What are integrated payment systems, and why are they increasingly popular for businesses? Learn more about integrated payments here.
Summary: Integrated payment solutions in SaaS platforms improve user experience and generate revenue by streamlining payment processing. Swipesum offers expert support, from vendor selection to engineering and negotiations, to help businesses implement integrated payments efficiently.
If processing payments only means completing the transaction for your company, you likely have an opportunity to make some helpful changes to how you accept payments.
Payment processing by itself is the foundation of integrated payment systems. However, the true difference-maker comes from connecting data from transactions to other key business systems.
Integrated payment systems stand out because they bring robust payments functionality into your software or website. In essence, you link your SaaS to robust payments features, integrating them to create one seamless platform.
That means far fewer opportunities for human error. It also leads to more effective use of time by you and your staff. Rote tasks, like data entry and reconciliation, are largely automated. And that’s just one of the many benefits integrated payment platforms can provide.
Already know that your business can benefit from implementing an integrated payment processing solution? Swipesum can help.
Our independent payment consultants can lead the way in optimizing your payment ecosystem. We’ll find the best overall solution for your business. We’ll negotiate more favorable terms for merchant account fees and other costs.
Best of all, we’ll do it at no additional cost to your company.
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An integrated payment system is a comprehensive business solution that aligns payment processing with other critical aspects of your operations.
By communicating seamlessly with essential software such as accounting tools, inventory management systems, and customer relationship management (CRM) platforms, an integrated payment system automates the payment process. This means payments are automatically processed and posted to their associated sales or invoices, significantly reducing the need for manual intervention.
The result is a streamlined payment process that minimizes errors, enhances efficiency, and ultimately improves the overall customer experience. Integrated payment systems are designed to make the payment process as smooth and error-free as possible, allowing businesses to focus on growth and customer satisfaction.
Even small businesses have multiple systems in place to manage customer payments, their finances, and their operations as a whole.
When a payment system sits apart from the software companies and their customers are working out of every day, like business management software, POS solutions, and customer relationship management (CRM) tools, it leaves value on the table. Carrying the data over from one system to another falls on the owner and staff.
Don't get us wrong, ensuring data is complete and correct in all business tools is an important task. The result is vital to business success. However, the process that gets your company to that point can be streamlined and improved.
Why stick with time-consuming, error-prone manual workflows for managing payment data when a more efficient and accurate option is available?
This is where the benefits of integrated payment solutions for businesses become even clearer. Automating these workflows leads to increased efficiency and accuracy.
That can save a significant amount of time for staff and owners alike, drastically increasing the value and stickiness of your SaaS solution. That's true in terms of carrying the data over to other systems, of course. But there's deep value in making it easier to retrieve, review, and analyze that data later on as well.
This can lead to better customer experiences, more efficient back-office operations, and better business visibility. Critically, integrated payment systems also make a company's software suite more harmonious. In other words, linking these tools together means fewer opportunities for conflict and misalignment between different pieces of software.
Now that the underlying value of an integrated payment platform is clearer, let's dive into some specific benefits.
Integrated payment systems work by revolutionizing the way businesses accept and process payments.
These systems streamline the payment acceptance process by integrating automatic payment acceptance into your existing business operations. Traditional methods often involve manually storing and compiling transaction information, which can be time-consuming and prone to errors.
Integrated payment systems eliminate these tedious processes by automatically processing and posting payments to their associated sales or invoices. This automation reduces the need for manual reconciliation of invoices or payment processing, ensuring that your transaction data is accurate and up to date.
By connecting various business systems, integrated payment systems create a cohesive and efficient payment ecosystem that enhances both operational efficiency and customer satisfaction.
Keep in mind that integrated payment systems are not a brand-new, untested solution. These solutions have proven their worth for a wide variety of businesses. As payment industry experts, we’ve supported our clients during the implementation of integrated payment systems and have seen them realize very positive results.
The benefits of integrated payment systems aren’t exactly hard to pin down. You’ll find plenty of discussions of the ways they can change businesses for the better, including this article from Forbes Business Council. In our experience, the following advantages are the most important in the big picture for businesses considering an integrated payment solution.
A simple mistake typing in a value during manual data entry can throw things far off course for businesses. The accuracy of accounting tools and other financial systems suffers each time an error is made.
That leads to valuable time spent, either by yourself or your trusted staff, combing over data for errors. Instead of focusing on more complex issues or exciting opportunities, you’re stuck looking for a simple mistake. When a reliable, accurate, and automated alternative to this manual labor exists, you put your organization at a disadvantage by not using it.
An integrated payments system removes the possibility of human error by automating this process. Connecting point of sale (POS) technology with accounting tools, inventory management software, and other systems builds a single source of truth.
Ultimately, that can make everything from managing accounts receivable to completing taxes easier. Streamlining the rote work means staff can use their knowledge and experience in a more effective way, focusing on the complex issues that automation alone can’t solve. That leads to more value from their work while moving tasks that can often feel boring and frustrating away from them.
A more connected payments ecosystem delivers benefits to your customers as well as your back office. When you connect your payment system with other crucial tools, it can mean a smoother experience for customers when shopping.
Online, that means completing the transaction all in one place. An integrated payment system removes the need for a redirect to another site where the transaction is actually completed.
In person, it becomes easier for customers to use many different payment methods. Integrated payment systems can also identify and accommodate each customer's preferred payment method, enhancing their overall experience.
In general, payment integration leads to a streamlined payment process. That means less waiting for customers in brick-and-mortar stores. It also saves time for staff, which they can then put toward providing better service.
If your business uses CRM software, it can connect payments to this valuable relationship management solution. That leads to a more complete accounting of customer activity, preferences, and more.
You can learn more about your customer base simply by implementing an integrated payment system. It’s simply easier to collect and analyze data with a consistent and automated integrated payment system than with a manual workflow. That can lead to more informed marketing decisions, better customer support, and much more.
When payment information is manually inputted, it means errors can easily enter your systems and databases. The simple fact is that computers are much more reliable than people when it comes to transferring data and completing calculations.
Integrated payment solutions can deliver payment data to whichever other systems need it. These systems can connect with a wide range of accounting tools and similar software.
Integrated payment systems can also be valuable if your business invoices customers instead of directly charging them at the time of sale. Tools to manage accounts receivable can also easily accept payment data.
Integrated payment systems deliver enhanced security by reducing the need to send sensitive data through outside channels. You won't need to rely on a third-party payment gateway or other tools that can attract the wrong kind of attention.
An optimized process for payments cuts down on points of access. In practice, that means fewer opportunities for cyberattacks.
If your company offers a SaaS solution to clients who then complete transactions with their own customers through that software, integrated payment systems can offer an exciting benefit. Namely, the opportunity to earn revenue from a merchant services provider because your business ultimately brings these transactions to them.
This isn’t an automatic benefit. Your company will need to negotiate with the merchant services provider to receive part of the fees that come along with each transaction. If those negotiations are successful, however, your company can bring in revenue through what is essentially a turnkey operation.
Implementing an integrated payment solution can be a straightforward and rewarding process for businesses. The first step is to identify your specific needs and goals, such as reducing manual errors, improving customer satisfaction, or increasing revenue.
Knowing what can help your organization makes it that much easier to find the right integrated payment solution. There are plenty of options available. While all of them offer the same foundational benefits, each one brings something slightly different to the table.
Once you have a clear understanding of your objectives, you can begin researching and comparing different integrated payment solutions. Consider factors such as pricing, security features, and customer support to find the best fit for your business.
After selecting a solution, work closely with the payment processor to integrate the system with your existing accounting software and other essential systems. This collaboration ensures a smooth transition and helps you maximize the benefits of your new integrated payment solution.
By taking these steps, businesses can streamline their payment processes, enhance security, and provide a better experience for their customers.
There are plenty of options when it comes to integrated payment systems. Finding one that meets the unique needs of your business is crucial.
Swipesum's payment experts can lead the way in helping you select the right integrated payment system. We'll negotiate more favorable terms and identify further opportunities for optimization, too.
Schedule your free consultation!
The future of integrated payment systems is bright, driven by technological advancements and evolving consumer preferences. As businesses continue to adopt integrated payment solutions, we can expect to see increased efficiency, reduced costs, and improved customer satisfaction.
Emerging technologies such as blockchain and artificial intelligence are poised to further enhance the capabilities of integrated payment systems. Blockchain can provide greater transparency and security in transactions, while artificial intelligence can offer advanced data analytics and personalized customer experiences.
These innovations will enable businesses to stay ahead of the competition and meet the changing needs of their customers. As integrated payment systems evolve, they will continue to play a crucial role in shaping the future of commerce, offering seamless and secure payment experiences that benefit both businesses and consumers.
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Michael Seaman
Michael Seaman is the co-founder and CEO of Swipesum. A veteran of the payments industry and former employee at one of the largest payments companies, Michael, along with his brother Stephen, has led Swipesum since its inception in 2016. Swipesum is committed to providing innovative payment solutions and exceptional service to its diverse clientele. In his free time, Michael enjoys traveling with his wife Kelsey and their three children, pole vaulting, and engaging in typical Midwestern dad activities.
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