Payment technology might not be the first thing that comes to mind when you think about how to make your business run better. Any competitive firm places a high focus on offering outstanding customer service. You might be acquainted with the end-of-day procedures associated with debit and credit card processing techniques if you employ a traditional merchant services system.

The process goes by first, collect each receipt you receive during the day. Before entering them into your accounting program, you must manually confirm them. Your payments will not go through until everything has gone through this procedure. Afterward when you can access your merchant account to receive payments.

As you would know, this procedure occurs daily to keep the company’s liquidity consistent. You will indeed face endless hours of data entry work if your accounting falters for even one day and the receipts accumulate. When neglected, these tasks become increasingly unnecessary as time goes on.

Need for Integrated Payments

Integrated payments are one important aspect of the myriad activities that automate the payment acceptance process and incorporate it. The foundation integrates the hardware and software that keep a business working efficiently. When your payment systems integrate with other parts of your company, you can access various advantages, such as time savings, increased productivity, and improved customer satisfaction. However, your integrated payment systems can be quite important in optimizing your operations and processes. They function through dealing with time-consuming conventional procedures, including manually compiling and storing transaction information. They also get rid of the need to link digital invoices and paper records of transaction details so that payments can be matched to the right invoices.

Choosing an Integrated Payment System  (IPS)

Companies want to provide their customers with a secure, efficient, and user-friendly payment method. Your business’s needs and those of your consumers must be met by the payment method you choose. Thus, it must be secure from fraud, accept various payment options, be user-friendly, and work with your platform.

A company employs a payment method to manage online payments and is capable of handling card payments. The payment method you choose will affect the denominations you can receive, the transaction cost, the frequency at which funds arrive in your merchant account, and the payment options you will provide.

The following things need to be considered while deciding on choosing IPS:

  • ERP Compatible

The system’s ERP Compatibility should be considered in mind primarily. Make sure the payment system you select for your company is appropriate for use with your ERP’s web and mobile applications (Enterprise Resource Planning). Additionally, a user-friendly integration guide in the main languages is anticipated.

  • Comprehensive payment support

This aspect is one of the most important considerations when setting up a payment system. The best payment system offers access to all payment methods, including cards, UPI, wallets, net banking, and EMI. Additionally, confirm that the payment system accepts foreign payment methods to facilitate simple international transactions.

  • Hosted or non-hosted payment

Some companies employ hosted payments, but others choose non-hosted payments. A hosted payment is embedded into the business and does not require you to visit a different page to enter your payment information. Non-hosted payment, on the other hand, occurs when the payment process and information are transferred to a different page.

  • Merchant account

Without a company bank account, it is impossible to accept or disburse money. There are two diverse merchant accounts: ISO merchant accounts and sub-merchant accounts. You can choose between the two depending on your business needs.

Question of when, not if!

It is a matter of when not if, a company deploys an integrated payment processing system for nearly all businesses. The data from electronic payments should automatically flow into the company’s accounting system without the need for manual entry as client preferences for making payments continue to shift away from cash and checks. IPS determines the company’s stability and contributes to client attraction to the brand. Customers will find enhanced and efficient IPS to be more convenient and simpler to use, and they will generate more traffic.

Every type of organization can benefit from an integrated payment system adapted to their specific demands and budget. A great start is connecting with a good, global leader and innovator in integrated payments technology.

 

Read: Get to know the Integrated Payment Platforms