Payment technology might not be the first thing that comes to your mind when considering improving your business’s efficiency. However, using integrated modern integrated systems can play a significant role in streamlining and improving your small business operations.
These solutions help you save time and money by keeping more precise records, ensuring that financial transactions go smoothly.
Now, let us understand what integrated payment systems are and get to know what this hype is all about:
What are Integrated Payment Systems?
Even if you don’t know the term “integrated payment solution”, it’s likely that you have seen or used them somewhere.
Integrated payment systems accept payments with more than just debit and credit card payments. They can help you accomplish significant business objectives effortlessly, from managing customer expectations to analyzing your revenues.
Integrated payments enable you to manage payments with a common payment platform and fewer steps and maintain more organized and effective digital payment processes. These products are made to link your merchant services and payment processing to other parts of your company, such as payroll, CRM, and accounting business software.
If you haven’t already installed payment system integration for your business, now is a great time to start.
How do Integrated Payments Work?
Instead of recording data using different programs from various providers, business owners may consolidate their crucial payment, accounting processes, and sales responsibilities in a single system.
Next, a connection is assembled between all of these actions to enable seamless data sharing. It may also real-time update your CRM system to help you observe client patterns.
What are the Benefits of Integrated Payment Solutions?
Having integrated payments in your business will assist you in
1. Save Time
Managing finances can be challenging, particularly when it comes to accepting payments. Payment card data is immediately transferred to the cloud storage after processing payments through integrated payment solutions. It doesn’t need to be manually entered or recorded.
2. Boost Cash Flow
The rate of fund transactions in your business is measured by cash flow. Although it might seem like a simple concept, 82% of small firms are deemed to collapse as a result of inadequate cash flow.
Payment integration improves your cash flow by creating a more efficient payment system that makes it easier and more convenient for money to enter your organization. Right payment processor solutions for receiving payments are better than manual accounting for business transactions.
3. Minimize Costly Errors by Humans
One wrong decimal point can lead to major accounting issues and put you at risk of incurring costly legal or tax consequences. It is unavoidable when manually handling hundreds of financial data.
Data may be entered incorrectly, the wrong customer is charged for a transaction, or the wrong amount is paid to customers. Integrated payments make it easier for businesses to handle their money and relieve the burden of tedious bookkeeping. This straightforward procedure reduces human errors, data breaches, and double data entry, enhancing business productivity.
4. Reduce your Costs
If your systems are automatically updated with reliable transaction data, you can reallocate part of your accounting expenses to meet other organizational needs. As a result, less constant supervision is required.
To keep your records up to date, analyze your financial data, and handle your taxes, you will always need the help of a qualified accountant or accounting team. Furthermore, precise reporting can assist you in avoiding supplemental, or payment processing costs like legal fees brought on by accounting mistakes.
5. Seamless Customer Experiences
You never have to be concerned about crucial information getting lost in the shuffle because every piece of software seamlessly connects. You can quickly obtain the details you require to react to a client’s request for transaction status updates, a refund, or to challenge a charge.
To address your customer’s issues, you don’t need to sift through bills, peruse your paper receipts, or conduct ingenious research. And you can relax knowing that the modification is automatically mirrored throughout all of your associated accounting software if you do need to modify or reverse a transaction.
6. Effective Data Management
Analyze seasonality, consumer behaviour, payment trends, and much more in a single glance. You need an integrated payment system to get the most out of these latest tools. It ensures that you have immediate access to all necessary data.
7. Strengthen Security
Although manual accounting has long been the norm, it has numerous security problems. Businesses can utilize an integrated payment system to handle payments from customers utilizing a cloud-based payment gateway, contactless payments, and end-to-end encryption. Businesses can utilize cloud-based accounting software to access data through the internet from multiple locations.
Difference Between Integrated and Non-Integrated Payment Solutions
| Non-Integrated Solutions | Integrated Payment Solutions |
|---|---|
| In a typical transaction, the credit card information would be processed and an invoice and receipt would be obtained. After accumulating all of the day’s invoices, you would enter payment information into your ledger and confirm that the total matched the receipts. | The process is significantly simpler if you already have a fully integrated payment system in place. Direct credit card information from you would be sent to your accounting application, and the integration would handle the rest. |
| You must manually input every piece of information into your accounting system without an integration solution, which is time-consuming and prone to mistakes. | The bank immediately processes the information, posts it to your ledger, and stores it in your CRM or other programs that are connected to it. |
In the absence of a payment integration system, the following describes how a credit card transaction works:
|
When a payment system is integrated, the procedure could go as follows:
|
Which Integration is Best for your Business?
When evaluating the solutions, keep your company’s requirements in mind. Pricing is a critical concern regardless of your company’s stage, but it is not the only one.
Moon Invoice software for processing debit and credit cards is made to meet the demands of the modern payments industry. You can link to other apps or use the built-in integrations. With modern features like data analysis and mobile payments, Moon Invoice payment processing systems can fully satisfy your requirements.
The Moon Invoice’s online invoicing software has standard payment gateway connections to aid business owners and professionals in managing their payments from customers.
Process Payments Easily with Moon Invoice
With Moon Invoice, get an all-in-one business solution that accepts mobile payments and third-party integrations from all around the world.
How to Successfully Adopt Integrated Payment Processing?
You can automate payments and optimize your accounting process with an integrated payment tool that meets the following essentials:
1. Conduct your search from both customer and company perspectives
Having an integrated system has benefits for more than just your company. Even though most of the advantages come from inside, it will need to enhance the customer experience.
2. Clearly state your needs and ensure that your payment provider gives them top priority
Be sure you are clear on what you want from an integrated solution and clearly define your goals for an integrated system.
Conclusion
Integrated payments will simplify the user experience and eliminate the hassle of manual bookkeeping if your business accepts credit cards. Once your integrated payment system is up and running, it will be critical to providing better customer service, easy access to IT support, and intuitive functionality.
All of the above-mentioned best practices listed above are critical to reaching our goal and helping your business maintain healthy cash flow.
FAQs
Jayanti Katariya is the founder & CEO of Moon Invoice, with over a decade of experience in developing SaaS products and the fintech industry. He holds a degree in engineering. Since 2011, Jayanti's expertise has helped thousands of businesses, from small startups to large enterprises, streamline invoicing, estimation, and accounting operations. His vision is to deliver top-tier financial solutions globally, ensuring efficient financial management for all business owners.
