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How an integrated payment solution will assist with business growth

From marketing to mergers, there are numerous routes to business growth. But the ability to enable easier payments shouldn’t be overlooked. Convenient payment processing encourages a positive cash flow, with the right integration in place. Integrated payment platforms not only process debit and credit card payments, but also assist with revenue analysis and more.

If you’re looking for new business growth strategies, here are a few reasons why integrated payment solutions can help.

Reasons to use integrated payment solutions

Merchant services like in-person credit and debit card payments are convenient but involve a significant level of processing. You need to safely store receipts, make sure they line up with accounting software, and wait for funds to clear into your merchant account. The process must be repeated daily to maintain a positive cash flow, involving a high level of data entry.

By contrast, integrated payment solutions cut down on your processing times and manual data entry. This frees up small businesses to focus on new projects, encouraging growth. When looking at how to grow a business, there are distinct advantages to integrated payment platforms:

  • You can accept payments at any time, from any location. Unforeseen events won’t have the same impact that they do on physical purchases.

  • Customers don’t have to worry about carrying cash, making it more convenient to complete a transaction.

  • Integrated platforms encourage sales from any geographical location, encouraging growth in global markets.

  • Transactions are processed in real-time, for easier tracking of sales and fraud prevention.

  • Platforms are easy to integrate with existing websites, mobile apps, and other digital channels.

How do integrated payment solutions work?

While all platforms are different, there are a few key features to look for in any integrated payment solution.

  • Payment links embed a ‘Pay Now’ button into emails or messages. This allows customers to click the link and fill in their billing information for a fuss-free transaction. Payment links are also good business growth strategies, because you can accept payments before you even have a website.

  • Payment gateways offer a secure way to complete transactions and are easy to integrate with existing platforms or online stores. Look for options with a centralised dashboard that gives a user-friendly overview of invoices, analytics, and other financial reports to help you see areas for growth.

Rather than wasting time inputting payments yourself, they’re automatically processed in real-time.

How to grow a small business with integrated platforms

Business growth strategies often focus on opening up new markets or diversifying your product line. Time-saving measures like integrated payment solutions assist with growth in a number of ways.

1. Integrated payments save time.

Perhaps the primary reason to use integrated payments systems is to save time. Slashing the hours spent on repetitive data entry and chasing invoices gives you more time to invest in company growth. It frees your workforce to focus on new projects, while also streamlining the transaction process so that you receive payments more quickly. You can even set up recurring payments, making operations more efficient on both the business and client end.

2. Integrated payments improve cash flow.

While you wait for payments to come in from multiple channels, it ties up your accounting process. This can delay payments reaching your merchant account. However, if you use a centralised, integrated system, this ensures that accounts reflect of-the-moment transactions. This gives you more cash to work with for your other growth strategies. At the same time, you can cut down on HR and accounting costs by automating your systems.

3. Integrated systems generate marketing insights.

A good integrated platform will give detailed data analysis reports. You’ll be able to spot emerging trends in customer buying behaviour. Perhaps one payment method is more popular than others, or there’s a certain time of day when customers are more likely to follow through with payments. Certain lines of products might be more popular than others, highlighting areas for additional investment.

With a combination of real-time data analysis, faster payment processing and a reduction in admin busywork, the best integrated payment solutions offer a path to business growth.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.

GoCardless is used by over 55,000 businesses around the world. Learn more about how you can improve payment processing at your business today.

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