Top 5 Questions about Integrated Credit Card Processing for Cleaning & Security Companies [answered]
(Plus, the downsides of using a third party payment processor.)
Integrated payments are a trending topic among commercial cleaning and security companies, with surveys reporting 64% of B2B buyers recognizing the ability to pay online as the biggest need over the past year. As is the case with most innovations, new offerings come with questions for company leaders (and their customers). We’re rounding up the top five questions you may have about integrated credit card processing, accounting and financial management tools (and comparing it to third party payment processing alternatives.)
1. Is it secure?
Yes, (if your payment processor can prove payment compliance).
Companies are cautious when it comes to trusting their data over different platforms. They want to be sure their information, and the information of their customers, remains secure.
Payment Card Industry Data Security Standards (PCI DSS) are stringent, and showing compliance can also prove to your customers that you’re doing everything you can to protect their credit card information from a data breach.
Subpar third party processors can come with the risk of cybercrimes like card-related theft, and it can be especially tricky for smaller companies to handle the costs and resources required for PCI DSS-related risk management.
Integrating your online credit card processing with your financial management software ensures your company is not taking any unnecessary PCI risk for proper collection and handling of private card or account data from your customers.
2. Is it more expensive (than third-party payment processors)?
Third parties and banking institutions often tout low rates, but typically quotes aren’t all-encompassing. Common add-ons and hidden fees exist around account maintenance. After stacking the added expenses onto your processing fees, you often end up with a much higher expense on your books than previously expected.
An integrated solution can actually save you time and money as your payment administrators no longer have to match payments to invoices and manually log processing fees against payments. If you haven’t historically offered your customers the option to pay by credit card, this convenience can also promote faster payment and address issues with checks getting lost in the mail.
Integrated payments have the added benefit of supporting your understanding of job profitability. By assigning finance fees directly to invoices, you can calculate true job profitability and support decision making related to your contract management. This solves the common problem of inconsistency when applying processing fees to your job profitability and job costing calculations.
3. Who handles support needs if my payment collection is integrated?
More specifically, when you integrate your payment collections with your ERP software, the support falls to the provider of your ERP software solution. (At TEAM, this means you can always go through one support contact for all of your needs).
It’s likely your company already manages a large book of vendors and suppliers alongside your customers and employees. Having one, streamlined support channel for both your payment processing and accounting software alleviates some of the headache in finding the right person to answer your questions, while lessening the time it takes to resolve any issues or troubleshoot problems.
The real benefit here is for your team. Streamlined (and knowledgeable) support means no more getting the runaround between processors pointing fingers at who “owns” an issue. This saves your admin teams valuable time when reconciling financial data and reaching out for support.
4. Does it complicate my financial management system?
Integrated payments automates your company’s accounts receivable allocation while providing your customers a convenient online method to submit AR payments.Your financial management users can enter merchant credentials, configure which customers are able to make payments online, and determine how payments and fees will be accounted for in your general ledger. Payments and associated fees are then automatically created and allocated according to your account settings, ensuring you have accuracy across your entire financial data system.
5. Is it hard for my customers to use?
Your customers want convenience. They want to spend less time managing their accounts payable, remitting payment and managing their books. (And, they want to know they can do it all in a streamlined, secure way.) With your company’s personalized customer webpage, clients can view outstanding balances, make secure credit card transactions and download receipts with reference IDs for easy tracking.
Learn more about integrating payments with your workforce, operations and financial management systems today.