Many firms are increasingly employing integrated credit card processing to assist manage funds to minimize the burden of manual accounting.
Businesses can use integrated payment processing to connect their accounting software to an integrated payment provider. This streamlines the payment process and allows businesses to handle payments directly within their existing software.
The advantages of integrated payments are undeniably compelling. It may prevent double data entry and make the accounting process much more fluid.
Integrated credit card processing is simple and very effective.
Here are six advantages of integrated credit card processing for small businesses to assist them to optimize their accounting processes.
- Conserve time
- Reduce overall spending
- Boost cash flow
- Minimize human error
- Enhance your workflow
- Increase security
1. Conserve Time
One of the major advantages of integrated credit card processing is the time saved by not having to manually enter credit card information into accounting software.
Rather than having to manually enter every transaction detail, all batch information is automatically recorded into the ERP system or accounting software after a transaction.
Without any further human involvement, integrated payment processing transmits transaction information directly to accounting software.
This frees up additional time in the day for employees to do other things that they would not have been able to finish otherwise.
2. Reduce Overall Spending
Integrated credit card processing removes the need for workers to complete everyday chores. Because integrated card processing services may automatically update payments to General Ledger, there is no need for a human to maintain Accounts Receivable or insert transaction data into the accounting software.
Furthermore, it streamlines the payment process and makes employee training on how to process payments faster, helping businesses to save money and time on training.
3. Boost Cash Flow
Getting paid on time is desirable, but it is not always as simple as some may believe. Manual accounting is time-consuming and can cause small firms to miss out on invoice payments for several days.
Payments may be instantly applied to accounting software and sent to Accounts Receivable and General Ledger with integrated credit card processing.
This straightforward procedure guarantees that small businesses receive payment as quickly as possible, making it much easier to manage accounts and enhance cash flow.
4. Minimize Human Error
Humans are not without flaws. Accounting errors are unavoidable, whether it is faulty data input, duplicate data entry, or applying wrong data to accounts. Once detected, these errors must be addressed, which consumes important time and may cost company money.
Payments are effortlessly transmitted into accounting software and applied to General Ledger or credited to an invoice with integrated credit card processing. This procedure avoids human mistakes and double data entering, allowing a corporation to operate as effectively as possible.
5. Enhance Your Workflow
The credit card transaction procedure might appear hard and time-consuming without the assistance of integrated payment processing. First, the consumer must place an order. Following that, the credit card information is swiped or typed into the credit card terminal. The invoice is then printed and affixed to a paper receipt. Finally, invoices and receipts are processed at the end of the day to ensure they match and are recorded as paid.
One advantage of integrated credit card processing is that firms may enter credit card information straight into accounting software, and the integrated payment system will handle the rest.
This automated procedure can help small organizations increase productivity and support smart workflow management.
6. Increase Security
For many years, the manual accounting technique was applied. However, integrated payments enable firms to employ cloud-based accounting, which is a more secure way of managing funds.
Cloud accounting is software that runs on servers and allows organizations to access data through the Internet from anywhere. It shields enterprises from the costs of system administration and server failure. Many cloud-based accounting software solutions are also PCI certified, which aids in the protection of credit card information in the case of a data breach.
Most cloud-based accounting software, according to research, is administered from a data center, which provides many levels of protection to secure the program and your data. The average data center is far more secure than most small enterprises.