Accepting credit card, debit card, and online payments is critical to your business. That said, merely processing these kinds of payments serves as a starting point. The next step is to integrate your systems so you can process payments more accurately and efficiently. Integrating your payment processing with your POS system helps both your customer service and your own sales.
How a Non-Integrated Transaction Works
If you have a non-integrated payment processing system, your sale begins with scanning or typing in your item code at the register. From there, you have to take extra steps to complete the sale. This includes manually entering the sale amount in your register and manually marking the receipt for the sale as paid. Later, you have to add the information from all of these sales and connect it to your inventory and your bookkeeping functions.
Online, the non-integrated system means you put together information processed through a third-party transaction. The customer has to enter information with that processor and then return to your screen to enter his or her information for payment and shipping.
These manual processes add time and potential for errors. In online transactions, that extra time introduces the possibility for your customer to change his or her mind, or to suffer technical problems in the transaction. It also adds a layer of process that increases the possibility of a hack, a virus, or other malicious interference. All of this puts your customers' satisfaction and security at risk.
Advantages of POS Integration
When you integrate payment processing with your POS system, the most obvious advantage comes from a more efficient process. You scan an item in, and it immediately connects the sale information to your POS and inventory. The customer runs the payment through and goes on his or her merry way. You have the sale recorded, the payment processed, and your system up to date with what you just sold.
Underneath this transaction, you have a lot of work done automatically for your bookkeeping needs. Your customer feels secure knowing his or her payment went through smoothly. Meanwhile, you have the added benefit of collecting stored information from payment cards as customer information that you can use for your marketing and follow-up communications.
Protection for You and Your Customers
It all happens in such a small number of steps that you have very little opportunity for error or outside interference. This is perhaps where integrating your payment processing and POS system gives you the most. The security you have in place for payments, whether online or in-person, tends to be the area where you protect yourself the most. By keeping that in a self-contained system with your POS, you lock everything in together to protect both your data and your customers' data.
An integrated payment system gives you the peace of mind you need to run your business safely and efficiently.