An integrated payment system or IPS empowers your business to keep up with customer demands while maintaining optimal accounting processes. However, the most suitable integrated payment system depends on your company’s specific budget and needs.
According to market research, more customers are seeking seamless and personalized payment experiences, while friction could lead to significant sales drop-offs. By understanding the features and advantages of an integrated payment system, you can make the most effective choice that expedites business operations while keeping customers satisfied and loyal to your company.
Understanding IPS
Essentially, integrated payment systems combine manual business accounting with existing payment processes. Through integration, your business can effectively save time on payment processing and eliminate the costly errors that may arise from manual accounting.
Additionally, integrated payment systems directly accept card payments from customers, offering a frictionless buying experience.
Advantages of an IPS
At their core, integrated payment systems (IPS) expedite your business’s checkout process. Cart abandonment remains a recurring concern for many online businesses, with more than 69% of customers leaving their carts upon adding an item. Some of the top reasons behind cart abandonment include complex/time-consuming checkout and the lack of payment options.
An IPS prevents most of the prevalent issues that result in cart abandonment. Additionally, these systems provide business owners with platform features, engagement tools, and insightful customer data that drive powerful operational strategies.
Streamlines Business Operations
The versatility of IPS enables you to establish a seamless infrastructure that unites various facets of your business.
For example, integrated systems may compile accounting records from POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. purchases in real-time, creating accurate data without delay. Similarly, integrated payment systems may run customer purchase history through your business CRM to garner valuable insights that drive future marketing and aftersales campaigns.
By eliminating the need for manual reconciliation of transactions, you will gain improved accounting for your business to control expenditures and maximize profits.
Optimizes Customer Experiences
The customer experience remains a top priority for businesses in all sectors. According to market research, customer experience outstrips the importance of product and pricing. Eighty-six percent of buyers are willing to pay more for greater customer experiences – especially for pricier products and services.
IPS can help your business tailor your approach to exceeding customer expectations every time. For starters, you may personalize promotional outreach based on customer purchase history. Customized promotions maximize customer engagement and increase the likelihood of recurring purchases.
Additionally, the automated features of your integrated payment system improve checkout processes. Through integrated checkout apps and mobile order placements, your customers will enjoy seamless shopping experiences that satisfy them throughout their buyer journey.
With fewer payment frictions and complaints, your service staff can invest more time in value-added customer interactions that further improve your business’s reputation.
Prevents Payment Disruptions
Some businesses may encounter involuntary customer payment failures from recurring subscriptions due to various reasons. Two possibilities are expired or missing/stolen credit cards.
Additionally, customers may ignore account update requests or overlook them in their email folders. As a result, subscriptions may terminate due to invalid card information, compromising your business revenue.
An advanced IPS prevents involuntary churn by enabling auto account updates by syncing the latest card information with a registered credit card provider. Through automated payment features, your customers can continue to enjoy your subscribed services while keeping your cash flow unaffected.
Enhances Data Security
Data security remains a top concern for most modern businesses and customers. The average cost of a data breach in 2021 amounts to an estimated $4.24 million, a historical peak in IBM’s market reports.
When it comes to payment processing, your business should ensure uncompromised data management at all times. A reliable integrated payment system provides advanced security systems for POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. and in-transit transactions, covering vulnerabilities that may lead to devastating data breaches.
Aside from safety measures, your trusted service provider ensures that your data management processes keep up with the latest industry compliance, such as the PCI DSS (Payment Card Industry Data Security Standard).
Essentially, an integrated payment system serves as a trusted one-stop payment gatewayA payment gateway is a combination of hardware and software that provides merchants with the ability to perform real-time credit card authorizations from a website over the Internet. It’s the link between a merchant website and the processor. that safeguards sensitive data on all fronts. Brick-and-mortar businesses may also face fraudulent activities through merchant accounts that facilitate digital fund transfers. Integrated payment systems help mitigate the risks from lapses during merchantA business that accepts credit cards for goods or services. account setups through the latest tokenization and encryption technologies.
NMA – A Leading Name in IPS
It is essential to select an all-around service provider when setting up your IPS. Ideally, providers should have the vertical expertise to provide your business with specific payment solutions based on the latest industry practices and compliances. Additionally, your vendor should provide consistent support during unexpected issues such as unfair chargeback policies.
NMA eliminates the costly fees often associated with credit card processing and guides you through each payment challenge. Additionally, we provide a broad range of expertise to ensure that your business receives the integrated payment system tailored to your operations. We will help connect the vital aspects of your business, simplifying payment acceptance and trusted data consolidation.
We understand that the business landscape changes rapidly, and we strive to provide unique payment solutions that continue to navigate and resolve newfound challenges. Through a partnership with NMA, your business will have the latest tools, features, and strategies to create winning customer experiences and raise your overall ROI. At NMA, We Work For You™.
About NMA
NMA is a merchantA business that accepts credit cards for goods or services. advocacy group dedicated to reducing or eliminating the unnecessary fees associated with accepting credit card payments. Since 2004, NMA’s payment processing solutions have delivered tailored solutions, best-in-class customer service, and high-quality service offerings for businesses across multiple industries. Whether it’s high-risk or low-risk, brick-and-mortar or e-commerce, NMA will create the best processing experience for your company. For more information, contact us by visiting our website or by calling (866) 509-7199.