3 Benefits of Integrated Payment Systems
Every merchant has a myriad of operations behind the scenes that keep their business productive and healthy. Each operation performs an essential function for the business but without compatibility between the processes, issues may arise. Enter integrated payment systems – where merchants can coordinate key software to efficiently work together and boost their business’ vitality.
What is an Integrated Payment System?
An integrated payment system connects the critical payment processing function of a merchant’s business with other important business functions like accounting, payroll, and customer relationship management (CRM). Aligning these channels with the right point-of-sale (POS) solutions not only streamlines payment processing, business administration, and customer experience management — but it’s designed to get them all working together. Integrated payment systems offer seamless performance to optimize back-end business operations, which strengthens the entire company.
Benefits of Integrated Payment Systems
1. Enhance Business Operations
By automating accounting and enterprise resource planning (ERP) systems with integrated point-of-sale systems, a merchant can bypass the time-consuming process of entering and reconciling transaction data. The systems show real-time transaction history for better insights and reporting.
Traditional manual accounting, that is time consuming and prone to expensive data entry errors, can be turned into an automatic process that improves efficiencies and cash flow. And it allows employees to focus on additional important tasks while the payments are automatically posted with integrated credit card processing.
2. Boost Customer Service
Another way an integrated payment solution benefits a merchant is its ability to connect to a company’s CRM software to better serve clients. An integrated CRM solution acts as a detailed customer database that can track previous client sales, register leads and contacts, maintain customer interactions, and improve marketing for more precise engagement. Like accounting and ERP software, CRM automatically updates customer data and metrics for fast and simple reporting.
Payment integration can also help follow a business’ inventory, sales, and deliveries which gives merchants knowledge of whether items are in stock, on the way, or on order and that can go a long way satisfying customers and prospects with excellent service.
3. Deliver on Security
For all merchants, the safety and security of customer payment data is critical to safeguarding a business against fraudsters. Integrated payment systems offer business value-added services like EMV, tokenization and end-to-end encryption, that contribute to a higher standard of payment security along with better access and visibility into business operations.
Safe, secure, reliable payments that maintain the privacy and integrity of data are essential to protecting a business and gaining the trust of customers. Integrated payment systems deliver on security that can improve consumer confidence and retention rates and help businesses stay healthy.
Find the Right Integrated Payment Solution
The good news is that there is an integrated payment system tailored to the needs and budget of virtually every type of business. Connect with an i3 Commerce Technology payment processing advisor to discover how integrated payment systems can bring these advantages together for your business.
Does Your Business Have the Right Integrated Payment Solution?
Contact us online or call 1-800-621-8931.
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