5 Perks of Integrated Online Payments

Thanks to integrated online payment technology it’s possible to reduce time, labor, human error, and even the cost of processing credit card transactions−with one simple turnkey solution. Plus this kind of system engages customers more easily and intuitively, letting them pay using handy mobile devices.

Improved Cash Flow and Collections

Too little cash is the number one obstacle faced by small businesses. According to SCORE (the nonprofit business mentoring organization affiliated with the Small Business Association or SBA) more than 80 percent of businesses fail due to a lack of cash flow. Boost the success rate by accelerating collections to shorten the revenue cycle. It’s easy to do with an integrated payment system that automates each transaction with trackable electronic invoices and multiple options that make it easier for customers to pay. Those include recurring billing, subscription payment plans, and the ability to pay in foreign currency using a variety of methods and mobile devices.

Reduced Business Overhead

An integrated system also facilitates professionally formatted sales and marketing reports, profitability forecasts, and inventory ordering projections−but without additional time and labor. Since there are no manual ledger entries needed, the chance for human error or fraud is minimized. There is no need to print, mail, store, or match invoices and payment receipts, because those tasks are automated. Digital transaction records can be instantly searched, too, which means no more time spent hunting for misplaced invoices.

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Enhanced Customer Service and Security

Customers can shop and pay with ease, reassured that their personal data and payment information is protected with security features like encryption, tokenization, and PCI compliance. Innovative features like a “pay now” button can be included as well, to create a seamless process that encourages more sales. Process multiple transactions simultaneously, with no delays. If a refund is necessary, the payment system can manage that automatically−with instant confirmation and reconciliation. An integrated system can also automatically back up and store that valuable data off-site, with secure cloud-based protection. From there it is easily accessed, even from remote locations or in the event that the business is closed due to an emergency loss of power, flood, or fire.

Zero Merchant Fees

An integrated system can include automated credit card surcharging, which is now legal throughout most of the United States. The way it works is that the system automatically detects when a customer uses a credit card, and passes the merchant fee along to them. They have the option to pay with a debit card or other non-credit card method, so the surcharge is fully disclosed and included on their receipt as a separate line item charge. This single feature can reduce business overhead dramatically, by instantly generating savings from zero merchant fees that bolster net profits.

Insightful Analysis and Reporting

An integrated payment solution also digitizes every transaction, making it easy to perform metric analysis and generate a variety of financial reports. With a capable system, analysis and reporting is done with virtually no effort. What kind of information is analyzed and shared can also be customized to suit the needs and preferences of the business. Then finished, professionally formatted reports can be sent directly from the payment system platform to owners and managers, sales teams, accountants, and tax planners.