At The Height Of The Pandemic, Integrated Payments Are Key

Oct 30, 2020

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.

Let us help you get a high risk merchant account today!

Get Started

Award winning.

  • 2012
  • 2013
  • 2014
  • 2015
  • 2016

Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

Live Chat