When you hear the term ‘payments modernization,’ you are also most likely hearing the term ‘integrated payments.’ So what does integrated payments mean? Integrated payments refer to a concept. Rather than payments processing being an isolated product, it is integrated into a business software package, such as an ERP solution or accounting package. The end result is a product where vital systems work together rather than a company having to stitch together several products from different vendors to fulfill an end-to-end business process.
It’s a win-win for the business and the solution providers. Simplifying the workflows and speeding up the payment process make the overall cost of ownership for the business lower and their lives simpler. Integrated payments systems can bring many advantages to businesses. Instead of having to manually enter and reconcile transaction data, an integrated ledger will show real-time transaction history. Cash flow is also accelerated as integrated credit card processing means payments are automatically posted. Marketing and customer service are more informed—integrated payments provide more visibility for opportunities. With better reporting, getting the information required to do taxes is much simpler. Also, the end consumer experience is improved overall. They will have a more unified and cohesive payments experience and will interact with customer service reps who are better able to serve them.
As an example, Sphere announced that they were launching a new iteration of their Health iPASS platform, which integrates patient intake and engagement software with their payment acceptance functionality and security. The combined system has an array of services, allowing patients to check-in, make payments, edit their insurance, etc. By integrating all of the systems, hospitals can accelerate payments and provide better service.
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