Payment technology might not be the first thing that comes to your mind when thinking about improving your businesses efficiency. However, using integrated payment systems can play a significant role in streamlining and improving your business operations.

These solutions help you save time and money by keeping more precise records, ensuring that 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 more than just debit and credit cards. They can help you accomplish significant business objectives effortlessly, from managing consumer expectations to analyzing your revenues.

Integrated payments enable you to manage your payments with fewer steps, enabling you to maintain more organized and effective digital 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 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, 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?

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 through integrated payment solutions. It doesn’t need to be manually 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. Software solutions for receiving payments are better than manual accounting for business transactions.

3. Minimize Human Error

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 mistakes 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 costs like legal fees brought on by accounting mistakes.

5. Seamless User Experience

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 behavior, payment trends, and much more in a single glance. You need to have an integrated payment system in place to get the most out of these tools. This 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:

  • Obtain a customer’s order online or over the phone.
  • The cardholder’s information should be entered.
  • Print out an invoice, keep a copy of the payment receipt, and staple the three together.
  • Compare paper and electronic invoices at the end, and then apply payments to the appropriate bills.
  • Manually update your cash flow data and transaction data to reflect payments from customers.
When a payment system is integrated, the procedure could go as follows: 

  • Obtain a customer’s order by phone, online, in person, or using a mobile device.
  • Put their credit card details directly into your accounting program.
  • Process the payment via integration and payment data gets updated automatically.

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 all of 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.

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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 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 excellent 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.

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