When you think about ways to improve the efficiency of your business, payment technology probably isn’t the first thing that comes to mind. However, integrated payment systems that you use can play an extremely important part in the process of streamlining your operations and procedures.
You may unleash several advantages for your company when your payment systems are seamlessly linked to other aspects of your organization. These benefits include time savings, increased productivity, and improved satisfaction levels among customers.
This is where the services of integrated payment platforms come into play.
The processing of debit and credit cards is just the API keysbeginning of what integrated payment systems provide. These payment systems may also assist you in simplifying and standardizing other aspects of your company operations. They may help you achieve important objectives in a very straightforward manner by doing anything from assessing your earnings to controlling the expectations of your customers.
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Why Should Accounting Software Be Integrated with Payment Gateways?
Accounting is not only time-consuming, but daily accounting duties are also tedious and replete with the possibility of mistakes.
You may interface your payment processing system with the best accounting software, which enables the information about your sales and accounting to seamlessly sync up with one another in real time.
How Can I Link Accounting Software with the Payment Gateway?
The method through which you integrate your accounting software with your payment gateway differs based on the software that you use for your business. On the other hand, the following is a list of the general measures you may take:
- Ensure the accounting software you choose can integrate with various payment gateways.
- Get API keys from the company that manages your payment gateway.
- Apply the API keys to establish a connection between your accounting software and your payment gateway.
- Adjust the settings in your accounting software so that it can communicate with the payment gateway.
Benefits of Integrating Accounting Software with Payment Gateways:
Connecting your payment gateway with your accounting software offers several advantages, all of which contribute to the simplification and improvement of your business’s interactions with customers.
1. More Accurate Data Management
Integrating a payment gateway with your accounting software removes the need for manual data input, which in turn minimizes the likelihood of making mistakes. This results in improved accuracy. This eliminates the necessity for reconciling accounts manually and results in correct financial data being collected.
2. Saves Huge Time
The integration of your payment gateway with your accounting software will save you time since it will automate the process of reconciling your transactions. Because of this, the time-consuming process of manually reconciling will no longer be necessary.
3. Transparency for Payment Tracking
Integration of your payment gateway with your accounting software gives you the ability to conveniently trace payments from your clients, allowing you to keep better financial records. Tracking client transactions, seeing invoices, and viewing the status of payments are all conveniently accessible options.
4. Cost-Cutting Way
The necessity for time-consuming and sometimes expensive manual reconciliations is reduced because of the integration of your payment gateway with your accounting software. This not only helps to decrease the chance of mistakes but also eliminates the need for human data input, which may lead to extra expenditures.
5. More Secure than Paperwork
Integration of your accounting software with your payment gateway offers an increased level of protection by encrypting any sensitive financial data that may be sent. This lessens the likelihood of data breaches and contributes to the protection of your company as well as the financial information of your consumers.
6. Accelerating the Management Of Invoices
Any company that does back-office sales, such as manufacturing, will discover that linking their POS and accounting systems speeds up the procedures of receiving payments and handling invoices. This benefit is available to businesses of all sizes.
Since integration makes it possible to automate these transactions, your sales staff does not need to be engaged in manually processing the payment information. In its place, they may choose to send out an email with the invoice, the bill can be paid promptly online, and the status of the invoice will be automatically updated in both your payment and accounting systems.
These kinds of services may be found in major accounting systems such as Xero, which is one of the accounting programs that we suggest to our customers.
What to Pay Attention to When Integrating an Accounting Software with a Payment Gateway?
● Verify if the gateway is using a variety of popular payment methods as well as credit cards.
● Credit cards continue to be the most common mode of payment, but a variety of electronic payment methods are now in the running for second place. When it comes to the use of credit cards as a primary form of payment, you need to ensure that a payment gateway is compatible with all the necessary credit card networks.
● Support for multiple currencies is a further consideration. If you own a firm that operates on a global scale, you should ensure that your consumers may make payments in whichever currency they like.
● Several popular gateway providers provide processing in many currencies, with or without an extra cost, depending on the supplier. There are additional localized checkout options available for you to employ if you plan on using a hosted payment system.
The Last Words: Integrating Payment Gateway and Accounting Software
As you can see, including payment processing in your company’s accounting software is beneficial for your company in a variety of different ways. This can save you a ton of time and money if you are presently taking credit cards in which you receive payments in one location and then process them with another device. Hope this gives you a decent understanding of the many options; but, if you are wanting to tie everything together, there is often some modification and setup that must be done to make everything function uninterruptedly.
