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Integrated Payments: What are they, and why should your business use them?

Point of Sale systems and management softwares are everywhere, and at nearly every price point. From inventory, payroll, and booking appointments, to storing customer information and so much more, there are options out there to help you run your business. But what if you could take payments in a way that suits your needs, automatically […]

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Point of Sale systems and management softwares are everywhere, and at nearly every price point. From inventory, payroll, and booking appointments, to storing customer information and so much more, there are options out there to help you run your business. But what if you could take payments in a way that suits your needs, automatically updates inventory, simplifies accounting and more – all while eliminating data entry errors within a single transaction? Enter “Integrated Payments”. 

How does Integrated Payments work? 

Integrated Payments connects the processing of a customer’s payment with other critical business functions within your management software. It prevents time-wasting activities like manual accounting and data entry (particularly keying-in the payment request into a credit card terminal). Manual activities are much more vulnerable to human error – integrations provide a secure, hands-off way to store customer’s card data. In short: No more reconciling reports, no more re-entering credit card information for repeat customers, no more mistakes. 

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Why use Integrated Payments?

1. Improved Customer Service

The key to customer satisfaction? Meeting your customers where they are. It’s inevitable that the more clients you have, the more varied the expectations you have to meet. From shopping online, to a fast in-store transaction, or accepting payments via SMS for curbside pickup – having a single solution to deploy and track all these payment methods means happier customers, and less of a headache for you. 

Did you know? It’s estimated that US retailers lose over $35bn a year to long checkout lines. Having a diverse array of payments technology keeps the line moving faster and prevents walkouts. Even better – a positive shopping experience can contribute to customer loyalty and revenue growth. 

2. Time Saved

With an integrated solution, payment transactions are automatically recorded at the time of sale. This alleviates the time, expense (additional hours on-the-clock adds up), and – because nobody’s perfect – the risks of errors caused by manual entry. Integrated payments turns enterprise platforms into a one-stop solution, and keeps all your payment information in the same place without human interaction. What to do with your extra time? Focus on running your business – or on some much-needed R&R. 

 “We are very pleased to use Gravity with our Practice Management Software.  The few extra minutes it saves is very valuable to the veterinary industry right now and allows the team to focus on other things.  The end of day has also improved when all cash-out matches both the software and batch”.

– Rebecca, Office Manager, Sunderland Animal Hospital

3. Stronger Security

Manual accounting is a time-consuming process, and is riddled with security vulnerabilities. This default method for small businesses, while having some upfront cost savings, often leaves data open to theft. We recommend a cloud-based integrated payment gateway, which doesn’t depend on on-site servers that are vulnerable to theft, high maintenance costs, and even failure. 

The security of your payments data comes down to the credit card processor you choose and the technology they provide. Make sure to do your homework, and make sure that they are a trusted and secure provider who encourages you to be PCI compliant (a vital, but under-communicated standard for electronic payments). Also consider P2PE and tokenization as a robust method for encrypting or substituting important transaction data:

Through P2PE, data is encrypted when a card is swiped, dipped, or tapped. That encrypted information is sent to the bank and merchant services company. This method leaves the information useless to thieves who might try and steal it.

Tokenization is an additional way to protect customer data while gaining authorization for charges. Your customer’s information is secured in a “virtual vault” and substituted with a unique code that is used one time for that transaction only. This is called a “token”.  If the token is stolen, nothing can be done with it because the code is meaningless.

Get all the info you need to protect your POS system, here.

4. Better suited to your business needs

The benefits don’t stop at security, improved customer service and time savings. Nor do the benefits stop at solving today’s needs. Integrated Payments can be customized with any and all features your business needs to sustain and grow in the future. From inventory and deliveries, to insights and analytics, integrated payments can work with both management/POS tools and your CRM to support your growth goals. 

We’ll find or customize the right integrated payments solution for your business today. To learn more about how Gravity Payments can help you achieve your business goals, contact one of our payments consultants today

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