Learn 6 Benefits of Integrated Credit Card Processing
3. Boost your cash flow
Being paid on time is desirable, but it is not always as simple as some may believe. According to Business.com, 90% of small businesses fail to owe to a lack of cash flow. Manual accounting is time-consuming and can cause small firms to miss out on invoice payments for several days.
Payments can be automatically applied to accounting software and posted to Accounts Receivable and General Ledger with integrated credit card processing. This straightforward procedure guarantees that small businesses receive payment as soon as possible, making it much easier to manage accounts and enhance cash flow.
4. Minimize the possibility of human error.
Humans are not without flaws. Accounting errors are unavoidable, whether it is faulty data entry, double data entry, or applying incorrect data to accounts. Once detected, these errors must be addressed, which consumes important time and may cost a company money.
Payments are seamlessly transmitted into accounting software and applied to General Ledger or credited to an invoice with integrated credit card processing. This procedure avoids human errors and double data entering, allowing a corporation to operate as efficiently as possible.
5. Enhance your workflow
The credit card transaction procedure can appear hard and time-consuming without the assistance of integrated payment processing. First, the customer must place an order. Following that, credit card information is swiped or typed into the credit card terminal.
The invoice is then printed and affixed to a paper receipt. Lastly, invoices and receipts are sorted 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 can enter credit card information straight into accounting software, and the integrated payment system will handle the rest. This automated process can help small organizations maximize productivity and support smart workflow management.
6. Increase security
For many years, the manual accounting technique was applied. Yet, integrated payments enable firms to employ cloud-based accounting, which is a more secure way of managing finances. Cloud accounting is software that runs on servers and allows organizations to access data via the Internet from anywhere. It costs a lot of money to defend your firm from failing.
Several cloud-based accounting software solutions are also PCI-certified, which aids in the protection of credit card information in the event of a data breach. Most cloud-based accounting software, according to Company of the Future, is run from a data center, which provides many levels of protection to protect the software and your data. The average data center is far more secure than most small enterprises.
