Why should you consider integrated payment systems?

July 08, 2019

Under the surface of your business lies a tangle of digital processes. Each may perform a vital function in isolation. But if the pieces don’t work well together, compatibility problems may begin to arise. Getting the most out of your investment means harmonizing all your vital systems to efficiently work together.

For many businesses those efficiencies start with a cornerstone of an integrated payment system. As the phrase implies, integrated payment systems connect the critical payment processing function of your business with other vital business systems, like accounting, payroll and customer relationship management (CRM).

Aligning these channels with the right point of sale (POS) solutions not only streamlines your payment processing, business administration, and customer experience management—it's designed to get them all working together in unison.  Integrated payment systems offer seamless performance to optimize back-end business operations. By improving the functions of the pieces, integrated payment systems can help strengthen your business structure as a whole.

Consider the following benefits and how you can use integrated payments technology to your business’ advantage:

Integrated payments streamline operations

By automating your accounting and enterprise resource planning (ERP) with integrated point of sale systems, you’ll bypass the time consuming process of entering and reconciling transaction data.

Updated in real-time, your integrated ledger shows immediate transaction history for automatic insight and better reporting. Manual accounting is time consuming and prone to data entry errors. With integrated payment systems, transactions are automatically entered into software and applied to ledger. This can reduce costly human error and improves efficiencies and cost-savings for your business.

Integrated payment systems speed up cash flow and put more money in your account. Payments are automatically posted with integrated credit card processing. 

Integrated payments deliver on security

The safety and security of your data is critical to safeguarding your business as a whole. That’s especially true when it comes to payment data. Personal data like account information is valued by thieves and the prize that fraudsters seek in data breaches.

Integrated payment systems include the hardware, software and, critically, the services required to accept payments safely and securely. Integrated payment systems offer business value-added services like EMVtokenization and end-to-end encryption, which contribute to higher standard of payment security along with better access and visibility into their own business operations. While tokenization is an effective way to protect card data at rest, encryption protects data in flight.

Keeping a customer’s card on file for the convenience of scheduled recurring billing or the ease of online shopping has also been made safer with tokenization. Tokenization replaces a customer’s credit, debit, or prepaid card information with a uniquely generated series of numbers and characters known as a token, which masks the true card number, and can only be deciphered by the issuing bank during authorization.

Safe, secure, reliable payments that maintain the privacy and integrity of data are essential to protecting your business and maintaining the trust of your customers. Integrated payment systems deliver on security that can improve consumer confidence and retention rates and help your business keep more of what it earns.

Not all integrated payment service providers are equal when it comes to proving world-class security tools. Take the time to understand how any potential solution will serve the long-term interests of your business. Look for solutions that secure transactions while minimizing fraud and reducing risk to your business.

Integrated payments help improve customer service

In addition to the comfort of increased security, an integrated payment solution supports your staff’s ability to assist your customers.

Before they ever reach the sales floor, integrated customer relationship management (CRM) software is usually already working to improve the level of connection that your business has with the customer. An integrated CRM solution acts as a detailed customer database for your business. It can track previous customer sales, register leads and contacts, maintain customer interactions, and improve your marketing for more precise engagement and targeted promotions. Similar to accounting and ERP software, CRM automatically updates customer data and metrics for fast and simple reporting.

While it does track the purchasing status and behaviors of your shoppers, payments integration can also help you keep a close eye on your business’ inventory, sales, and deliveries. That gives you a better knowledge of whether items are in stock, on the way, or on order and can go a long way satisfying your customers—and potential customers—with excellent service.

How to find the right integrated payments?

The good news is that there is an integrated payment system tailored to the needs and budget of virtually every type of business. The less good news is that sorting out which system is best for the way your business works can be difficult.

So how do you find the right integrated payment solution for you? A great place to start is to connect with a global leader and innovator in secure integrated payments technology. Connect with one of our payments experts at Worldpay to discover how integrated payment systems bring these advantages together for your business.