In case you operate an eCommerce store, you should not underestimate the importance of a payment gateway. It allows you to automatically feed the transaction data from digital payments and debit and credit cards into your accounting system after customers complete a purchase. This takes away the hassle of manually feeding the data, thereby saving you a lot of time, doing away with human error, and reducing your labor costs. Even as a small business owner, you should opt for payment gateway integration, as you will enjoy several benefits.
Here are some of the advantages that your business will enjoy when you integrate a payment gateway:
In business, time is money and when you integrate the gateway with your eCommerce store, you no longer have to enter the transaction details manually into your accounting software, thereby saving you a lot of time that you can utilize to grow and expand your business. The batch information, which otherwise you would have to create manually, occurs automatically and you do not have to pour over Excel sheets to figure it out.
Does Away with Human Error
The moment a person has to do entries related to payment transactions, the chances are high that an error will occur. Data can be entered incorrectly or you may have to contend with duplicate data. This means spending a lot of time trying to rectify the mistakes, resulting in dissatisfied customers. With payment gateway integration, the data flows smoothly from when the transaction occurs to the general ledger, eliminating any chance of mistakes and errors.
Boosts Cash Flow
A business can thrive only if it has a continuous and seamless cash flow. This is true even for online businesses. If you do not have sufficient cash to pay employees, vendors, and operating costs, your business will shut down. When the payment gateway is integrated on your webstore, you receive the cash the moment a customer finalizes the purchase. So, there is a constant flow of money and you do not have to wait for the payment. At the end of the working day, you will know exactly how much money you have made, allowing you to better manage your expenses. When this happens, you make smart business decisions.
Reduces Labor Costs
When the transaction details directly enter the general ledger, you don’t need a dedicated accounts professional to enter the details. You also don’t have to worry about training an employee to enter the details and reconcile the accounts at the end of each month. This helps you save money and makes the entire accounting process simple and hassle-free.
The modern-day consumer wants instant gratification, and if they cannot get what they want from your eCommerce store because you do not have a payment gateway, they will buy it from your competition. It is essential that you offer your customers different ways to pay for their purchases, and accepting payments through credit and debit cards, e-wallets, PayPal and even gift cards has become the norm. Previously, online stores had to wait for the batch report from the transaction provider before they could confirm that they have received the payment. This used to lengthen the purchase cycle. This is no longer the case as it is now possible to integrate the payment gateway with most eCommerce websites.
With the help of payment gateway integration, you enjoy real-time access to transaction details, ensure customers do not have to wait to get confirmation about the transaction, and there is no delay in dispatching orders. In the end, you have happy customers and a thriving online business. What more could you ask for?