Integrated Payment Systems are payment systems that communicates with all other critical software your business uses, according to Tidal Commerce. And in today’s rapidly evolving digital world, no one wants to add steps or systems to unnecessarily lengthen any process – especially a process that is responsible for the financial savviness of your business. It’s essentially open communication with all of your business systems. The goal is to save you time and money, and create a seamless experience for your clients and customers.
Here are some of the top reasons why you should consider implementing an integrated payment system.
Reduce Labor & Errors
Data entry is the worst, but it’s a necessary part of any business. With integrated payment systems, many of these administrative and data input processes can be streamlined. That means no cross-referencing payment gateway information with data from your CRM, or other time-consuming manual searches and cross-referencing protocols. Integrated payments can save individuals up to 12 hours per week since you no longer have to manually enter details into your separate systems.
And when everything is all in one place, you’re all but guaranteed to see a reduction in errors as well. The less you and your employees have to do in your internal systems, the easier it is to keep costly errors and human mistakes out of your accounts and analytics.
Reduce Training Time
Integrated payment systems also make it easier for you to train employees in how to process payments. Fewer moving parts mean less confusion for new hires. This also means you can reduce errors caused by misinformation and bad or incomplete training, too.
Lower Processing Fees
Integrated payment systems also lowers processing fees by automatically submitting line-item details. This reduces your expenses and production costs.
Marketing & Sales Integrations
Combining your CMR and sales data can create a powerful and insightful tool within your integrated payment system. You can segment customers based on their sales and marketing data and analyze top customers, products, and more.
By allowing your systems to communicate without human interaction, you and your team can focus on the big picture insights, rather than combing through half a dozen payment systems, customer databases, and financial reports.
Makes for Easy Tax Prep
Most modern integrated payment systems also allow you to segment payment information in specific ways, for example they can easily pull information and segment it to help with tax prep.
“For example,” says Tidal Commerce, “if you notice that most of your customers use Visa, you may find that using interchange plus pricing instead of flat pricing on payment processing could save you thousands of dollars.”
Secure, PCI Compliant Transactions
When you use an integrated payment system like ReliaFund, your customers’ sensitive data is secure and PCI compliant.
The safety of your customer data is not only paramount to your bottom line, it also secures your business’s reputation as a safe merchant to do business with. Cybersecurity breaches and hacking incidents harm your brand’s reputation, and even if you fix the problem, you can’t undo the damage, and that damage can cost you future revenue.
ReliaFund Is Ready to Help You Integrate Your Payments
ReliaFund is an integrated payment system with an all-in-one platform. We want to help you seamlessly process all forms of payments: credit cards, check scanning, ACH payments, and more.
Questions? Contact us today.