How Can Integrated Payments Benefit Your Business?

Processing electronic payments for your customers opens greater opportunities for your business. If you are just taking payments in a non-integrated system, though, you are voluntarily making your life harder. Integrated payments help your business run more efficiently, both in every transaction and from a broader perspective. Set up integrated payment processing to lift your business to the next level.

Save Time

An integrated payment processing system connects your card payments to your POS system and bookkeeping functions. By implementing this, you save the time that you would otherwise need to do the following:

  • Transfer sale information into your POS system
  • Collect customer data at the time of your sale
  • Run your end of day sales numbers

Bypassing these steps helps you get your customer out the door, making him or her much happier at the end of the sale. It also gets you home earlier at the end of the day and saves you time and money that you might otherwise spend on the labor involved in collecting and transferring the information.

Reduce Your Error Rate

Efficiency is not just about time. If you are more accurate in your work, you save time and money that you might otherwise spend investigating, identifying, and fixing errors. When people are trying to hurry through manual processes, mistakes happen. An integrated system automates tasks that a person would otherwise have to complete. This eliminates transposing errors, typing mistakes, and forgotten steps, and gives you a virtually error-proof way of running your sales accounting throughout the day.

Connect Your Business to Itself

Your business consists of many interrelated parts. Your payroll, sales, tax, inventory, ordering, marketing, and procurement processes do not operate independently of each other. In a non-integrated system, though, you silo each off and treat them as though they exist as discrete entities.

An integrated payment processing system connects all of these parts together, ensuring that as you receive payments and customer data, the information goes to all of the places it needs to go, at the same time. Instead of scrambling to update systems and doubling back to ensure you’ve updated everything that needs to be, you collect that information once and let it be disseminated automatically throughout your business.

Protect Data Better

An additional effect of integration may seem counter-intuitive: you can better protect financial data. This comes in part because, every time you send data from one system to another, it creates a moment of vulnerability. In an integrated system, data can remain encrypted throughout the system, with no need to decrypt and transfer. Even while you hold it, having one data depository to protect is safer than having one for each business process you run. You can hold your data closer and protect it better in an integrated system.

Once you are taking electronic payments, there is no reason to make your life harder than necessary. Invest in integrated payment processing, and you will save time and money across your entire business.

How Can Integrated Payments Benefit Your Business?

About the Author

Bridget Kenny, VP, Canadian Partners

Bridget heads up Nuvei's Canadian partner channel. With over a decade of payment processing and merchant services experience, she has been instrumental to the growth and continued success of the company's ISO and agent partnerships.

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