offer accurate and targeted suggestions, alternate sizes, or even coordinating items you have in inventory. This drives sales and improves profits. Something no business owner is likely to disapprove of.
BankCard Services believes in offering a different approach to merchant services, by offering transparent billing, free equipment, and a wide range of services designed to help you grow your business, like integrated payments. Contact us today to learn moreabout the products we offer and how you can use them to improve and grow your business on a month-to-month basis without any long-term contracts.