According to some research, more than 80% of Americans own at least one credit card. This increases the chance that you’ll encounter customers who want to pay by card. Because of this, you’ll need credit card processing services to make it easier for your customers.
But in addition to that, what benefits will your company enjoy with card processing systems? Keep reading to find out!
If you’re a small business, you need to make sure that you can turn around cash quickly so that you can stay in business. You’ll need to pay your taxes, employees, suppliers, and operating costs for your business.
If you get a processing system that integrates into your other systems, you’ll get reports that update you at the moment, see how much money you have available and make better operating decisions when you have a more accurate business.
One of the biggest benefits is that when the system is integrated, you’ll save hours, which is very essential for small businesses. You won’t have to manually enter any credit card information into your software. If you’re doing a lot of transactions each day, this could take up a lot of time that you could spend growing your business.
You won’t have to manually input all the details of the transaction, and all of the information will go into the ERP system. If you have accounting software, then it will integrate into that as well.
The transaction information will transfer right to your software without having any human interaction. This way, you can even use your employee’s time to do something else, like provide a better customer experience and grow your revenue.
Overall, having the right system will help lower costs as well. The payments will automatically sync when a customer makes them, and you won’t have to hire an employee who is just managing your dedicated accounts receivable.
The integration will reduce the cost you need to train your staff on how to process the payments or on how to enter data from all the transactions.
Overall, the entire system will make it easier and less complicated as well.
When you don’t have to manually enter the data, then you will have fewer human errors as well. Your employees might enter the data incorrectly, make double entries, put in the wrong amounts, or forget to enter a transaction.
These mistakes can be changed retroactively, but they can take up a lot of your business’s time and money. But when you have a card processing system, the payments will go through your accounting software and be entered automatically.
While mistakes could still happen, they are very rare and are more reliable than having a human employee enter them in.
Since you’re dealing with sensitive customer data, you’ll want to make sure that their payment details are always safe. You should try and find a payment processor that uses a PCI-certified payment processor.
Most of the processing tools will also use tokenization. This is when the customer’s card information turns into a token. Instead of saving all of the important card details, the token is saved, and only a bank can decrypt the information to complete the payment.
The ERP system will create these tokens, and you’ll be able to process payments without keeping the credit card information on file. You’ll be able to keep your customer’s data safe, making them feel confident in your business practices, and improving your customer retention rates as well.
You also won’t have to ask your customers for their credit card information each time you need to take a payment from them.
With many small businesses out there, you need to ensure that your business is flexible, and having the right payment processor can just do that.
Keep in mind that these payment options are also changing quickly, and you’ll want to choose one that will help you stay ahead of the game. Once you get a full-service payment processor, you’ll be able to operate with businesses for every growth stage.
Many third-party services will also bundle or resell payment processors that are meant for small businesses. However, if you choose one of these options, make sure that they also offer flexibility so that you can add more options if your business grows.
You’ll have a more efficient workflow when your payment processing is integrated as well. The credit card transaction process can be complicated, but the system will take care of everything.
When a customer makes a purchase with their credit card, they’ll swipe their card or insert the chip. The credit card information will go through the terminal, and then your computer will print a paper receipt. Then at the end of the day, you would have to sort through those receipts and cross-check them to ensure that they’re paid.
However, all of this receipt data will be sent to your account software and make workflow management much easier for you or your employees.
These are only a few benefits of credit card processing services, but there are many more benefits that you’ll enjoy.
However, to take advantage of these benefits, you need to ensure that you choose the right processing services.
Check out our website to learn more about our services and how we can help you take advantage of all of these benefits.