Integrated payments are strictly connected to the payment gateway services, provided by e-commerce application systems that authorize payments for e-businesses, etc.
What do I need it for?
Why choose an integrated payment system? Well for starters, if you have a POS system and you’re not using an IPS integration, you may be overpaying, putting your business at risk or creating unnecessary difficulties for support. Integrated payment processing systems may save your time and money and enhance security, as well as lower processing costs.
Up-to-date operations, better data security
The less you focus on tracking payments, the more attention you can pay on other areas of your e-commerce business. Integrated payments help you get rid of unnecessary tasks, saving the time and money you spend on operative and labour costs. A stronger network security protects businesses from threats out of their control, such as frauds or data breaches, which have the potential to compromise stored data and paralyze the integrity of their business. This can be achieved by tokenization and end-to-end encryption, which contributes to a higher standard of payment security, as well as better access and visibility.
Enhanced Customer service
In order to increase your customers’ satisfaction with their shopping experience, a CRM (Customer Relationship Management) system is already implemented into the integrated solution, which acts as a precise customer database for your e-commerce. It’s able to track customer sales, register contacts and leads, better target promotions, create reports etc.
Key benefits to payment integration
Recently, the payment processing industry has changed, becoming much more dynamic and unpredictable. It may be difficult for merchants and some businesses to keep up with the standards and best suitable practices.
First of all, an integration payment processor saves your time. You no longer need to manually enter credit cards and electronic payments into accounting systems. Additionally, the integration reduces human errors. Adding the human element into the payment transaction process increases the chance for mistakes to be made. Such an error may lead to lost time and frustrated customers.
It also may increase cash flow. No firm can stay in business for long if it doesn’t have the adequate funds to pay merchants, employees, taxes, and other operating costs. Having an integrated payment solution that provides reports on exactly how much money a business has available at the end of each business day – helps it manage payroll and makes it easier to operate decisions. Another important factor are labour costs. To integrate a payment process also means to reduce labour and in effect, earn some savings. Moreover, the entire operation becomes less complicated, so the costs spent on training employees to process payments may be greatly reduced as well.
A must, rather than an option
For practically every business, it’s only a matter of time before the need to implement an integrated payment solution arises. Cash and check transactions are becoming less popular every day, as their spot is quickly being filled by today’s modern, faster, safer and more flexible payment methods. Businesses of all kind, all over the world are integrating such solutions into their structures as fast as they possibly can.