If you’re reading this, you are probably wondering what “integrated payments” means in this context. The term is used to express the integration of different payment solutions into one single payment portal that would manage all purchases, whether from a mobile phone, a payment terminal at your point of sale, a desktop browser, or any other place where cash flows digitally.
The integration phenomenon may or may not be difficult, depending on your situation and how available these solutions are to you. However, integrating multiple payment gateways into one single system provide a number of benefits; the most immediate being the ability to pay one price for multiple transaction gateways. Just like ordering in bulk, this saves you a lot of money and heartache.
Greg Hammermaster, the President of Sage Payment Solutions, provides some solid reasons why passing your payments through one centralized system could ultimately help your business run more efficiently:
- Cash flow increases - When you feed all of your transactions straight to your bank, you have the advantage of making your business more of a fluid cash cow and less of a bear sitting on grass made of checks and receipts.
- Streamline sales - If your transactions are taking extra little steps to get to your bank account, you’re basically generating friction in your cashflow, costing you money along the way. You essentially become a leaky bucket.
- Get rid of data entry messes - If you’re entering data into a POS system, you’re losing time. The time it takes for a transaction to complete is suddenly increased by a factor of two. This is a sluggish way to operate when the technology already exists to turn your business into a spigot.
- Reduce errors - One of the coolest aspects of having an integrated payment solution is that you’re not going to have to worry about errors as much as you would with the old brick and mortar systems. Errors can be devastating to the customer-provider relationship and can definitely lose you some opportunities. Errors also cost time, something that can be more precious than money at times.
- Get advantages from newer features – Payment integration platforms are always changing and adding features to their repertoires. This gives you an edge whenever the platform introduces something new. You can simply integrate it and enjoy giving your customers the benefits of things like rewards systems and mobile payment applications.
- … And why not? - Why pass up the opportunity of getting your hands on something that used to be offered only to bigwigs? Now, a small business can integrate these things in a jiffy and barely let out a bead of sweat. Get on the train and ride it!
Integrating payments isn’t only about saving money. It’s also about making your business cool enough to make your customers want to stick around. After all, their happiness and fulfillment usually equates to a higher revenue for you, thereby giving you the power to further increase their convenience and your revenue, and so on.