Integrated payment solutions save businesses time and money.
With an integrated platform, payments are managed from one place, reducing the risk of errors and streamlining your accounting process. Operating without an integrated payment solution is possible but requires additional time and effort to reconcile payments manually across multiple systems.
What are integrated payment solutions?
Integrated payment solutions communicate with your businesses' existing systems to create a unified experience.
To illustrate this concept with an example, imagine a customer purchasing a product online. The customer heads to the checkout page and enters their payment information, which is then securely processed through the integrated payment platform. Customers can pay via credit, debit, ACH transfer, and more.
Once the funds get transferred from the customer's account, the merchant can manage post-transaction details such as chargebacks. Customers may receive an email confirming their purchase and information regarding delivery or tracking their order.
The integration lets the entire interaction occur on your system. Without an integrated solution, the customer would be redirected to a third-party site to make payment.
Setting up your merchant account takes minutes with the right platform. SeamlessPay lets you get started digitally without requiring long applications or human involvement.
Benefits of using an integrated payment solution
An integrated payment solution offers a wide range of benefits.
Increased convenience and efficiency
By automating payment reconciliation, businesses can better manage their accounts receivable and decrease operational costs.
The efficient workflow also increases customer convenience. Checking out online is faster and simpler if it doesn't involve going to a third-party site.
Enhanced security and fraud prevention
Integrated payment solutions use built-in fraud protection measures such as encryption, tokenization, and two-factor authentication.
AI detection tools help combat fraud as well.
Improved customer experience
An integrated payment processor reduces the barriers between customers and their purchases. Payment is quick, with no need to create external accounts or login into third-party sites.
If there is an issue, you'll have more time to address it because of the increased efficiency resulting from integrated payments.
The potential for errors is reduced by centralizing all payments into one platform and automating reconciliation processes. The integrated system decreases manual labor and prevents costly mistakes from happening.
Potential cost savings
Switching to an integrated payment solution can help save money. You can reduce working hours and better manage issues like chargebacks. Businesses can expect to pay between $20-$35 per chargeback which can add up quickly. By offering integrated payment solutions, businesses can drastically decrease the expense of chargebacks. You won't have to wait for a lengthy reconciliation process and can get faster access to funds.
You may also get better control of your cash flow. A study conducted by Accenture found that businesses that implement integrated payment solutions reduced their payment processing costs by up to 30% and improve their cash flow by up to 50%.
How to choose an integrated payment solution
When evaluating an integrated payment solution, there are multiple key factors to consider.
Does the platform accept the payment methods your customers prefer? What are the associated fees? Some integrated solutions offer discounts depending on payment volume each month.
You also need to pay attention to customer support. Test customer service to ensure you're getting the help you need. Integration and compatibility questions are to be expected.
The features you need revolve around your internal business strategy and goals. Large companies might need a solution that integrates with their CRM, POS, accounting, and other business systems. A minor operation may only need POS integration.
SeamlessPay: A Fully Integrated Payment Platform
SeamlessPay offers a comprehensive and secure platform for integrated payment processing.
The automated onboarding process lets you set up your account in minutes, while the one-login feature keeps your data safe and secure. Customer support is always available to answer any questions or issues.
Integrated payments provide convenient and secure checkout experiences for customers while streamlining the payment process for merchants.
Whether you're looking to save time or money, SeamlessPay can help. Get in touch with one of our payment experts to determine how your business can benefit from SeamlessPay’s fully integrated payment solution.