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4 Min. Read

What Are Integrated Payments? How Do They Work & Benefit Business

What Are Integrated Payments? How Do They Work & Benefit Business

Integrated payments are a hot topic when it comes to business software. However, it’s important to understand exactly what an integrated payment system is, and how it can benefit your business. If you’re looking for information about integrated payment solutions, look no further. We’ve got all you need to know in our article!

Here’s What We’ll Cover:

What Are Integrated Payment Solutions?

How do Integrated Payments Benefit Businesses?

Key Takeaways

What Are Integrated Payment Solutions?

The term integrated payment is broad. Integrated payment processing systems take all of the information from payments and send it where it needs to be. This has a number of benefits for business operations. The level of integration for integrated payment processing systems is dependent upon the needs of the business.

Some of these software solutions are incredibly complex. Others are only used to copy and paste data into other forms. No matter what you need, there is a solution available. Any common payment platform provides integrated payment software. Integrations are one of the most valuable commerce solutions for online payments.

How do Integrated Payments Benefit Businesses?

Take a look at all of the benefits of using integrated payments with your business!

Automation Saves Money

When you switch to integrated payments for your business, you save money in the long run. You need fewer man-hours to review all of the payment information coming in. In most cases, accounts receivable departments are very costly. If you have an automated integrated payment software solution, you can reduce hours in the AR department.

Fewer Errors in Terms of Accounting

Integrated payments take all of the information from payments received and put it where it needs to be. The information is copied to other software as it’s been entered by customers. This means that there is no middle man entering information, which reduces the number of errors possible.

Integrated Payments Open Up Payment Methods

Most integrated payment software comes with everything you need to begin accepting payments. Popular payment processing partners allow for a large number of different payment methods. Most software enables businesses to accept the following payment options:

  • Mobile payments
  • Credit card payments
  • Online payments (PayPal, Venmo, etc.)
  • Gift card payments

The more payment options that you have, the better your cash flow will be. It also creates a better payment experience for your customers.

Allows for Better Oversight of Financial Transactions

Integrated payment solutions keep track of all of your financial transactions. Because of this, you can normally understand your cash flow better. You can see what kinds of transactions your business receives over time. You can also see what those transactions are for, which can lead to better decision-making as time goes on.

Use Integrated Payments to Make Informed Marketing Decisions

With integrated payments, you can see all details regarding purchases being made. This can help you understand which products are performing well, and which products are struggling. Using this data can help you target your marketing. If a product seems to be doing particularly well, you can create new marketing strategies for continued success. If products are struggling after a marketing campaign, you can choose to discontinue them if need be.

Better Security

Data security is very important when running an online business. The more systems you use, the more likely you are to have a data breach. When using integrated payments, security is increased. If payment processing and accounting functions are combined, there are fewer chances of any security issues arising.

Modern integrated systems encrypt their data from end to end. This means that all data being passed through the system is secure. Additionally, all of the popular options on the market are Payment Card Industry compliant. Any business accepting credit cards as payment has to abide by PCI compliance. Using an integrated payment system that handles that for you makes it easier to adhere to.

Key Takeaways

Payment integration is an important part of running an online business. Being able to use a payment processing system that handles all of your data needs is an impressive feat. Most integrated payment systems will securely process payments. Then they transmit the data to your accounting programs automatically. This helps businesses save time and money. If you’re not using an integrated payment system, consider finding one today!

Did this article help you? If so, consider looking at some of our other articles. You can find them over at our resource hub! We cover all sorts of business-related topics. Check it out today!