If your business isn’t already accepting credit cards, you’re missing out. Shoppers spend up to 100 percent more with credit cards than they do with cash.
No matter whether your business is small or large, you need a good payment integration system in place. Here are 5 serious reasons to pay attention to payment integration.
1. Payment Integration Saves Money
One of the top reasons to switch to a payment integration system is to save time and money. Using paper-based systems is the quickest way to end up with costly accounting errors.
You’ll save money by using fewer employee hours tracking every single transaction for accuracy by using an electronic system. Employees can spend less time monitoring and creating reports and more time helping create happy customers.
With a payment integration system, everything from reporting to monitoring transactions happens automatically.
What is the cost of a calculation error in your payment system? A zero in the wrong place would mean a difference in hundreds or thousands of dollars in mistakes. Avoid the worry that something didn’t get submitted correctly by using a completely automated system.
Payment integration brings together technology that includes many of the tools you already use to operate your business. This means it can scan information for more than one purpose so you have a central place to review your financial information.
3. Forecast Easier
No one knows what the future holds. But the quality of your decision making lies in the quality of information you’re getting.
With top-notch reporting features in place, you can make better choices about the future. Choose to pull underperforming products that are expensive to stock.
Scale back on labor hours during times when sales numbers are low. Your management choices are smarter with a well integrated payment software.
4. Better Marketing Strategies
Another way payment integration helps your business succeed is that it helps you refocus your marketing outlook. A bestselling product might be the underdog that currently gets none of your marketing attention.
You can choose to redirect funds to promote this product better and market it as your bestseller encouraging more customers to try it out. You’ll learn more about your business and customers based on the sales reports you download each month or quarter.
5. Tax Time is Easier
Filing your taxes is a breeze with a payment integration system. You won’t have to manually create spreadsheets with sales tax information anymore.
The system can update and categorize each transaction according to your state’s tax laws. Whether you’re filing quarterly or annually, this saves you countless hours of prep.
Do I Need Integrated Payment Processing?
A quality payment integration system is probably one of the most valuable tools you’ll use in your business. It keeps you organized and aware of your bottom line at all times.
Don’t assume that the first payment integration system you find will meet all your needs. Take your time to compare services to make sure the features merge seamlessly with your existing tools.
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