What Is Payment Integration?

Jun 23, 2020

Payment integration saves time, decreases human error, and increases cash flow.

For small businesses, the ability to accept credit cards is a fundamentally important decision.  By only accepting cash as a form of payment, you will be missing out on a large portion of sales. In fact, in a 2016 consumer payment study conducted by TSYS,   found that only 11% of consumers actually prefer to pay using cash, while 40% would much rather use a credit card. 

Finding an affordable credit card processing solution can be daunting and difficult. Even if merchants don’t mind doing accounting the old fashion way: reconciling their invoices manually, submitting transactions into various platforms, etc., it’s not the best use of their time and resources. It also exposes the business to human error as well as security weak points that could potentially cost a business at least $500,000 in fines every month. 

So what is the solution? Payment integration. 

What Is A Payment Integration?

A payment integration refers to when your payment processor, (or the third-party software that is interchanging funds between your customer’s bank  and your merchant bank) is linked to your point-of-sale system (like Shopify), without the need to manually enter payment data. 

The integration basically allows payment data to go from your point-of-sale system, back to the payment processor, communicating with them to capture the funds from the client’s bank and send it back to you, the merchant’s bank. 

How Do They Work?

On a more technical level, an “integrated payment solution”  automates the acceptance of payments and facilitates the acceptance of debit and credit cards directly into an existing accounting software, online shopping cart, or CRM system. This integration allows payments to be posted directly onto invoices and therefore does not require you to balance your general ledger or reconcile any of your invoices. 

With an integrated payment system, these are the simple steps it takes to complete the transaction process:

  1. You receive your customer’s order either online or over the phone
  2. Their credit card number is entered directly into the accounting software.
  3. The integration processes the payment.

That’s all there is to it! Plus, the integration will designate this invoice as paid and will automatically post the payment into your accounts receivable as well as your general ledger. 

How Will Payment Integrations Benefit My Business?

If you decide to incorporate payment integrations into your business, these are the benefits you will receive:

  • Frees Up Your Time: Instead of entering your accounting information manually, the “batch information” is entered automatically into your ERP system or accounting software without your involvement.  This automated system will free up your time so you can serve your customers better and you can even invest in yourself to learn new skills. 
  • Boost Cash Flow: Most small businesses fail due to poor cash flow. If you continue with manual accounting, you will find that it takes too much of your time, causing delays in receiving payments. A payment integration system will accelerate your cash flow and get more funds into your bank account. 
  • Minimize Human Errors: When performing your accounting manually, it is inevitable that in your data entry, you will make mistakes, wasting precious time as well as money. Also, if you were to enter incorrect payment data into your accounting software, the customer can be charged the wrong amount. However, with an integrated payment system, payments are directly entered into your accounting software and then applied into a general ledger or entered as a credit on an invoice. This ensures that your business runs as efficiently as possible. 

If Your Business Accepts Credit Cards, You Need Payment Integration.

It is without question that your business will thrive if you get rid of tedious, time-consuming, manual accounting, in favor of a payment integration system. This will mean hassle-free accounting for the merchant and a secure and seamless customer payment experience. 

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

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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.

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