Today, about 76% of U.S. adults shop online. Whether your store is on or offline, it’s essential to have software to take payments. Integrated payments are the idea of combining your payments with software. Some common examples of this are a POS system or an EHR system.
What does not having payment processing entail for business owners? Keeping financial records organized becomes increasingly difficult.
Also, you must take extra steps to ensure that you handle your money appropriately. As a business owner, you can avoid these issues by working with integrated payment processing.
Read this business owner’s guide to learn all about integrated payment processing and how the right business-specific processor can take the stress out of your day-to-day financial tasks!
Benefits of Integrated Payment Processing
If you are a business owner, you know that customer satisfaction is key to success. In order to keep your customers happy, you need to offer them a variety of payment options.
Integrated payment processing is a great way to do this. By integrating your payment processing with your point-of-sale system, you can offer your customers a seamless experience.
This will make it easy for them to pay for your products or services, and it will also make it easy for you to track your sales.
Additionally, integrated payment processing can help you save money on transaction fees. So, if you are looking for a way to improve your customer service and save money, consider integrated payment processing.
Why Choose Payment Processing?
Credit card and debit card processing methods can take a large chunk of time out of your day. You have to save the receipts and reconcile them with your accounting software.
Once this is done, then you can place the payments. If there’s an error one day, it could cause you to have hours of data entry.
Integrated processing can help save you from this headache by automating the process. Also, many customers pay by card instead of cash.
Tips for Optimizing Your Payments
There are various tips for optimizing integrated payment processing for business owners. Perhaps the most important is to ensure that all payment methods are supported by the system.
This includes traditional methods such as credit cards and debit cards, as well as new methods such as mobile payments and cryptocurrency. In addition, it’s important to offer multiple payment options to customers to increase customer satisfaction.
Another tip is to offer discounts for customers who use certain payment methods, such as loyalty programs for repeat customers. Finally, it is important to keep track of customer data to better understand their spending habits and tailor the payment experience to their needs.
- Research Improvements
Consider options to make the process easier for your customer. This could include mobile payments, EMV payments, contactless payments, etc.
You could also consider dividing payments. International markets could have their own forms of payment as well.
- Reduce Fraud
Require CVV for all card payments. For online payments, use their IP address to verify where they’re located.
Have suspicious transaction flagging and multi-factor authentication.
- Update Your System
If the payment declines, there might be a problem with your system instead of the card. Out-of-date processors might not be able to accept newer cards.
If this is the case, it’ll reject the method of payment. Keep it updated to ensure that you won’t lose customers over card rejections.
Many users are doing most of their shopping and browsing right on their phones. You can update your payment processor to work with mobile systems for ease of use for the customer.
You can have a specific interface for each device. Since phone screens are smaller, this will prevent them from not being able to see the information.
Once you leave the United States, you can find various forms of payment online. In parts of Asia, many shoppers don’t use international credit cards to buy items. If you want to stand out in a global market, it’s important that you offer your customers options.
The Payment Getaway Integration Process
Business systems and software will integrate with payments. When everything is compatible, it’s much easier for you to take payments.
It’ll even offer you additional capabilities.
During the process, you’ll receive the customer’s order, whether in person or online. Next, you’ll place the credit card information right into the software. The integration software will process the payment.
You can skip reconciling transaction data that you have to manually enter. Once the sales process occurs, payments are automatically posted.
Accounting will be easier, too, since it shows the transaction history in real-time. In addition, you’ll skip posting payment information into various systems.
- Improve Customer Service
Did you know that up to 25% of U.S. customers are more likely to avoid stores with long lines? U.S. retailers are losing 100 billion dollars due to this.
The checkout process will be quicker with this system. Customers could use online checkout, self-checkout, and even mobile checkout. Your team can also focus on each customer at a time.
- Data Security
Did you know that Sony experienced a data security breach in 2014? Hackers received sensitive company documents and erased data.
Security is one of the toughest obstacles for companies. Through a processing system, the personal data of each consumer is protected through the entire process.
It’ll protect their personal identities, bank account info, and credit card number. Use trusted companies for your payment processing system to avoid errors.
These errors could lead to hacks and other costly problems. A payment processing system will protect the information of your customer at the point of sale and during transit.
Many consumers are also aware of the security problems out there and want to ensure that you have a secure method. First, think about what industry you’re in since some will require more security than others.
Tokenization is when sensitive information is replaced with non-sensitive options. This will help to reduce potential breach threats.
Data security should be the most important part of your business since it can impact your reputation. If you have a breach, customers will have a hard time trusting your business.
- Save Time
If you have to use manual accounting, it can take hours to enter the information. With this payment system, you won’t have to wait.
You’ll enjoy how it’s entered into your ERP system without any extra effort. This will allow you to save time, focus on your business, and help your customers.
Some systems will even let you set up recurring payments. There might be scheduling features that are linked to payment data to bill your customers.
- Reduce Errors
Manual accounting can take a while, and you’re more likely to make errors. When you find these errors, you’ll need to stop what you’re doing to fix them. You’ll also need to be on the lookout for them for hours each day.
Your reputation could suffer if you make a grave error. A loss in reputation could mean fewer sales overall.
If paper records are misplaced, you might not be able to replace them. Data could be entered incorrectly too. Since it’s automatically entered, the chance of an error is minimal to none.
- Increases Cash Flow
While credit card and debit card processing could impact your cash flow, integrated systems don’t. Since you can process your payment right away, this allows you to avoid fees.
Receive real-time payment updates and reduce lag overall. You’ll also have a reduction in declines through data optimization.
They can find a better method for the transaction to be complete. A good payment processor will also cut your costs and help you obtain higher profits.
- Analyze Data
Learn important information about each customer’s transactions. A payment getaway integration process lets you analyze your revenue through data points.
You’ll be able to see the most popular method of payment with your consumers. Identify and understand the data that comes through. This will let you determine how well your company is performing.
How To Get Started With an Integrated Payment System
First, decide whether you’d like flat-rate pricing or another payment option. Find a system that’s PCI-compliant as a payment gateway.
Determine compatibility and see if it works with your CRM system, accounting or ERP software, or online shopping cart.
Decide if their customer support works for you if you have questions. See if there are termination fees if you end early.
Some might offer tokenization and encryption for extra data security.
Find a payments provider who will put customer service front and center, offer security, let you integrate the various processes, and be able to help you reach your goals.
When you can rely on your processing provider, you’re more likely to improve other aspects of your business. If not, managing your payment processor could be a full-time job on its own.
How to Choose the Right Integrated Payment Processing for Your Business
After exploring this guide on what integrated payment processing is and how it helps, you should have a better idea if it’s right for your business. From grocery stores to eCommerce, most businesses can benefit.
Are you curious about getting started? Check out our affordable software and contact us today to get started! We’ll help you with your payment gateway integration process.