Table of Contents
- What are integrated payments?
- What are the benefits of integrated payments?
- How do integrated payments work?
- How to get started with integrated payments
- Paystand: your solution for AR automation and digital payments
Key Takeaways
- Integrated payments automate payment processes by allowing businesses to accept payments directly through their ERP, POS, and accounting software.
- Payment integrators bridge merchant's platforms and payment processors, enabling secure and efficient handling of various payment methods.
- Integrated payments enhance financial efficiency by reducing human errors, saving time, improving cash flow, and reducing costs.
In today's fast-paced digital landscape, businesses need more than traditional payment methods to keep up. Integrated payments transform how companies handle transactions, enabling streamlined financial processes that enhance cash velocity and simplify ERP payments.
By automating payment acceptance and syncing crucial data directly into your ERP, POS, or accounting software, integrated payments offer a game-changing approach to managing business finances.
Dive deeper to uncover how embracing digital payments can accelerate your cash flow, reduce manual tasks, and boost overall efficiency.
What Are Integrated Payments?
Integrated payments automate payment acceptance processes and allow businesses to accept credit card payments directly through their trusted ERP, POS, and accounting software. They reduce the steps required to manage payments and ensure that payment information is simultaneously relayed to the company's financial systems. Integrated payments streamline financial information and organize critical data in a single location, which is essential for efficient business operations.
What is a Payments Integrator?
A payments integrator is a service that enables businesses to accept payments from customers through various channels, such as credit cards, debit cards, e-wallets, and bank transfers. It bridges the merchant's website or point-of-sale system and the payment processor, handling technical processing securely and efficiently.
A payments integrator offers various features to facilitate seamless and secure payment processing for businesses:
- Payment processing, including credit cards, e-wallets, and bank transfers.
- Robust security measures to protect sensitive data.
- Advanced tools to identify and prevent fraud.
- Detailed reports and analytics to track sales performance and customer behavior.
- PCI compliance to protect cardholder data.
- Customizable payment solutions tailored to the specific needs of each business.
- Seamless integration with existing e-commerce platforms, POS systems, and other applications for a smooth payment process.
- Real-time updates on transaction status that allow payment progress tracking and effective order management.
- Global customer payments to foster international sales and enhance market reach.
- Scalability to handle high transaction volumes without payment processing disruptions.
What is an Example of an Integrated Payment?
Here's an example of an integrated payment in action:
- A customer visits an online store and selects several items to purchase.
- Customers have different payment options at checkout, such as credit card, ACH, eCheck, etc.
- The customer selects their preferred payment method and enters their payment information.
- The payment is processed securely and seamlessly through the integrated payment system.
- The customer receives a confirmation of their purchase, and the items are shipped to their address.
In this example, the integrated payment system allows customers to choose their preferred payment method and complete the purchase quickly and easily. The business benefits from a streamlined payment process that reduces the risk of errors and fraud.
What Are the Benefits of Integrated Payments?
Here’s how integrated payment systems can help finance teams:
- Reducing human errors: These systems automate credit card transactions and online payments, minimizing human errors and ensuring accurate records in ERP systems.
- Saving time: They also automate accounts receivable processes, eliminating manual labor and enabling accounting teams to focus on strategic tasks.
- Improving cash flow: Integrated payments automate collections, speeding up cash flow for thriving businesses.
- Reducing costs: By eliminating manual processes and the need for full-time accounting services, integrated payment systems reduce costs and enhance essential processes to save businesses money.
- Improving data management: Integrated payment systems offer payment data and analytics, enabling finance teams to identify trends, understand customer behavior, and make informed decisions.
- Safeguarding businesses from fraud: By automatically blocking untrustworthy parties and eliminating the need for potentially fraudulent third parties.
How do Integrated Payments Work?
Integrated payment systems can process payments from multiple sources, including POS, eCommerce platforms, and AR channels. They collect data across various payment methods, such as credit card payments, ACH transactions, and direct bank deposits.
The payment system channels this information to ERP or accounting software, automating data entry and payment application to invoices. AR teams can post payments to customer ledgers. Integrated payments streamline manual processes, saving time for finance teams.
Payment Gateway Integration
Payment gateways allow merchants to accept customer payments without needing a separate page. This is done by seamlessly integrating the payment gateway into the merchant's website or e-commerce platform so that customers can enter their payment information and complete the transaction without leaving the merchant's website.
If you are considering accepting online payments, integrated payments are a great option. They offer many benefits over traditional payment gateways and can help you improve your customer experience, increase security, reduce fraud, and increase sales.
How to Get Started With Integrated Payments
You’ll need to find an integrated payment system that can work seamlessly with your current ERP system to get started with integrated payments. This will make it easy to start accepting payments quickly from within the system your company is already using.
When determining which partner you’d like to work with to help you get started with integrated payments, you must consider which system will most benefit your customers’ experiences. On top of that, it’s a good idea to understand your finance team’s specific needs so you can ensure your chosen system is ready to deliver. The right integrated payments offering will also have a robust support system to help you and your finance team collect payments and information seamlessly and effortlessly.
Paystand: Your Solution for AR Automation and Digital Payments
When it comes to enhancing cash velocity and automating accounts receivable, Paystand stands at the forefront. Our digital payment solutions seamlessly integrate with your ERP system, allowing your business to automate and streamline payment processes. Paystand empowers finance teams to focus on strategic initiatives that drive growth by reducing manual work and improving data accuracy.
Ready to elevate your payment processes and supercharge your cash flow? Download our ebook to explore how Paystand can transform your approach to digital and ERP payments today.