Whether you accept credit cards online, over the phone and/or in person, payments are integral to your business’s success. Integrating your payment processing with your accounting processes saves time, money and eliminates major headaches in reconciling your receivables.
According to a recent survey conducted by S&P Global, 72 percent of C-suite respondents said that modernizing payments infrastructure, such as adding new payment gateways and processing capabilities, will have a highly transformative impact on their businesses.
What are integrated payments?
Integrated payment systems connect payment processing with other business systems, such as accounting, ERP, SaaS, and software, which can eliminate double and triple manual entries. Connecting integrated payments with your point-of-sale and back-end management systems streamlines the payment process while creating a constant flow of transaction data to all other systems.
Benefits of integrated payments:
- Improves Business Processes. An integrated payments solution makes your accounting system more efficient by automatically inputting transaction data into one or more databases. It sends secure and accurate transactions directly to the relevant systems in real-time.
- Eases Accounting Management. Integrating your payments and accounting processes automatically links payments and invoices, reducing the need to do that work manually. It also records transaction information to your CRM system, such as the sale price, transaction time, and payment method.
- Enables More Efficient Reconciliation. Matching payments with the right deposits and invoices can be tedious and time-consuming, especially if you have multiple merchant accounts and vendors. With an integrated system, transaction information syncs with critical accounting systems to make monitoring cash flow easier and ensure accurate records.
- Enhances Business Insights. An integrated payments solution delivers a single source of information. With all customer and transaction data centrally stored and managed, you can be confident of accuracy when generating earnings reports, drafting budgets, and conducting forecasting.
- Reduces Costly, Time-Consuming Errors. Because the systems communicate with each other in real-time, there is no need for manual data entry, which can result in errors replicated across multiple systems, causing accounting nightmares.
- Lower administrative Costs. Payment data flows from one system to another in real-time instead of by manual entry, which reduces costs, eliminates human errors, and frees up time to work on other projects.
- Delivers Greater Scalability. An integrated payments solution enables efficient scalability as your business grows. It also makes it easy to integrate new apps while avoiding the common problems created by disconnected payment and accounting systems.
The Bottom Line
By delivering improved conversions, an integrated payments solution delivers more than just a way to transfer money. It integrates with your entire accounting and back-office systems to give you a competitive advantage in efficiently managing the cashflow of your business.
The PayNation Advantage
PayNation’s smart, proprietary BridgeLink® solution enables secure commerce from any point customers interact with your business. Choose a hosted payment program for e-commerce, retail, mobile, ACH, or online invoicing. When working with PayNation, you’ll have the flexibility to create the best payments program for your business.
Want to get started today?
PayNation can help! Whether you currently have a payments processor or you’re new to B2B payments, connect with PayNation today.
Extend Your Reach and Revenue With PayNation
- Streamline your payments.
- Gain a unified solution that simplifies the B2B payments process. PayNation removes the complexity of dealing with multiple vendors, getting your payments to you faster.
- Gain single-source success.
- Use a single source for your B2B payment platform, merchant account options and equipment. PayNation has a proven track record as a one-stop shop for its customers.
- Increase payments security.
- Protect your customers and your business with PayNation’s exceptional security. Its frequent intensive penetration testing ensures your business complies with all PCI DSS standards.
- Enable omni-channel processing.
- Accept B2B payments from virtually anywhere. PayNation enables multiple customer interaction points, including e-commerce and in-store.
- Integrate with your ERP and accounting solutions.
- Integrate your B2B payment processing with your existing ERP and accounting solutions. PayNation helps you access information the way you want while improving the speed of receiving payments.
- Automate B2B payments processing.
- Reduce time spent on billing and reconciliation. PayNation delivers an all-in-one automated solution that improves efficiency by automating accounting processes.
