Key Benefits of Integrated Payment Solutions
E-commerce finance is growing, and digital payments are already dominating the B2B space. Electronic payments are a fast, convenient, and secure self-service solution for consumers and businesses. Customers increasingly appreciate e-invoicing, and B2B and D2C customers want the same experience.
Benefits Of Integrated Payment Processing
Integrated payment processing allows the manual accounting process to work harmoniously with the payment process. Companies can thus accept credit card payments and bank transfers directly in their ERP. This reduces the number of steps required to get paid, and these payments are reflected in the general ledger. Know the Payments and the IoT: Shoring Up Security here.
That said, here are five key benefits of integrated electronic payment solutions:
- Save Time And Eliminate The Risk Of Human Error
Your processes become error-prone when your staff manually enters payment transaction data into the back-end system. Employees may enter data inaccurately or even duplicate it. This is why you can waste a lot of time trying to spot these errors. And eventually, payment attribution issues will end up antagonizing customers. By embracing digital automation, your team will make fewer mistakes and be more confident in the accuracy of accounts.
Integrated payment solutions communicate with your ERP in real time, speeding up each transaction’s process and reducing the risk of errors. Therefore, transaction amounts and their journal entries are processed automatically.
- Better Cash Flow
Time is money. You need accurate, real-time data and fast cash conversions to manage your cash inflows and outflows and stay in business. Payment processing time is a top issue for 30% of mid-market businesses. It takes an average of 30 days to process payment fully. Providing the right tools is key to enabling your team to collect payments faster and customers to pay sooner.
Integrated electronic payment solutions help you synchronize final processing processes and payments to update your real-time cash flow. It empowers you to make better business decisions. Your accounting team can also focus on more important tasks.
- Improved Customer Experience
In today’s digital world, where speed and convenience rule, failing to meet your customer’s expectations is a surefire way to lose sales. A reliable, convenient, and secure integrated solution by E-Complish for example is invaluable to your customers and improves the user experience. Your customers will have visibility into their transactions and spend less time communicating with your customer service team.
Therefore, everyone involved in the payment process comes out as a winner. Customers make payments online anytime, anywhere. And you increase your chances of attracting even more customers.