Integrating payment technology within the software you use to run your business will make it possible to streamline operations. Integrated payments provide greater accuracy and time savings, as you don't need to manually enter transactions from one platform to another. With all your transactions in one place, reporting and reconciliation become a breeze. Integrated payments make relationship management, accounting, and payment processing all work seamlessly together.
Every time you accept payments from your customers, there is a cost. Those costs are more obvious when dealing with paper-based payments. Traditional checks and invoices require postage, materials and other equipment — expenses that range anywhere from $4 to $20 per mailed check.
Yet, even when you accept electronic payment solutions, there are still hidden costs — and most merchants are blind to these expenses.
What Are the Advantages of Switching to Integrated Payments?
Here are just five of the most important benefits you’ll enjoy if you use integrated payments within your business.
1. Integrated Payments Save You Money
The most important benefit is savings. You don't have to devote as many employee hours monitoring, tracking, and reporting transactions within your payment environment. Everything happens automatically — without having to directly intervene.
2. Greater Accuracy
Integrated payments allow you to remove human error from the equation:
- No more redundant entries.
- No more calculation mistakes.
- No more misplaced invoices.
This benefit reinforces the first one. Fewer errors mean fewer losses (i.e. higher savings).
3. Better Forecasting
When your payment system isn’t integrated, then processing, accounting, and marketing all exist in separate silos. What’s more, it takes a lot of energy to figure out where your money is going — and why it's going there.
Yet, when you integrate these separate sections together, you gain much greater visibility into your finances.
4. Superior Marketing
Similar to the above, integrated payments allow you to spot new opportunities that might otherwise remain invisible. Perhaps a "best seller" is costing you more money than you previously thought. Or, an infrequent buyer has the potential to become one of your most profitable clients.
With this information, you can scale up and improve your marketing efforts accordingly.
5. Simplified Tax Prep
With integrated payments, there is less need to chase old invoices or store faded receipts in shoeboxes:
- All reporting becomes centralized.
- All accounting becomes automatic.
Come tax time, you have a convenient record of every dollar that has come in and out of your business. Some integrated payment solutions even allow you to export this information directly into your favorite tax preparation software.
Discover BluePay's Approach to Integrated Payments
Some merchants spend years creating customized solutions from scratch, but at BluePay, our approach is a little bit different.
We’ve designed our PCI-compliant payment processing to integrate seamlessly with some of the leading platforms on the market:
- If you’re looking for advanced accounting integration, our payment solutions are already compatible with QuickBooks.
- Looking for CRM or ERP integration to help your sales team? View some of the solutions we offer here.
- Do you want to integrate payments into your shopping cart or e-commerce store? Take a look at some of the payment modules here.