If you are okay with the current software you use, but you need to subscribe to payment technology, the answer is to invest in integrating payment technology. It will not only allow you to continue using your existing business software but also streamline your payment system. The main selling point of these payment integration systems is their time-saving feature and accuracy.
You can say goodbye to manual transaction entries on various platforms with the use of seamless payment integration systems. They will put all your transactions in one central hub, making reconciliation and reporting easy. They will also make payment processing, accounting, and relationship management work together seamlessly.
Costs involved in sending invoices and accepting electronic payments
The moment you accept customer payments, the cost starts to stack up. These costs become more apparent when you deal with paper-based payments. Invoices and traditional checks also require materials, postage, and printing equipment — these expenses can be between 4 to 20 USD for every mailed check.
And when you thought that the costs stopped running when you successfully sent your invoice, think again. When you start accepting electronic payment solutions, you will be shocked to discover the accompanying hidden costs. The sad truth is that most merchants are not aware of these expenses.
What happens if you shift to integrated payments?
If you do not want to pay the extra and hidden costs mentioned above, your best bet is to invest in a seamless payment integration system. If you want more reasons to make the shift now, check these out.
It can save you money
One of the significant advantages of integrated payments is saving money. Instead of paying your employees for overtime work rendered to report, track, and monitor transactions recorded in your payment system, you can automate the process. In this case, there is no direct intervention needed.
Improved accuracy
With integrated payments, you can eliminate human error like the following:
- Redundant entries
- Mistakes in calculations
- Misplaced invoices
- Missed payments
If you encounter a few errors, you also experience fewer losses. In the end, you get to save money, too.
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Better business forecasts
If your payment system is still not integrated, marketing, accounting, and processing can exist in different silos. This means you will exert more energy to trace where the company’s money is going and why. If you start to integrate, on the other hand, you get to manage your finances. The process will be more transparent, too.
Better marketing
Working with an integrated payment system allows you to spot better opportunities that used to be invisible. It helps you determine if your most popular product is actually costing you more money or whether an infrequent buyer can be your most profitable customer. If you have all these pieces of valuable information, you can start scaling and improving your company’s marketing efforts.
Simple tax preparation
If you shift to a seamless payment integration system, you also lessen the need to look for faded receipts and old invoices in your rusty shoeboxes. Since reporting and accounting become centralised and automatic, tax computation can be easy. You can export all your transactions into your chosen tax computing software.
Technology is meant to make people’s lives easy. The definition and purpose of innovations are exemplified in how payment integration systems can help businesses streamline their operation. Save more money and focus your effort where it is most needed — invest in a simplified payment integration software today.
