Payment processing is a term used in describing processes and services that automate payment transactions used typically between merchants and customers. This is commonly a third-party service that verifies payments, and declines or accepts credit card transactions on behalf of the merchant using secure and reliable internet connections.
Payment Processing should be integrated
The industry of payment processing has drastically changed, becoming very dynamic in recent years. Often it is difficult for small business merchants to keep up with the best practices and newest standards. But one thing will be true, no matter the changes up dates in the payment processing industry: integrating your payment transactions, accounting software, and processing software can benefit you greatly in the long run.
Accounting Software
Integrating your payment processing solution with your accounting software is a must! By integrating your software, it will transfer payment transaction data from debit card, credit card, and all other electronic payments including ones made on a mobile device or over the internet to flow automatically to the businesses’ CRM (customer relationship management system) or accounting system. This removes the need to enter payment transaction data manually, as well as the need to reconcile accounts. This will save you time and reduce your labor costs. It also eliminates the possibility of human error, thus is far superior for reporting functionalities.
The benefits of a POS system from RedFynn
With a point-of-sale system offered by RedFynn, you can get a platform designed to help businesses like yours accomplish its goals. We do this by providing streamline sales reporting, employee management, integrating inventory management, and commanding management tools, all on one platform.
Our POS systems can work with all types of businesses, from smaller merchants to giant enterprises. These are ideal for businesses who are seeking to execute innovative technology to improve experiences for customers and employees, enhance efficiency and help boost revenue.
Here’s how RedFynn’s POS systems can improve your payment processing:
Improve relationships with your clients
With our CRM, you can efficiently manage every customer within the management console. You can import the current customer list and include data from any time of the day. You can also make groups in your CRM to segment customers and divide data up in relevant and helpful ways.
Valuable client insights
One of the remarkable things about using a POS system as your CRM is that you’re able to obtain valuable insights into your customers. You can associate client profiles with every purchase and receive a better understanding of your clients purchasing habits. You can then translate those insights into loyalty programs, discounts, and so much more.
Manage your appointments effortlessly
With the POS system CRM, you can book client appointments/reservations straight from your POS. You can manage the availability of your staff, taking into account time for vacations and lunch breaks. After booking appointments, you can send confirmations to customers through text or email.
Lower your labor expenses
Integrating payment processing establishes savings when it comes to costs allocated to the business. Payments feed straight into the ledger at the time of payment, so you no longer have to pay for an accountant.
Increase cash flow
Having a precise understanding of cash flow is a crucial element for small businesses. No firm can stay in business long if it doesn’t have sufficient cash on hand to pay taxes, employees, vendors and other operating expenses. Having an integrated payment processing solution that offers current and reliable reports on how much money a business has at the end of every business day helps to better handle inventory, payroll, and how much free money the business has to spend on other things.
Lower human error
Adding the human factor into the payment transaction process increases the odds of errors being made. This can happen either in the form of incorrectly entered data or entries being reproduced mistakenly. With RedFynn, the smooth flow of data from the point of transaction to the general ledger, where it is credited against an invoice, eliminates this issue entirely. It removes entry errors and offers peace of mind knowing that accounts are correct.
Get started today
Enhance your business today with our powerful POS technology. We’ll show you how we can work with your business to accomplish your specific goals, including payment processing and beyond.
