3 Ways Payment Processing Integration Can Assist Your Business - The Springboard Academy
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3 Ways Payment Processing Integration Can Assist Your Business

3 Ways Payment Processing Integration Can Assist Your Business

As a small business owner, you may be used to people calling and talking to you about integrating payment processing into your business. These companies usually want you to purchase their product, but it may be hard to understand what it is they are actually trying to sell you and whether or not it will actually benefit your business.

Payment processing may be a completely new concept to you, or you might just want to know a bit more about it. Here are a few of the ways in which payment processing integration can help improve your business:

1.      Payment Processing Integration Can Give You More Time to Focus on Other Things

If you haven’t currently got payment processing integration in your company, most of your transactions will look a bit like this:

  1. Take orders on the internet, in person or over the phone.
  2. Swipe card into system or terminal.
  3. Print the receipt or invoice out and file away for a later time.
  4. Sort through your invoices and add them to your accounting system.
  5. Hope you didn’t forget anything and hope that you’ve not made any mistakes whilst inputting the data.

Installing an integrated system would make things a lot easier. It would look more like this

  1. Take orders on the internet, in person or over the phone.
  2. Sit in front of your accounting system and key or swipe the card into the system.

That’s it! Unlike the other method you do not need to complete steps 3, 4 and 5 as they are automatically done for you. Just think of the amount of time this will save you.

2.      Payment Processing Integration Can Help Reduce Labor Costs

Cutting the amount of time spent on inputting data is only one benefit of these systems. If your company employs someone to input the data, you will be able to save money as well as time. Due to these systems automatically inputting data into the system, you no longer need to employ someone to do this for you.

In the long run, this could save you a lot of money. If you employ someone to input data for half an hour a day, five days a week, then you will be saving two and a half hours of work every week. Over a year you will save 26 hours of labor costs!

Employing an accountant isn’t cheap. When you think of the amount they charge an hour and multiply it by the number of hours it would have taken them to input the data, you will find you are making a massive saving.

3.      Payment Processing Integration Can Save You Money on Transactions

Saving time can ease your stress, cutting labor costs can save you cash, but saving money on every transaction is even more impressive. Integration helps to lower transaction costs, which means you will earn more profit on every item you sell. This is a huge advantage of these systems, and it is the main reason people choose to have them installed.

So how can integration help businesses? Payment processing integration can not only save you time from entering data into the system, it can also help you to cut labor costs and can give you an advantage based on the quantity of products you sell and on other factors. It’s definitely something you should consider looking into. To find out more, you can read about the best payment processor for your business.

 

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