Why in the world should you consider integrated payments?
Under the surface, your business consists of a series of daily digital processes. But if you haven’t fit these pieces together, coordinating with the help of integrated payments, you may be missing out on a much bigger picture.
Aligning these service and information channels through the right POS (point of sale) solutions not only streamlines your payment processing, business administration, and customer experience management – it gets them all working together in unison for seamless and automatic performance, unlocking the underlying potential of their cooperative operations. By improving the functions of the pieces, integrated payment systems can help strengthen your business structure as a whole.
Consider the following benefits and how you can use integrated payments technology to your business’ advantage:
By automating your accounting and ERP (enterprise resource planning) with integrated point of sale systems, you’ll free yourself from the time-consuming process of personally entering and reconciling transaction information. Updated in real-time, your integrated ledger shows immediate transaction history for automatic insight and better reporting. This not only reduces costly human error, it improves overall cost-savings for your business.
The less attention you spend tracking payments, the more focus you can put on other areas of your business. Affecting both your business’ back-office and front-line operations, integrated payments helps ease day to day tasks, saving time spent on manual procedures and money spent on operative and labor costs.
Stronger payment data security
Utilizing payments integration, a business gains the value-added services of tokenization and end-to-end encryption, which provide a higher standard of payments security along with better access and visibility into their own business operations. In addition to helping curtail their own human mistakes, better network security protects businesses from threats outside of their control like counterfeit fraud and data breeches, which have the potential to compromise stored data and cripple the integrity of their business.
Keeping a customer’s card on file for the convenience of scheduled recurring billing or the ease of online shopping has also been made safer with tokenization, a feature of many reputable integrated payment solutions. Tokenization replaces a customer’s credit, debit, or prepaid card information with a uniquely generated series of numbers and characters known as a token, which masks the true card number, and can only be deciphered by the issuing bank during authorization. While tokenization is an effective way to protect card data at rest, encryption protects data in flight.
Combined in some EMV-enabled POS solutions, these payment technologies significantly increase card data security, improving consumer confidence and retention rates, ultimately helping grow bottom-line revenue.
Better customer service
In addition to the comfort of increased security, an integrated payment solution supports your staff’s ability to assist your customers and helps you augment your customers’ level of satisfaction with their shopping experience. Before they ever reach the sales floor, integrated CRM (customer relationship management) software is already working to improve the level of connection that your business has with the customer. An integrated CRM solution acts as a detailed customer database for your business. It can track previous customer sales, register leads and contacts, maintain customer interactions, and improve your marketing for more precise engagement and targeted promotions. Similar to accounting and ERP software, CRM automatically updates customer data and metrics for fast and simple reporting.
While it does track the purchasing status and behaviors of your shoppers, payments integration can also help you keep a close eye on your business’ inventory, sales, and deliveries. Giving you a better knowledge of whether items are in stock, en route, or on order can go a long way satisfying your customers – and potential customers – with excellent service, ultimately fostering the kind of customer service that will create more business for your company.
Your integrated payment solution
As the use of cash and check transactions continue to erode in favor of faster, more connected payment forms, businesses of every size are finding the benefits of equally innovative processing and data management systems. Discover how integrated payments bring these advantages together for your business – contact Vantiv to learn more about these merchant services and integrating your business operations today.