What are integrated payments?
More than just credit card processing, integrated payments work to streamline your internal operations by communicating directly with other software critical to your business. Automating your cash flow, integrated payments eliminates the need for an employee to monitor, track, and report on the collection of all payments manually.
The result? You get paid faster, your software work together, and you have more time to spend focused on growing your firm.
How do integrated payments work for professional services firms?
The goal of integrating payments is to make life easier by consolidating how you invoice and receive payment to one platform. Instead of switching between your invoicing and payments software, integrated payments simplifies the experience enabling you to send and accept secure credit card or ACH payments in one place.
For firms who use professional services automation software (PSA) to invoice, there’s an added bonus. The collected payments are automatically fed to your accounting software, and the data collected is turned into real-time insights on account receivables.
How do integrated payments help your firm?
Personalized Payment Experience
Integrating payments creates a more polished and cohesive billing experience for your clients. Match the professionalism of your firm all the way through payment with custom-branded invoices and payment portal to stand out from your competitors that are still using generic invoices.
Get Paid Quicker
The best part of integrating payments is it's a time saver for both you and your clients. You get to stop waiting for checks to arrive, and your client gains the flexibility of being able to pay invoices online anytime and from any device with their preferred payment method. Simplifying this experience also saves you time on the backend by removing any margin for error. After the payment has been made, the information passes directly to your invoicing software and then your accounting software. No more redundant data entries, calculation mistakes, or misplaced payments.
Insight into Important Metrics
Having a constant pulse on your firm’s cash flow is vital to operating at full efficiency. By having all systems connected in real-time you’ll gain instant visibility into key metrics regarding your business’ finances including accounts receivable, revenue, and trends to make accurate projections for the future.
Easy Tax Preparation
If your invoicing solution connects to your accounting software, there are even further time-saving benefits. All invoices and transactions that were sent and received by your firm can sync directly to your accounting/tax preparation software automating the transfer of data. Yet another instance where manual entry and tracking of data is no longer needed.
Users of BigTime’s integrated payment solution, BigTime Wallet, also see the benefit of better processing rates. If you're ready to start saving your firm time and money with an integrated payment solution, the good news is BigTime Wallet will be released for everyone to use very soon!
Be apart of the launch and the first to know more details by joining our waitlist.
About the Author
Senior Manager, Content MarketingSee more by Trilby Lawless