Integrated payments are the result of connecting payments to your existing business software. This can range from your accounting software, bank account, and payment provider to your policy admin system, CRM and ERP. The more systems are integrated, the more powerful the effect. Additionally, an integration should range over multiple horizontal steps from point of sales to reporting. Put simply, an integrated payment system lets you see how each sale affects your expected cash position, customer relationship and credit exposure in real-time, all from one solution.

There are three main benefits of an integrated payments system:

• First, the manual effort to manage accounts and finances drops significantly. This is driven by a lower error rate, faster invoice processing and automated data transfers.

• Second, bad debt can be managed remarkably more straightforward. A comprehensive overview allows complex decisions to be taken confidentially.

• Third, with integrated payment systems, data analytics becomes far more powerful. Predictive analytics have transformed how businesses operate, and structured payment data is a crucial ingredient therein.

• I’d like to add one additional point, which is becoming increasingly important. Integrating payments with your business suite helps to improve security and compliance.

A standardized workflow is one of the most critical items in successfully implementing integrated payments. Thereby it’s important to document transparently the rules for receiving and processing funds because they build the foundation of any further work. Furthermore, it might help to look for sector-specific solutions. While financial transactions are part of almost any sector, some specific rules and regulations apply only to your industry. Picking a software provider who understands this environment can make the difference between enjoying the benefits of integrated payments and raising regulatory attention.