Customer preferences have changed over the years and it’s up to businesses to keep up with this. They must have the systems in place to handle all of the incoming payments and information. Payment processing is important because it allows for seamless data integration to flow into the ERP system of a company. There are many methods of customer payments and businesses need the proper operations to manage this while having access to real-time data which assists in operations.
1. Reduced Company Expenses
A credit card processing system reduces many tasks that were previously performed by employees. With a credit card processing system employees no longer need to worry about managing the Accounts Receivable or updating the General Ledger. The main duty for employees is now learning how to process the credit card payments. There are also lower production costs due to lower processing fees that are automatically submitted to the line-item transaction details to the POS system.
2. Increased Cash Flow
Every business wants to get paid and on time. Having the ability to process payments electronically allows businesses to get paid a lot sooner. With credit card processors businesses can easily set up automated payments so they know when they are going to be getting paid every month. With a credit card processing solution there are reports that provide up-to-date information on the amount of money available to the business daily. Payments are also automatically updated and applied to credit card processing software. Long are the days of the time-consuming manual accounting process.
3. Improved Security
Credit card processing gives businesses the ability to do their accounting from the cloud, which is more of a secure way to manage company finances. Cloud-based accounting allows businesses to access their data from virtually anywhere from the internet. Cloud-based solutions are known to be secure and is always a good secondary backup for important data. It’s also important to consider software that is PCI compliant, which protects credit card information in the event of a data breach. The advantage to cloud-based software is that they are typically run from a data center which is known to offer several layers of security which will protect data.
4. No More Human Error
No matter how accurate we can try to be humans always make occasional errors. With credit card processing there is a seamless flow of information and data from the point-of-sale directly into the general ledger. Businesses no longer need to worry about accidentally applying incorrect data to accounts or other mistakes that can cost a business money. With the assistance of credit card processing businesses can function as effectively as possible without error.
5. Save Time
With the assistance of credit card processing businesses no longer waste time by manually entering credit card information. All batch information that was previously sent to the payment processor and needed to be recreated now is sent to the credit card processing system. There is no longer the need for any interaction by employees after the initial point-of-sale. Not having to worry about this gives businesses and their employees time to do other tasks and greatly improves the workflow.