Before the pandemic, adopting integrated payments was considered a worthy, forward-looking investment for your business. However, as a result of COVID-19, the switch has been more drastic and necessary.
Since the outbreak, integrated payments have proven themselves to be a vital component, a necessity for businesses in order to operate efficiently and grow beyond the pandemic.
Author John Boitnott wrote an article on “The Hour” website and had this to say:
“The current health crisis has changed the business community with guidelines and mandates on remote work and social distancing. Even if you’re fortunate enough to continue operating, this radical change may mean it’s time to take a deep dive into a digital transformation, rather than just baby steps.”
Why You Need Integrated Payments
With an integrated payment system, you are able to connect the crucial payment processing function of your business with other important business systems, such as accounting, your payroll, and customer relationship management (CRM).
Not only does this dramatically streamline your payment processing, customer experience management, and business administration, it is created to get all of these systems to work as a unit. It also works to greatly improve back-end operations. Integrated payment systems help improve your business structure overall.
This is just a quick summary of just how powerful integrated payments can be for your business. Here are a few more reasons to seriously consider implementing them, especially during the current financial climate.
- It Simplifies Your Operations: Manual accounting is not only out-dated but clunky, time-consuming, and susceptible to errors. When you implement integrated payment systems, all transactions are automatically inputted into your software, and then forwarded to your ledger. This eliminates the human element of error, optimizes efficiency, and saves you money.
- It’s Safe And Secure: Integrated payment systems come with security features such as tokenization, EMV, and end-to-end encryption. This is a much higher measure of payment security. Delivering on security means that customers will trust your business more, improving their confidence to shop, and become repeat customers.
- Improves Customer Service: With integrated payments, you also get an integrated customer relationship management (CRM) software that is working behind the scenes, enhancing your business connection with your customer.
It acts as a meticulous customer database by tracking past customer sales, contacts and register leads, preserving customer interactions, and greatly improving your marketing by producing more targeted promotions.
While it does keep track of your customers’ behaviors, it also helps you monitor your business’ inventory, sales, and deliveries. This will give you the precise information you need in order to know what you have in stock, what is on the way, or on order. This will pay great dividends by pleasing your customers.
Don’t Be Left Behind
Given the countless business casualties that have surged as a result of the COVID-19 pandemic, business owners must take a radical approach and adopt a more digital transformation.
If cost is a major concern, don’t let it be. There are lots of companies now offering their digital tools, apps, and platforms at deeply discounted prices or even free.
With a vast number of integrated payment tools currently on the market, simply research those that would meet your specific business and budget needs.