Whether you own your own coffee shop, run a boutique, or operate a restaurant or bar, an integrated payment system is essential to your business’s success. Integrated payments are becoming increasingly more popular amongst retailers and POS owners who are looking to save money and streamline a lot of processes. Many POS systems are now integrated with faster and more reliable payment processing services than ever before. This means that you can have more smooth-running operations, be able to manage various responsibilities easier, and improve upon your customer loyalty. Having a payment processor that automatically integrates credit/ debit card transactions and other electronic payment data seamlessly into a general ledger or ERP system is a key component of helping your business run as efficiently as possible.
What is Payment Processing Integration?
Payment processing integration essentially allows for payment transaction data to automatically circulate into a business’ general ledger or ERP system each time a sale is made. This eliminates having to manually enter in every single payment transaction and helps reconcile accounts, saving time and energy. Customer payment preferences have changed dramatically over the past few years and giving them more options for paying will keep them satisfied and coming back for more business.
The shift from cash and check to debit and credit has created many challenges for smaller to medium size businesses. Before integrated payment processing, merchants had to wait for a batch report given to them by their transaction provider. Every single transaction had to be manually entered in the accounting system. This left room for human error, which could significantly impact reporting.
What are the advantages of Integrated Payment Processing?
- Save Money & Time: the #1 most important benefit to integrated payment processing is the savings. It creates savings in terms of workforce costs. With everything processing automatically, it is not necessary to have an accounts receivable employee on payroll or having to pay an accountant. On top of that, you cut down on the costs associated with training employees to process payments.
- Reduces Human Error & Increases Accuracy: Integrated payments remove human error entirely. No more redundant entries, calculation errors, and missing invoices.
- Better Customer Service & Loyalty: In order to maintain customer loyalty you need to be able to exceed expectations. Having a fast and reliable POS system, your business can reduce customer wait times. Being able to process nearly every type of payment method and reviewing transactions immediately will result in fewer mistakes. Fewer mistakes results in happier customers. POS systems also come with a variety of customer benefits like gift card management and reservation lists.
By creating seamless payment transactions, eliminating manual data entry, and reducing time and energy spent elsewhere, an integrated payment processing system can help expand your profit margin while focusing on business.
Sterling provides merchants with a complete range of electronic payment processing services, including credit, debit, PIN debit, fleet, gift card, and electronic benefits transfer (EBT).
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