When coming up with a plan to improve your business' efficiency, payment technology may not be the first thing that comes to your mind. In fact, it might have not crossed your mind at all! The truth is, integrated payment systems like Tailored Pay play a crucial role in making sure your processes and operations are streamlined properly.
When your payments systems are connected to other parts of your business, you become eligible to other benefits such as time savings, higher customer satisfaction, and more productivity.
This is where you need integrated payment platform services.
Integrated payment platforms are more than just processing debit and credit card transactions. These payment systems also work to streamline business operations, from analyzing revenues to managing customer expectations. Integrated payment systems are simply useful in helping you achieve important goals in a simple manner.
If you want to know how integrated payment systems like Tailored Pay can help your business, read more below!
Why Use an Integrated Payment System?
If you use a standard merchant services platform, then you know of the end-of-the-day activities involved with entertaining credit and debit card processing methods.
The process goes like this:
- First you save all the receipts throughout the day
- Then you manually collect them before you can input them into your accounting system
- After completing this process, you are finally able to put your payments through
- After this you can receive the payments in your merchant account
As you already know, this process happens every day, so you can keep a steady cash flow for your business. If your accounting slips up even just for a day, then the receipts accumulate, and you end up with hours and hours of data entry work. When neglected, these tasks just pile up and grow more redundant as days go by.
You wouldn't want that to happen, wouldn't you?
This is where integrated payment processing systems comes in handy. They can improve your business activities and help things go smoothly.
How Do Integrated Payment Systems Work?
Integrated payment systems like Tailored Pay work by simplifying the payment acceptance process and combine it with automatic payment acceptance.
This system works by eliminating slow traditional processes such as collecting transaction information and manual storage. In addition, they do away with connecting written copies of transaction info with digital invoices to match payments with the correct invoices. You also do not have to adjust your ledgers with regards to payments forward.
Rather than connecting invoices or processing payments manually, integrated payment systems process and post payments to their associated sale or invoice automatically.
Because of this, there's no need for you to input the same information into different systems one by one. Your payments are processed at the same time of the transaction. It's so simple, right?
But this is just a small part of what an integrated payment system can do for your business.
How Integrated Payment Solutions Help Businesses
Integrated payment processing solutions come with different features that make them an ideal part of any business. These features translate as real, actual benefits that can help any kind of business scale right based on their expectations.
To give you an idea of the advantages of using integrated payment systems, we've come up with a list of how they can help your business.
- Helps You Save Time
One of the most obvious advantages of using integrated payment systems is the speedy processes.
For merchants, they no longer have to carry on with redundant data-entry tasks, and as a result, you save a lot of time. You can use that time saved to focus on other parts of your business instead.
This process shortens the gap between customers' transactions and the time you receive your earnings in the merchant account. This system also helps you set up recurring payments. They come with scheduling features connected to payment data that makes it easier to bill customers without having to input actions repeatedly.
These benefits may be simple, but they have a butterfly effect throughout the entire payment process. You might not think much of it, but it boosts your business performance significantly.
- Improves Customer Experience
With an integrated payment system, business owners can help serve their customers better. Integrating your payment processing system with your point of sale (POS) system allows for the smooth transfer of data from one platform to another.
This is can be quite useful during the checkout process as it means that the cashiers will be able to ring up sales faster. Rather than manually typing in the amount into the POS system, the integrated payment system automatically syncs the important transaction information, so your staff can complete the transaction faster.
- Improves Cash Flow
One major drawback to debit and credit card processing is in affected cash flow.
Even if you've received payment from multiple avenues including retail stores and your website, the accounting procedures associated with regular payment systems can cause delays to the payment transfer to your merchant account. Because of this, you have to manage your cost through other means, which can significantly affect the overall wellbeing of your business.
Integrated payment platforms like Tailored Pay lets you process your payment the minute they go through. To clarify, this translates to faster deposits thanks to real-time payment updates and reduction of lag time.
This greatly improves your business cash flow and increases your operations with timely payments.
- Cut Costs
As mentioned above, managing different payment processing systems can be very time consuming. However, a conventional payment system gives you no choice but to continue with archaic processes at the end of the day.
Processing all transactions can take around a couple of hours every day depending on the traffic. This time-consuming task not only increases managing costs for your human resources, but it also increases infrastructure charges.
However, with an integrated payment platform, you save yourself from processing payments using different applications. Because you don't have to split your time on different systems, you don't need to assign as many resources to the process.
As a result, you cut your costs substantially, leading to higher profits compared to when you use a standard payment platform.