Payment Integration 101
- 2. Credit card processing can be a very intimidating yet necessary evil in business
- 3. There are a lot of different terms and jargon thrown around the credit card payment industry
- 4. One very important term that can be misunderstood is payment integration
- 5. This term holds so much importance due to the benefits your company can realize from such a product
- 6. What is a payment integration?
- 7. Let’s dive in a bit further…
- 8. The dictionary defines integration as “the act of combining or adding parts to make a unified whole.”
- 9. The dictionary defines integration as “the act of combining or adding parts to make a unified whole.” The idea is to improve efficiency with one process.
- 10. So how do we apply this term to your current payment acceptance process?
- 11. A payment integration gives you the ability to eliminate the double-entry process and accept a credit card payment directly in your accounting software. So what could this mean for your business?
- 12. First, lets take a look at the differences between an un-integrated payment process and an integrated payment process…
- 13. NON-INTEGRATED 1. Receive customer’s order over the phone or online 2. Punch in card number on your credit card terminal 3. Save transaction receipt, print out an invoice from QuickBooks, and staple the two together. (Repeat this process for every invoice) 4. At the end of each day, match paper invoices to electronic invoices inside of QuickBooks, and apply payments to the proper invoices 5. Manually adjust your Accounts Receivable and General Ledger to reflect payments INTEGRATED 1. Receive customer’s order over the phone or online 2. Credit card number is entered directly into QuickBooks. The application marks invoices as paid and automatically posts payments in the Accounts Receivable and General LedgerVS
- 14. The process of accepting payments with an integrated payment application = Automation (Less time, less human error, less cost)
- 15. So, where do you find a payment integration for your business?
- 16. There are only a handful of payment services providers that offer these integrations.
- 17. Usually, if your processor offers this benefit, you can ask your representative about the process, costs, and timelines to implement the integration.
- 18. Not all integrated solutions are the same, and it is absolutely crucial to do your homework when making this decision.
- 19. Make sure to look for: - Integration compatibility with your software - Tokenization technology for maximum data security - Next-day funding options - Flat rate processing options - Simplified statement w no hidden fees - 24/7 in-house support, free of charge - No contract
- 20. Uncover all of the fees before you commit to any integrated solution.
- 21. Sometimes, these fees can be tricky. Make sure you understand all the fees before tying the knot with any processor. For more information on processing fees, click here.
- 22. Now get out there and start researching for the payment integration that’s right for your business!
- 23. Check us out at www.centurybizsolutions.com for more information about integrated payment solutions.