Many merchants would agree: One barrier to the adoption of the electronic payment process is lack of integration across systems.
Have you ever thought about what factors are influencing your company’s billing and payment methods? What about the areas that may be keeping your company from transitioning to electronic payments?
Electronic payment capabilities are increasingly being recognized as a game changer, having the ability to tie many other financial processes together.
Yet, despite widespread evidence that it can be leveraged to achieve numerous benefits for merchants and customers alike, some resistance to electronic payment adoption remains. There are various reasons for this, including the initial cost associated with establishing an integrated electronic invoicing solution, especially if the merchant still uses an older legacy system.
By taking an integrated approach to electronic payment, however, companies can expand their payment channels, accelerate funding, eliminate manual payment posting and reap the benefits of utilizing a single provider.
How can integration help streamline processes? With an integrated approach, you can:
- Accept ACH and card transactions from within your primary software screen;
- Utilize real-time card payment response, knowing you will receive an authorization almost instantly;
- Use automatic posting capabilities within your system’s accounting tools
- Eliminate the “swivel chair” effect, in which you are required to process a payment from one screen and enter authorizations into another; and,
- Easily adapt to (and adopt) the process. Very little training is required, especially since users are already comfortable with your firm’s core software.
Electronic Payment Benefits
The key benefits of electronic payment adoption for today’s merchants include:
- Faster financial transactions
- Paper and cost reduction
- Streamlined operations
- Robust security and minimized risk
- Improved customer service and customer relationships
From a technology perspective, smart businesses must begin to understand that many of the newer electronic payment solutions available on the market are much more aligned with how organizations use software today, helping to make the integration process a seamless one.
There is no doubt that integrated electronic billing solutions will continue to develop and expand across a wide range of different industries over the next five years, even if the pace of adoption has been a bit slower than initially predicted.
BillingTree has a reputation for dependable solutions and extraordinary customer service, processing billions of dollars of payments annually through a suite of solutions and services that integrate with your company’s needs. Visit our website to learn more about integrated electronic payment technology that truly works.