Integrated Payments System – Key To Automate Business Payments

Alvin Toffler rightly said, “The great growling engine of change is technology”. These words personify how technology has brought adverse changes in our lives, only making it convenient for us. Integrated Payment System is one of the most significant examples demonstrating the saying. Automating payment has never been easier than today. While you focus on business, the systems focus on payments.

It provides a powerful platform for transferring digital money from one account to another via mobile wallets or mobile payment apps. These payment systems can streamline business operations, making them easier to track.

Let’s understand in detail about the Integrated Payment Systems below:

Integrated Payments System Meaning 

Integrated Payment System provides an accounting process within the software that can help you track your accounts efficiently by automating payment acceptance. This reduces manual intervention and helps in reconciling data easily and quickly.

For any business to run, you collect receipts to record your transactions daily, where you manually update your accounting entries, which is a time-consuming process. Sometimes, unknowingly, you may miss an entry, so the transaction goes unrecorded, or your receipts pile up, and then you are stuck with countless hours of data entry work. 

PayU is one such Integrated Payments System example that will help you advance your business operations. It will reconcile all your accounting entries, saving you from the manual work. 

Critical Points of Integrated Payments System

Following are some of the key points revolving around the integrated payment systems:

• The system initiates the payment acceptance process and integrates automatic payment acceptance. It eliminates the tedious process of compiling all the accounting data manually.
• Such integrated platforms automatically process and post payments to their associated sale or invoice. This way, the software has automatically reconciled the accounts.
• For every business, a consumer utilising the services hopes for a smooth payment checkout process. This system helps meet the consumer needs as consumers prefer shorter lines and faster checkout experiences to promote the business. Therefore, the payments go through as soon as they are processed at the transaction itself.
• Merchant accounts are set up for businesses that opt for the online payment process by merchant banks. These banks use integrated payment network systems for their payment checkout. So whenever a transaction takes place, it gets reflected in the business’s merchant account.
• While online payments are the need of the hour, the credit and debit card payments delay the payment transfer to these merchant accounts, affecting the steady cash flow. As a result, it might influence the business’s well-being.
• But with an integrated payment platform, you can process the payments as soon as they go through, which will help you maintain a steady cash flow.
• Consumers resort to card payments, cash payments, or UPI payments while using online services. You can analyse these transaction records and determine the preferable mode among your target audience. This can help you improve your infrastructure services accordingly.
• The data can also be used to determine the performance of your product. These reports can compare whether the product has overperformed or underperformed in the quarters across multiple locations. Subsequently, you can implement innovative methods. This decision-making process can help you maximise profits. 

Benefits of Integrated Payment Systems

One of the most evident advantages of this system is that you can avoid several hours of labour work and labour costs. Since the system is entirely automated, you can use the time saved productively. It also saves the additional cost you spent on the data entry work.

Manual labour is subjected to numerous errors. With the smooth automated flow of transactions within the software, we cannot wholly avoid but minimise the risk of significant errors. This would cut the costs that you would spend on rectifying the errors.

How Can Tokenisation Help?

Tokenisation is one such way that uses meaningful data and converts it into a random string of characters called a token. If it is breached, it will have no meaningful value, thus ensuring security. Merchants can use this method to secure account numbers or sensitive information subject to a security breach.

This situation brings us to the fact that we require an updated software platform, but we also require coherent merchant services that understand the business. A misstep in setting up the process can lead to costly errors that can take your business down the road. Hence, merchants who keep business and consumer needs in mind act key.

Many companies have started adopting this system, considering the positive results. They should further educate people about this software, encouraging more and more audiences to save time and cost. The Integrated Payment Network System has proved that technology can approach thinking out of the box.

Conclusion

Once we started adopting digital payment methods, we got introduced to a system that could aid our business to grow by reducing manual intervention and streamlining the entire payment process. We rarely come across methods that are a win-win situation for all. It is indeed refreshing to see such an optimistic change. Moreover, it is refreshing to witness this change.

To know more, visit our PayU website and get started!

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