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The Awesome Power of Payment Processing Software

The Awesome Power of Payment Processing Software

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The Awesome Power of Payment Processing Software

Jun 7, 2022

Shannon Sickmon
Laptop keyboard and credit card in hand

Most businesses either have payment processing software or are actively looking for it. Perhaps the system you have accepts digital payments, but still requires manual data entry. If you manage a business, you know that you need to make the payment process as easy as possible for your customers. You also know that speeding up the order-to-cash process will make your operation more efficient.

The question is, how do you choose the best payment processing software? And what features do you need?

Even if you already have payment processing software, take the time to read the guide below. We’ll walk you through what to expect when you purchase, what features to look for, and most importantly, how integrated payment processing software can help your business.

What Is Payment Processing Software?

With cybercrime on the rise, savvy businesses need a safe way to process payments. Payment processing software serves as the secure gateway between your customer’s financial institution and your company’s accounts receivable with robust solutions accepting ACH, credit and debit card transactions.

Payment processing software works like this: when your customers pay for an invoice online, they enter their payment information into the secure system portal which then connects to both you and your customer’s financial institutions to complete the transaction. If the transaction goes through, it gets reconciled with your accounts receivable. If you have an integrated ERP system, it should connect your payments software with your receivables so that the payment gets processed immediately to the correct invoice or sales order.

Most payment processors charge a fee for each transaction, which is why many small- to mid-sized businesses (SMEs) are reluctant to adopt payment processing software. However, receiving paper checks is slow being dependent on the mail system and require manual data entry when finally received. Moreover, check fraud is rampant in the United States—over 74% of all payment fraud is through checks. If you receive a fraudulent payment, you’re still on the hook for the money until the bank investigates the matter. Something to consider is how much would fraudulent payments truly cost your business?

Payment from your invoices is available immediately with payment processing software. Sure, there are transaction processing fees, but instant access to your money is invaluable, and most fees are still less expensive than any savings your company accrues using paper-based methods. Automating your payment process means your business can focus on growing revenue, not on administrative tasks.

Key Benefits of Payment Processing Software

  • With digital invoices and digital payments, you get paid faster. Your customers can use a credit card, debit card or ACH, and once the funds clear, the payment adds into your system automatically.

  • You create a seamless experience for customers with a personalized, secure payment portal. All credit card data is encrypted, tokenized and stored within the platform, so there is no need to re-enter credit card data unless they use a new card.

  • Easy, intuitive workflows allow you to send digital invoices and payment requests via email.

  • Payments reconcile in real time with accounts receivable (A/R) in your ERP. This gives you accurate, real-time financial reports—which is a must in any industry.

  • You can pre-authorize a card before fulfilling an order or completing a transaction, which eliminates the risk of non-payment.

  • You can accept payments from any bank, anywhere in the world, at any time of day. With an integrated platform, it still gets reconciled to your A/R so payments will still process after your team is gone for the day.

  • Most of your customers want to pay through digital methods. Payment processing software gives them the convenience and security they want when making online payments.

Payment Processing Software Features You Need

  • Encryption: Fraud and hacking are very real possibilities. Make sure that any system you choose uses encryption and tokenization to protect all transaction data.

  • Processing fees: Many payment processors function by adding a small fee to each transaction. While this tends to be standard, look for a transparent pricing structure.

  • ERP integration: Built-in integration with your ERP is important because third-party integrations are expensive to install, often have shoddy support and don’t always play well with your ERP system.

  • User interface and usability: Offer a clean, intuitive user interface and make it user-friendly, so all users can easily make payments.

  • Fully SaaS-enabled: With so much of today’s workforce working from home, the ability to log on from anywhere is crucial. Look for a cloud-based platform.

  • Multiple log-in options: Your customers should be able to log-in from anywhere, and you shouldn’t force registration—instead, give customers the option to log-in as a guest.

Why Use Aptean Pay?

  • Convenience: Aptean Pay is fully integrated with your ERP and instantly reconciled into your A/R. Backed with the power of Microsoft Dynamics, we’ll do all the heavy lifting when it comes to implementing the software. Once it’s running, we’ll manage it throughout the life of the product. Our service team is available 24-hours a day, so if anything goes wrong, we’ll have someone on call to assist you and rectify the matter.

  • Transparency: Aptean has no hidden fees and no long-term commitments. Aptean offers their payment platform for free as a value-added service with the ERP, but you can also purchase as a stand-alone. There are no additional fees for token storage, bank account transfers, statement fees or merchant portal access.

  • Customizable and Scalable: Aptean’s payment processing app provides recurring billing features and lets you create custom schedules of recurring payments for repeat customers. The recurring billing feature is a key factor in selecting payment processing apps because it helps your business streamline the billing process and you won’t have to manually bill each customer every single time. You can set up digital payment requests on any schedule you choose. The solution will grow with you, so growing small businesses can use the same solution as they expand. There are no minimum volumes - you’ll pay the same fees, year after year. You’ll never need to change payment processors as your needs increase. Aptean offers three tiered choices for flexibility and adaptable integrated solutions that fit your company’s needs, now and in the future.

The best part about Aptean Pay is that we have dedicated IT professionals that are experts in the payments space. We’ll be there when you need us, on any channel.

Do you need a faster order-to-cash cycle? Are you struggling with hidden fees from your current payment processing software? Or, maybe you have a digital payment platform, but you still have to enter transactions manually into your ERP because your solution isn’t integrated. Whatever your needs, Aptean Pay can help.

Are you ready to learn more about how an integrated payment solution will help you grow? Try our online ROI calculator or contact us to find out how, now.

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