If you run a business, every time you accept payments from your customers, their’s a cost. The costs are especially more obvious when dealing with paper-based payments. Traditional checks and invoices, for example, require postage, materials and other equipment – meaning you will have to incur an extra cost. Integrating payments technology in the software or platform you use to run your business can, however, help you save on these costs.
Integrating payments technology makes it possible to streamline your business operations it provides greater accuracy, time savings as you don’t have to enter transactions from one platform to another. Having all your transactions in one place, reporting and reconciliation become easy and this is why businesses need to consider integrated payments as a top priority. Integrated payment systems can help strengthen your business structure as a whole.
Why are integrated payments important?
As we mentioned earlier, one of the most important benefits is cost savings. Having this payments system in place, you don’t have to devote so much employee hours monitoring, tracking and reporting transactions within your payment environment. Everything happens automatically without direct intervention freeing yourself or employees from the time-consuming process of personally entering and reconciling transaction information.
The less attention you spend tracking payments, the more focus you can put on other areas of your business.
Integrated payments not only improves overall cost-savings for your business, but it also reduces costly human error. No more redundant entries, no more calculation mistakes and no more misplaced invoices. This benefit reinforces the first one. Fewer errors mean fewer losses and this is very important for your business.
Integrated Payments also strengthens your customers’ financial security especially in this era where identity theft is a major concern for most consumers. Hackers are always looking for new ways to steal highly sensitive financial details that can ruin peoples lives. With an integrated payment processing platform in place, business owners can improve their defences through things like encryption and tokenization. Security experts say 33 percent of data breaches start at the POS system. Payment integration can stop these attempts dead in their tracks, providing added peace of mind to both customers and business owners.
The use of cash continues to erode in favor of faster, more connected payment forms and every business of all sizes are also innovating, adopting new payments methods. Discover how integrated payments can help your business grow – contact Switchlink Africa to learn more about these merchant services and integrating your business operations today.
SwitchLink Africa is a Global payment systems company, offering business value in the areas of electronic payment, financial transaction processing solutions and services.
Featured Image credits: devprojournal.com
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