To support steady, healthy business growth and success, consider implementation of a fully integrated payment system that can provide multiple benefits while saving time and money.
Integration is Essential
Businesses are easier to scale when the systems and processes that support them are seamlessly integrated. Managers experience that when their supply or distribution chains are properly designed and coordinated. Owners realize it when software allows them to track customers, boost sales, and generate insightful marketing and financial reports. A lack of coordination and integration can have the opposite effect, generating more work, requiring more time, unnecessarily increasing overhead, and cutting into profits.
Speedy Payments with Less Effort
An integrated system automates not just credit card payments (eliminating the need to manually enter transaction data), but also automatically enters all batch data into the accounting software or ERP system. Payments are posted to accounts receivable and general accounting ledgers without the need for any human intervention. That helps eliminate both human error and fraud, while improving cash flow and reducing the cost of managing payments. Real-time updates of the integrated ledger make transactions easier to monitor and shorten the revenue cycle.
Greater Security and Fraud Protection
Invoices and receipts are generating electronically, reducing paperwork and enabling secure cloud-based backup. The business is no longer responsible and potentially liable for on-site storage of highly sensitive personal and financial customer data. But payment information can be easily and securely shared with authorized parties like accountants and tax planners. All transactions can be protected with PCI-compliant best practices and technologies including data encryption, tokenization, and Level III processing. A business can even qualify for Card Data Breach Reimbursement Assistance, with up to $250,000 in coverage in the event of a breach.
The Converge Solution
That coverage is available with the integrated payment platform known as Converge. Integrating so many diverse components of a complex payment process into one solution used to be prohibitively expensive. But with Converge, all of the features and benefits are consolidated into a single, seamlessly integrated central platform. Converge is also easily scalable. Without investing in additional hardware or tech infrastructure, the system can expand to as many as 5,000 users. They can all securely log into the system from any web browser, and take advantage of all the multifaceted features.
Mobility and Capability
Payments can be transacted from virtually any mobile device and in any major currency, and Converge automatically tracks sales, customer database metrics, deliveries, and inventory. Businesses can integrate a “Pay Now” button, and offer conveniences like recurring or subscription-based payments. Converge also offers Fast Track Funding, so that funds can be processed and deposited in the business account as soon as the very same day. Additionally, Converge enables automated price quotes, and a handy smartphone app to conveniently manage the whole system. Customer support is based in the United States, and is available 24/7/365.
The Core Value of Integrated Payments
Despite understanding the benefits of other kinds of integrated business systems, too few businesses carry that over into their payment procedures. But those who do quickly discover how fully integrated payments can upgrade every other aspect of their business. After all, money is the lifeblood of a business. That makes the payment system the heart. When the heart is functioning properly it enhances the vitality of the whole body – and supports strong, consistently healthy growth.