Now that we have established the fundamentals of an Integrated Payment System, moving on we discuss what factors contribute toward a better IPS for an organization.
Although we had said that IPS is necessary and is quite efficient for any organization, one question that comes to mind is how we would know, which IPS is suitable for our organization, and which one should we adopt.
IPS defines the stability of your business and plays a role in customer traction towards your business. Enhanced and efficient IPS is more convenient and easier to use for customers and will provide more traffic. While deciding on choosing IPS, the following things need to be kept in mind:
- ERP Compatible- The first and foremost thing to keep in mind is the ERP Compatibility of the system. While choosing a payment system for your business, make sure it is compatible with your ERP (Enterprise Resource Planning) for web and mobile applications. It is also expected to provide an integration guide in major languages for user ease.
- Comprehensive Payment Support- This factor is considered one of the key factors while implementing a payment system. It is advisable to choose a payment system that provides you with all payment modes such as cards, UPI, wallet, net banking, and EMI. Also, make sure that the payment system supports international payment modes for an easy international transaction.
- Hosted or Non-hosted Payment- While some businesses use hosted payments others opt for non-hosted payments. Hosted payment is when the business doesn’t redirect you to a different page to fill in your payment details, it is integrated within the business. Whereas non-hosted payment is when you are redirected to a different page for the payment information and process.
- Merchant Account- It is a business bank account without which accepting or disbursing payments is not possible. Merchant accounts are of two types- ISO Merchant Account and Sub-Merchant Account. Based on your business requirements you can choose among the two.
For any organization, a functioning and appropriate IPS makes it easier for them to run their business and maintain a flow in the organization. This also has an impact on the revenue generation and profit-making of any organization.