Turning your key, opening the door and welcoming customers back feels like a breath of fresh air as you head down the road of re-establishing your business in an environment similar to walking a tightrope. The excitement of being back to business in this new normal, while truly exhilarating, is over-shadowed by your concerns of ensuring you have the right procedures and systems in place that will maximize efficiency and prevent mistakes (and fraud). These times remain uncertain and it’s essential to put your best foot forward in your front-end experience as well as a well-vetted and streamlined backend operation.
One area of focus that often lags in priority when it comes to improving systems is integrating your payment processing technology with the software you use to run your day-to-day business operation. Here are 4 benefits you can expect should you decide to implement an automated payment integration process:
1. Eliminate Errors from Manual Entry
When your team has to manually enter payment transaction data into your backend system, your process becomes prone to human error. Common errors include payments being applied to the wrong account, general data entry mistakes, and duplicate entries. In addition to the human resource time necessary to correct the problems, according to an article in Entrepreneur magazine, the cost of mistakes and bad data can contribute to as much as 30% of revenue (view article).
By integrating your backend system (e.g. ERP) or Point of Sale (POS) solution with your credit card processing, you remove the human from the equation, thus eliminating data and duplicate entry errors.
2. Reduce Employee Costs
By establishing a seamless payment integration process with your backend system, you can reduce costs associated with accounting resources, as there is no longer a need for re-typing data from your credit card processor. These resources can potentially be reallocated to more strategic roles that contribute more to the growth of your business.
3. Increase Your Cash Flow
Cash is King. You’ve heard it and you’ve probably said it often yourself. As a small business, you count on quick cash conversions and accurate real-time data to manage your cash flow and remain in business. Having enough working capital to pay your expenses, employees and overall costs of operations is essential for any small business survival.
Levering a fully integrated payment processing solution helps synchronize your payment transactions and backend process keeping your cash flow position up to date in real-time. Having an Improved cash position empowers better decisions in running your business and meeting those essential obligations.
4. Streamline Your Business Operations
A key benefit of having a fully integrated payment process is a more streamlined business operation with improved data integrity. Contributing to this is the removal of reconciling payment transactions manually, optimized business flow with real-time automation, and improved control over operating costs, increased cash flow and maximizing your profits.
For more information on the benefits of having an automated and fully integrated payment processing solution, click here to contact us.
Vik Mohindru – GM, Merchant Services
Vik has been with B2B Soft for more than 5 years and is responsible for service delivery and product development for merchant services. He is a veteran of the wireless industry and brings a unique balance of technology and business acumen. Vik has held prior roles at T-Mobile and Sprint