Payment processing integration can be very valuable to your business. It allows for transaction data to transfer automatically into your accounting or ERP system when you make a sale – whether its online, through a mobile app or using a point of sale terminal. Here are a few of the pros and cons of integration.
Time and Money
Payment processing integration can save your business valuable time that would otherwise be spent manually entering transaction data. This not only reduces the cost of labour and frees up your employees to tackle other tasks, but also eliminates human error. While there is usually an upfront cost for setting up integrated payment processing, it’s generally affordable and will likely save you money in the long run.
Integration can also help with your data security. End-to-end encryption provides a high standard of security while still giving you visibility and access into your business operations and sales records. This security protects your business from threats that are outside of your control, so you can worry less about data breeches and fraud that could potentially compromise your private information.
An integrated payment solution will give you more data to analyze in order to improve your business. Tracking sales can improve your targeted marketing and promotions while giving you a keen insight into your inventory and deliveries. Tracking this data efficiently can have a huge impact on your customer service that will ultimately drive more business to your company.
Unfortunately, despite all the benefits of payment processing integration, it can also put you in a terrible situation when it comes to negotiating your rates and services with your vendor.
While software integration can be very valuable, you need to be very aware of its potential for exclusivity before you commit. Otherwise, you could find yourself in a position further down the line where your rates have increased but you have no feasible way to switch vendors. Your hardware is integrated with your current vendor and swapping would both be expensive and cause a massive interruption in service.
The best bet is to do your research and find a payment processing integration solution that is not exclusive to any sole vendor or system and has clear guidelines in place in regard to switching vendors while maintaining your data and integration tools.
The end-goal is to have your point-of-sale integrated with a secure yet flexible software suite that will help you save time and money, but not at the expense of locking you in with any one specific vendor. That way, if you end up needing to negotiate rates or services, you’re not stuck in a situation where your vendor is firmly holding all the cards.