There’s always a new development in the payment processing industry, and one of the most widespread has been payment processing integration, where payment processing and accounting work together.
The process is simple: when a credit/debit or electronic payment is received, the data can be effortlessly distributed into your accounting or ERP software. It’s an option that is often available with today’s innovative POS systems, and as you can imagine, there are many advantages to taking an integrating approach.
Less Chance of Human Error
Whenever figures are involved, there is always the chance of a mistake occurring, however, this is significantly reduced through the use of payment processing integration.
As the figures aren’t being input manually, you can lower the risk of incorrect or duplicate figures being entered. There’s also less chance of missing entries and missing invoices, as this will all be done automatically.
Saves Time & Stress
Every business owner is short of time and a lot of working hours are taken up on administration; this is especially the case for small business owners who often deal with the payroll and accounting side themselves.
Research indicates that just managing tax preparation alone can take up to 80 hours a year or more to handle, and 13 percent of small business owners say they dislike the amount of administrative time that it takes to handle tasks like accounting. However, by integrating accounting with payment processing, business owners can free up a significant amount of time.
Offers Flexibility & Cost Savings
Payment processing integration can also be more cost effective as it means you don’t have to employ separate payroll accounting staff if you don’t want to, saving you money on extra staff costs.
And if you do use an accountant, using integrated payment processing means you’ll have a clear set of financial records, which should make managing your financial records less complex. This should mean managing your finances should take less time, and if you are paying an accountant an hourly rate, which can often start at $80, it could save you money.
Frees Up Time for Other Tasks
By using an integrated POS system, you’re free up valuable hours to spend on other aspects of your business. This means you can concentrate on the other elements that are imperative to a successful company, like marketing, following up with previous clients, and keeping a closer eye on your cash flow so you can plan for the future.
Conclusion of Payment Processing Integration
Managing finances, and monitoring performance, and tracking data are just some of the biggest challenges that businesses face today. However, payment processing integration can help company owners to successfully meet these challenges, and it can offer potential time and cost savings too.