Integrated Payment Systems

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Need to upgrade your business’ payment system? Make it easier and more efficient with integrated payment systems that simplify the process.

By 2025, around 30% to 50% of businesses are expected to use some form of integrated payment system to take care of real-time finance functions involved with their business. This means fewer chances of fraud and simpler payment processing. This also means less work for companies to include within their operations.

In a rapidly changing financial landscape, the need for seamless payment solutions has never been more pressing. Businesses are recognizing the potential for leaving manual time-consuming payments behind. Because of this, they can get paid faster while benefitting from lower operational costs.

Keep reading to find out how an integrated payment system will elevate your business and your finances.

What Is an Integrated Payment System?

Simply put, an integrated payment system is a robust payment solution. It brings all financial activities, security, and tech under a single roof.

This type of solution’s designed to streamline business operations. It also works to bring together all financial operations into a single platform or ecosystem.

In a traditional system, all organizations have different departments handling different aspects of the payment process. With an integrated solution, organizations get access to all of these departments in one area. This means simplified accounts receivable processes and faster payments.

This also means there will be remote management of payment terminals and payment flexibility. Overall, this type of integration takes a lot of data entry out of the equation.

It also eliminates a lot of administrative tasks. All of this helps to lighten the workload on staff.

The main key here is integrating into your current system rather than migrating to new software. This is one of the big-ticket areas that will save you money.

Another way to approach this is to think of integrated payment systems as what they actually are. They’re electronic payment software or systems that allow consumers to pay for goods and services. Customers can do this by credit card, debit card, check, or cash at any merchant that accepts these payment types.

All of this can happen within their existing platform. Keep in mind that this will also reduce hosting and operational costs. That’s because, with everything in one place, it cuts down on the need for additional platforms.

How Does An Integrated Payment System Work for Businesses?

So, how do integrated payment systems actually work? When a customer wants to make a purchase, they will enter their payment information. That data will provide payments within software and it goes into a payment portal within the software you already use.

The software will then contact the payment processor. The next thing that will happen is the verification of available funds. Once the funds get verified, they’re transferred from the customer’s account to the merchant’s account.

The payment processor will send details about the purchase to any of the issuing banks or platforms for approval. The entire process is automated. All payments get posted automatically at the time of any sale.

This means that you could potentially eliminate wait time for the funds you’ve earned. Overall, payment integration makes for a much faster and more efficient option than traditional methods. Another good thing is that this means businesses can cater to a wider range of customers and make it easier for virtually anyone to make payments.

What are the Benefits of an Integrated Payment System?

When you use an integrated payment system you have more pros aside from having access to more premium payment service options. Let’s take a look at some of the most notable benefits.

Reduced Operational Costs

By automating payments and consolidating all financial operations, businesses can reduce operational costs. Businesses with integrated payment systems are already ahead of the savings curve.

More specifically, 91% of businesses that have this integration often see a 21% reduction in back-office expenses. This is because businesses will no longer need to invest in multiple software solutions. They also won’t have to hire more staff to manage different aspects of the payment process.

Faster Payments

Integrated payment systems make it possible for businesses to receive payments much faster. This is because the entire process is automated. This means that there is no need to wait for manual verification or approval.

Additionally, businesses can also offer customers the option to pay in installments. This is something that could help to increase sales and is where the versatility and customization capabilities come in.

Increased Security

Integrated payment systems offer businesses increased security and fraud protection. These systems are designed with robust safeguards in place. This makes it safe and simple to store credit card information and it’s a way to deter hackers.

Different forms of encryption are a great example of this. With the advanced security systems framing these methods, an IPS is more reliable.

Improved Customer Experience

These systems offer a better overall customer experience as well. This is due to the integration being more flexible and efficient. When payments can be integrated with your current software you are cutting down the steps that customers and clients have to take to make purchases.

This is because businesses can offer customers the option to pay in installments, which can help to increase sales. In addition, businesses can also accept payments in multiple ways. Some options could include regular credit cards and debit cards.

It could also include options like cryptocurrency. It mainly just depends on how your business prefers to be paid and what you want to have access to.

Fewer Chances for Errors

When payments are processed through a single platform, there is less chance for human error. This is because the entire process is automated and there is no need for manual data entry.

Makes Preparing for Taxes That Much Simpler

An integrated payments solution will also make it easier for businesses to prepare for taxes. This can make a large difference in your business because companies will have all of their financial information imported into their existing system. This also makes it easier to generate financial reports and organize financial data.

Comparing Your Model to the Competitions

With an integrated solution, you can also see how you stack up in terms of ease of use, cost, and benefits. With a single platform, you can enjoy the benefits of a lower-cost model. When you take that information and compare your current standing to your competitors that may not have integrated payments, you are providing your customers with a type of convenience that they may not.

Aside from the savings and the efficiency depending on your integration needs, you can use it to your advantage when it comes to marketing. As an example, an integration could give you the ability to group your customers, clients, and patients. This could help with expansion efforts, getting to know your current market, and pain points that clients might have.

Adopting Integrated Payment Systems Successfully: How to Do It

As your business grows, so do the number of payments you have to process. Not only that but with time you will start to develop a sense of trust with your clientele which means you will need to adapt to their transitioning needs if you have any hope of retaining them long-term. Keep in mind that pain points aren’t always immediately recognized.

They can grow after your customers have one negative interaction with your software. That could be anything from functionality to a decrease in quickness or general slow processing times. It can become difficult and time-consuming to manage payments through multiple channels as well.

An integrated payment system can help streamline the process by automating payments and consolidating all financial data into one platform. This can save your business time and money while strengthening customer relations. To successfully adopt an integrated payments solution, businesses should consider the following factors:

  • Type of business you have and its specific needs
  • Type of software that the business currently use
  • Types of payments that the business wants to accept
  • Level of security that the business needs
  • Customer experiences that the business wants to provide
  • Ease of use for both customers and employees

Also, keep in mind that there are several providers of integrated payment solutions. Payline is a popular option.

This is due to the main goal being for simplifying and streamlining payments from credit card processing to other methods. As such, it’s important to identify the features you need. You will also want to assess your budget during any potential integration.

Overall Payline for example, allows you to take advantage of more transparent pricing such as wholesale rates and you can receive funding as soon as the next business day if you integrate a payment system into your current software.

Elevate the Way You Run Your Business

Businesses are increasing their efficiency and saving themselves and their clients time with integrated payment systems. An integration like this not only saves you time and money. It also protects the payment information of your customers and provides a more secure way to process payments with no work on your part.

Working with Payline is one of the best ways to do this if you favor simplicity, custom reporting, and fast funds. Interested in learning more? Contact our sales team today to set your business on the right track.

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