Welcome back to our ongoing series on “How Payment Acceptance Can Affect Your Entire Business.”
- In Part 1, we looked at how payment improvements could streamline your company's operations.
- In Part 2, we discussed the relationship between your payment environment and customer satisfaction.
In today's post, we’ll explore the positive impact that payment acceptance can have on your finance department.
How Payments Influence the Finance Department
Most businesses already have a healthy respect for how incoming payments affect what their finance teams can or can't do. No big surprise there, but many companies underestimate the importance of how setting up their payment infrastructure can make or break their business.
Security is a perfect example.
If your customers’ payments are vulnerable to attacks, you face the risk of:
- Covering fraudulent losses out of pocket.
- Losing your clients’ trust and confidence.
- Wasting time resolving each fraudulent claim (even when you’re in the right).
Sales could be through the roof, and your finance department could be incredibly robust. However, if you can't protect your customers' payment data, you won't stay in business for very long. Although offering many different payment options can help improve operational productivity and customer satisfaction, you should only entertain solutions that offer the right level of security.
This means investing in:
- PCI-compliant merchant accounts that follow the latest fraud protection guidelines.
- Tokenization, point-to-point encryption (P2PE), and other cutting-edge fraud management tools.
- A secure payment gateway if you sell products and services online.
- EMV credit card processing if you sell products and services in your physical store.
- Levels II and III credit card processing if you service government or large corporate clients.
However, these advanced security measures are only one piece of the puzzle. You should also explore payment options that make it easier for your finance team to do its job.
1. Vendor Consolidation
Many businesses rely on different vendors to handle all of the different payment options available. Though by consolidating your processing into one vendor, you benefit from much easier reporting and reconciliation.
2. Payment Integration
You might also explore payment integration — an approach that allows all of the individual components of your business to sync with one another automatically. As new payments come, these transactions are instantly reflected in your accounting ledger and customer relationship management (CRM) platform. Plus, because all of this happens without direct human intervention, your finance employees can now focus on more important duties.
As an added benefit, automation reduces the number of redundancies and errors in your company's bookkeeping. Payment integration makes the finance department both more productive and more accurate.
How to Set Up Payments the Right Way
Finding the perfect combination of convenience, control and security may seem challenging. This is especially true if you've already invested resources in finding the perfect third-party tools for your business.
At BluePay, we've designed our payment platform to mesh perfectly with many of the most popular accounting, sales and CRM tools on the market. With this integration, you still benefit from industry-leading payment processing that adheres to the strictest PCI guidelines.
How exactly do you get started?
As we’ll explain in the last and final article of this series, aligning all future payments with your operational, customer service and finance goals often requires input from the IT department. Be sure to read that post once it goes live.