In 2018, it is not far-fetched to believe that cash transactions are slowly going to be a thing of the past. It isn’t just a hunch: reports say that over 75 per cent of consumers use credit/debit cards for payments, and the percentage of people using mobile wallets is on a steady rise. Now, even professionals in niche field service industries such as the antenna installing space need to become familiar with the concept of integrated payments.
What are integrated payments?
Integrated payments provide a simple and intuitive way to streamline purchases using automation and melding multiple channels of processing into one. It makes transactions very simple for both the end user and business owners. But that’s not all, read on to know how integrated payments can benefit your antenna installation business.
Improve customer satisfaction
Integrated payments not only enhance the end user interaction but also provides business owners with important metrics about buyers habits and helps them to maintain a database of customer sales, amongst other benefits. Using this data, businesses can work on providing an improved service experience to customers, thereby increasing future sales opportunities.
Save money and resources
Integrated payments make customer experience seamless and help simplify many back-end processes for businesses. It enables businesses to reduce their paper trail and helps eliminate the need for equipment and employees dedicated to tracking these payment processes. In essence, integrated payments can allow businesses to save costs significantly through the power of automation.
Help minimize errors
Handling transactions can sometimes lead to minor errors even after careful consideration. Whether it is improper data entry or a mistake on a form, manual errors can be hard to avoid. But with integrated payment systems, operations are streamlined in a way that activities such as generating reports or data calculations help save both time and reduce human errors.
Improve financial security
Let’s talk numbers – business owners in both public and private sectors have some sort of experience of a data breach, and security experts say that 33 per cent of data breaches start at the POS system. With integrated payment processing platforms, security systems are made more robust through encryption and tokenization. It also helps curb identity theft and other data breaches making lives simpler and safer for both customers and business owners.
Make filing taxes easier
As the world increasingly embraces digitization of documents, keeping track of paper invoices and receipts get cumbersome. Payment integration systems make the process of filing and preparing taxes much simpler by compiling invoices, receipts and other transactions in an orderly fashion helping to both expedite the tax process and ease processes for business owners.
Ultimately, integrated payments are a positive step towards digitizing your field service business. To understand more about how software and technology can help streamline your organisation, read our blog titled “Three technologies set to drive field service businesses in the future.”
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