The Benefits of Integrated Payment Processing for Small Businesses

Are you a small business owner who’s been thinking about whether or not to start accepting credit and debit cards, but you aren’t sure if it’s worth the hassle? You’re not alone! A lot of small business owners come to us here at PayHawk needing solutions but hesitant to take on any added expense or responsibility. They have this feeling that implementing an integrated payment processing system might be difficult or cause them more trouble than just keeping things the way they are. 

The truth is a payment processing system doesn’t TAKE time and money – it creates them! In fact, deciding to start accepting credit cards is one of the best decisions a small business can make. But what are integrated payments and how can they benefit you? Keep on reading to learn about what magic this technology can bestow upon you and your business. You may be surprised at just how easy and helpful it is!

What is integrated payment processing?

Integrated payment processing is a system that streamlines the process of accepting and managing payments. It allows businesses to accept multiple forms of payment, including credit cards, debit cards, and electronic checks. The system also provides tools for managing inventory, tracking sales, and generating reports. Integrated payment solutions make it easier for businesses to run smoothly and efficiently. It can also help to save time and money by reducing the need for manual entry of data. As a result, a payment processing system is a valuable tool for any business that wants to accept payments quickly and easily.

Here are 7 benefits of integrated payment processing:

1. Increased Efficiency

In today’s world, time is money. That’s why businesses need to be as efficient as possible when it comes to accepting payments. With an integrated payment system, all of a business’s payment information is centralized in one place, making it easy to access and manage. The system can also provide valuable insights into customers’ spending habits which can help businesses make informed decisions about pricing, product development, and marketing. Ultimately, a payment processing solution saves a company time and money.

2. Improved Customer Service

Have you ever been in a store and had to wait for what feels like forever for the person in front of you to finish paying? Or been in a restaurant and had to wait even longer for the check? It can be frustrating, to say the least. Spare your customers this same aggravation by implementing integrated payment solutions into your organization. By providing a quick and easy payment option for your customers, you can improve customer satisfaction and loyalty.

3. Enhanced Security

Integrated payment processing is like taking your business on vacation. You don’t want any worries or concerns when it comes time for you to make purchases, and neither do your customers! An integrated payment solution offers enhanced security features such as encryption and tokenization. These safety attributes help protect your business and your customers from fraud and identity theft. A payment processing system shields personal information and prevents thieves from stealing credit card data.

4. Greater Scalability

Whether you’re a small business just starting out or a large enterprise with hundreds of employees, a payment processing system is essential for accepting credit and debit card payments. While there are many different types of payment processors out there, not all of them offer the same features and benefits. When choosing a payment processor, it’s important to find one that can accommodate your current and future needs. As your business grows, an integrated payment processing system can grow with you, accommodating larger transaction volumes without any disruption to service.

5. Cost-Effectiveness

Any business owner knows that saving money is essential to success. Every penny that can be saved is one less penny that needs to be earned, and that can make a big difference over time. That’s why having integrated payment solutions is such a valuable tool for businesses. By consolidating all of your payments into a single system, you can save money on transaction fees and administrative costs. In addition, a payment processing system can help you to better manage your cash flow. As a result, it’s no surprise that so many businesses are turning to these payment processing solutions.

6. Fewer Errors

Manually entering and reconciling transaction data is the alternative to an integrated payment processor, which is time-consuming and makes a company highly prone to more human error. With integrated payment solutions, you’re automating accounting processes with technology that calculates everything quickly and perfectly and organizes all the data into printable reports.

7. Stress Reduction

That’s right! Taking into consideration all of these amazing benefits, it’s easy to see how integrated payment processing reduces stress for everyone! It takes a load off of business owners and gives customers more options with a quick, accurate and safe purchasing experience. 

How to choose the right payment system for your business

Choosing the right payment processing system is critical to your success. But how are you supposed to know which company to go with? Here are some things to consider:

Look at the pricing – Some payment processing systems charge a flat fee per transaction, while others take a percentage of the total sale. There are also monthly fees to consider. 

Check compatibility – You’ll likely need integration compatibility with at least one or two of your current software. Think ERP, accounting, CRM, online shopping cart, and the like.

Next-day funding options – If you are like every person on the planet, you don’t want to have to wait days to get paid. You want to be able to accept a variety of payment types and get next-day funding for your customers’ transactions. 

Free 24/7 customer support – Nothing brings quite as much comfort as knowing you have assistance at your fingertips round-the-clock when needed. Ok, maybe a blanket on the couch on a rainy day with your favorite book, but it’s close. *wink*

No early termination fees – Early termination fees are the worst. You sign up for a service, and then if you try to cancel before the contract is up, they hit you with a big fee. Don’t get on that bus. 

Meet the team – Call a few times – for real! The more people you speak with, the more you’ll get a feel for the customer service and how the team works together. Maybe they’ll even offer a welcome zoom call so you can speak with them all at once and see all of their bright smiling faces.

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Consider PayHawk! 

We are, after all, over here touting a service that we ourselves offer. You’re here, we’re here, why not give us a call? Our friendly staff will answer the line and make you feel right at home. Before we do anything we always make sure we are a good fit for anyone looking at our services. When you call, we will go over everything: Who we are, what we offer, services, pricing and all. We look forward to connecting and discussing integrated payment solutions for your business! 

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