Irrespective of the type of company you have, running your operations has a strong emphasis. Whether you’re handling your merchant services or taking care of inventory, it’s just a way to accomplish your broader goals. You aim to solve obstacles and to find additional resources that will help you carry out your tasks with enhanced accuracy. After all, what’s better than meeting all your everyday goals? Achieving them more quickly! This is where advanced payment network systems come in. Bear in mind that integrated payment platforms go beyond basic debit and credit card processing. These payment systems will help you to streamline your business operations. From analysing your sales to controlling consumer preferences, they will help you accomplish key objectives in a super-simple way.
Why do I need an Integrated Payment Platform?
For many organisations, the benefits begin with the cornerstone of an integrated payment system. As the term implies, integrated payment systems connect the essential payment processing role of your company with other important business systems, such as accounting, payroll and customer relationship management ( CRM). Aligning these platforms with the right point of sale ( POS) technologies not only streamlines the payment processing, business administration and customer service management — it is built to put all of them together in tandem. Integrated payment systems provide smooth efficiency to simplify back-end business operations.
Benefits and how to use integrated payments technology to your business’ advantage
- Integrated payments streamline transactions: By automating the accounting and ERP with integrated POS, you can bypass the time-consuming process of entering and reconciling transaction data. Updated in real-time, your built-in ledger shows an immediate transaction history for automatic insight and better reporting. Handbooks are time consuming and vulnerable to mistakes in data entry.Transactions are automatically entered into the software and applied to the ledger with integrated payment systems. This can reduce costly human error and improve the efficiency and cost savings of your business. Integrated payment systems speed up cash flow and add more money to your account. Payments are automatically made with integrated credit card processing.
- Integrated security payments: The confidentiality and security of your data is vital to the protection of your business as a whole. This is particularly true when it comes to payment data. Personal data, such as account records, is coveted by thieves and the prize that fraudsters seek in the event of data breaches. Integrated payment systems provide hardware, software and, importantly, services that are needed to accept payments safely and securely.Integrated payment systems provide value-added business services such as EMV, tokenization and end-to – end encryption, which lead to higher levels of payment protection and greater access and visibility to their own business operations. Although tokenization is an efficient way to protect card data at rest, encryption protects data during flight.Holding a customer card on file for convenience of scheduled recurring billing or ease of online shopping has also made tokenization safer. Tokenization replaces the credit, debit or prepaid card details of the customer with a uniquely created set of numbers and characters known as the token, which covers the true card number and can only be decrypted by the issuing bank during the authorization. Safe, safe and accurate payments that preserve privacy and data integrity are key to protecting your company and maintaining the trust of your customers.Integrated payment systems provide security that can enhance consumer trust and retention rates and help your company maintain more of what it earns. Not all integrated payment service providers are fair when it comes to the testing of world-class security software. Take the time to consider how any possible approach would serve your business’ long-term interests. Look for solutions that secure transactions.
- Integrated payments help to boost customer experience: In addition to the ease of improved security, an integrated payment solution supports the capacity of your employees to assist your customers. Integrated Customer Relationship Management (CRM) software is typically already working to boost the degree of interaction your company has with the customer before they hit the sales floor.An integrated CRM solution acts as a comprehensive client database for your company. It can monitor previous customer purchases, register leads and contacts, manage customer relationships, and enhance the marketing for more accurate engagement and targeted promotions. Similar to accounting and ERP applications, CRM automatically updates customer data and metrics for quick and easy reporting.
Setting Up a System to Manage Customer Payments
- Develop methods of payment: How people pay you depends largely on the type of company you have and whether your clients are individuals or businesses or both. Often, if your business is an online-only store, you would collect payment differently from the corner, brick and mortar storefront. The more different forms of payment methods you consider, the more convenient it will be for your customers. But you’re going to have to pay a fee for handling certain forms of payments, such as credit and debit cards.There are a variety of forms in which customers can take money like,
*Cash payments: primarily by individuals in a retail sector,
*Checks: from individuals and company clients,
*Payment by credit and debit card: from individuals and businesses,
*Online payment methods such as PayPal — for individuals and companies;
- Set Up Payment Processing “Thumb Rules”: If you have decided the types of payments to be made, you will need to lay down the guidelines for your employees about the acceptance and handling of these types of payments. Some forms of payment, such as a revolving credit, may enable you to review the client’s credit history. You should set limits that the customer cannot reach. In certain situations, you can charge a service fee for the paperwork and accounting involved in the management of these types of accounts. It is also a good idea to create itemised invoices for these accounts, which will allow you to keep track of their transactions and make returns easier.
- Send the bills out: Send your bills to customers who owe you money. Send a bill at least once a month, or more frequently if you’re serious about collecting revenue. You’re going to want to account for how long it takes customers to pay and display any past due balance on the next invoice.
- Run Accounts Receivable Aging Reports: Depending on the form of company, you can have customers who do not pay at the time of purchase or who pay over a period of time. Running accounts receivable ageing reports will show you when to send out bills and when to initiate stronger collection methods.
- Initiate Collections Processing for Non-Payers: For customers who do not pay within a reasonable period of time (as defined by your thumb rule), start collection proceedings. You may want to give an account to a collection agency or to a small claims court. Decide which account is ideally suited to each form of account.
It’s easy to find simple credit card processing equipment and software. But it can be a bit trickier, but not impossible, to get integrated payment processing platforms with modern features. If you’re concentrating on controlled payables or receivables better, it’s worthwhile looking again at your internal processes and testing the new solutions for payment management – and you don’t have to go alone. Your banker will clarify the latest tools and technology and advise you about how best to deploy them to meet the unique needs of your business.