Effortless Operations: Integrate B2B Credit Card Payments With Accounting Software

Technology serves as a catalyst for businesses, enhancing efficiency, cutting costs, and elevating customer service. However, it can also introduce hurdles and complications when systems fail to integrate seamlessly.

Consider your credit card processing system. If it doesn’t work smoothly with your accounting software, you may need to invest staff time in creating workarounds and run the risk of introducing errors into your processes.

That’s why it's essential to choose a credit card processing solution that allows you to close batch transactions within your financial system. This ensures a streamlined and automatic application of payments, making the process more efficient and hassle-free. Payment integration can revolutionize your accounts receivable processes. 

Unfortunately, that’s not something you should take for granted when selecting a vendor or switching to a new system.

Integrating Credit Card Payments and Your Accounting System

Integrating credit card processing software with your accounting system can be complex and may give rise to several issues. These may include:

  • Cost 

Cost is always a foundational consideration for any business move, and selecting a credit card payment system is no exception. You’ll want to make sure you’re considering all the costs associated with your choice—including the cost of integrating the system with your accounting system.

  • Compatibility

Not all systems will talk to each other seamlessly. It’s vital to ensure that any new software you’re considering will be compatible.

  • Data Migration 

Moving data from old to new systems or one system to another can be time-consuming, complex, and prone to potential data loss.

  • Security

You’ll want to ensure your data is secure as it moves from one system to another and that any software or software services you select meet your security and any regulatory requirements you may have as well as PCI compliance.

  • Training

Any new system or process requires training and education for staff to ensure they understand the new tasks and procedures they need to follow and feel comfortable and optimistic about changes. Engaging employees early in the process helps minimize their concerns and ensures they become positive partners in the transition. An added benefit: their knowledge of your existing accounting system and customers is a big plus as you’re considering software.

Remember R-A-T-E-R

Here are some additional considerations about how any credit card processing solution will integrate with your existing accounting system. We recommend you remember the acronym R-A-T-E-R to select a solution that will perform well with your current systems.

  • R is for Reconciliation

When your credit card processing system integrates effectively with your accounting system, you’ll simplify reconciling your credit card and bank statements. That not only helps to spot errors or discrepancies, but it also saves time.

  • A is for Accuracy

Anytime you need to enter data more than once, you raise the potential for error. If your systems work seamlessly together, those opportunities for error are minimized or eliminated. Smooth integration ensures that your credit card transactions will be accounted for and recorded accurately.

  • T is for Timeliness

Timely transactions drive the success of your business. When credit card payments are integrated seamlessly with your accounting system, you’ll enjoy the benefits of recording those transactions in real-time and having the up-to-date information you need to manage operations effectively.

  • E is for Efficiency

Time is money. The more efficient your processes, the more money flows directly to the bottom line. Integrating credit card payments with your accounting system helps streamline the payment process, reducing the time and effort that would otherwise be required to enter data into your accounting system manually. A bonus: you also minimize the opportunity for error. Employee training, of course, will also have an impact on efficiency.

  • R is for Reporting

Data drives better business decisions. Integrating your credit card processing and accounting system can give you essential insights into sales and customer trends that can help you maximize your product development and marketing efforts and better manage your expenses.

Successfully integrating your credit card processing system with your accounting system offers significant benefits for reconciliation, accuracy, timeliness, efficiency, and reporting. Think RATER when you move to automated credit card processing or shift to a new vendor partner. 

In an era where credit card payments, and especially digital payments, are on the rise among B2B customers, it only makes sense to choose wisely to ensure you—and your customers—are getting what you pay for.

Credit Card Payment Solution Advice for B2Bs

As daunting as integrating your payments solution with accounting software can be, you likely also have concerns about selecting a robust payments vendor that can scale with your business. We answer many questions about these challenges in our new guide, Conquering Change Anxiety: Migrating From QuickBooks Payments To New B2B Payment Solutions. Use our guide to learn about the limitations growing businesses encounter with QuickBooks Payments and what the best features are to look for in a credit card processing solution.

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