If you’re using Sage Intacct as your accounting software, you need to take advantage of the wealth of available add-ons.
There are a number of modules and applications you can add to your Sage Intacct system to boost your productivity and enable certain features and functionalities. For example, you can install an inventory management module or connect Sage Intacct with your CRM.
The flexible nature of these modules and add-ons means you can customize your Sage Intacct system with the tools your business needs to thrive. And because these modules are designed to work with Sage, there’s no development needed. Installing a module is usually a quick and simple process, and once installed, the module will work natively with Sage Intacct, so there’s no disruption to your workflow. In fact, you’ll likely experience greater convenience and efficiency.
If your business wants to accept credit card payments from your customers and automate your AR, you can use an integrated payment application for Sage Intacct. Using an integrated payment application will not only enable payment acceptance directly in Sage Intacct, but improve your accounting workflow and efficiency, boost your cash flow, increase your data security, and lower your overall credit card processing costs.
1. Credit card payment acceptance in Sage Intacct
The most basic functionality that an integrated payment application will give you is the ability to accept credit card payments directly in Sage Intacct. Accepting credit card payments offers your business a number of benefits, including increased legitimacy and a higher volume of sales.
These days, customers expect to be able to pay with their credit cards. If your business can’t support that expectation, customers may walk away feeling that your business is behind the times, which could color their overall opinion of the company. Giving your customers the option to pay via credit card will establish your business as modern and competitive.
But failing to accept credit card payments won’t affect just your reputation. It’ll hurt your sales numbers, too. If you can’t accept credit card payments, then you’re missing out on sales. You’re losing the business of customers who would like to pay but aren’t carrying cash or would prefer to use a card. Adding the convenience of credit card payments will increase your sales volume and ultimately your bottom line.
2. Improve your accounting workflow and efficiency
Typically, the payment acceptance process is clunky. Merchants often have multiple systems or programs in place to accept credit card payments from their customers. For example, a merchant may have a virtual terminal on their desktop computer where they run credit cards. At the end of the day, the merchant is responsible for transferring that day’s sales into Sage Intacct and ensuring that all data is reconciled between the two systems. This manual process is tedious and prone to errors.
An integrated payment application removes the need for separate programs or systems and eliminates unnecessary steps. When you need to run a credit card, you simply use the native module in Sage Intacct. Once the payment is complete, the module automatically marks the invoice as paid and updates the AR and GL. No more nightly reconciliation or switching between different programs.
An integrated payment module for Sage Intacct automates tedious busy work, reduces the chance of errors, and increases your team’s efficiency.
3. Healthier cash flow
In addition to improving your payment acceptance process, an integrated payment application for Sage Intacct can automate your invoicing and collections process and increase your cash flow.
A traditional invoicing system involves reaching out to customers directly, sending them a copy of the invoice, and waiting for them to pay. Generally, this process is beset by a number of issues, from time-consuming outreach and follow-up to dealing with late or missing payments. Oftentimes, the customers have to go through several inconvenient steps in order to even make the payment.
An integrated payment application automates this process. When you create an invoice in Sage Intacct, the payment module automatically sends an email to the customer containing the invoice. You don’t have to reach out to the customer yourself, and you don’t even have to compose the message. It’s already formatted in a pre-made template.
Once the customer receives the invoice in their inbox, it’s a simple process to fill out a form online and make the payment. The payment then automatically syncs back to Sage Intacct, so there’s no double data entry.
This kind of automation increases your cash flow by making it easier for your customers to pay. When they have convenient payment options, they’re more likely to pay right away. And because everything is automated, you get cash in your bank account without any extra time or work.
4. Increased data security
Despite the fact that credit card fraud is rampant, many merchants don’t have the necessary security features in place to keep their customers’ data safe. A Sage Intacct payment integration module can provide the security and peace of mind you need to confidently accept credit card payments
One of the most basic ways to protect data is through encryption and tokenization. Encryption protects data as it travels between systems, while tokenization protects data while it’s stored. Choose a Sage Intacct payment integration that automatically encrypts and tokenizes customer credit card data.
Some payment integrations come with fraud prevention settings that flag suspicious transactions. For example, you can choose to block duplicate transactions or transactions that come from out of the country. These fraud prevention settings act like a second pair of eyes to catch fraud before it happens.
Finally, it’s vital that your Sage Intacct payment integration module is PCI compliant. PCI compliant applications adhere to the PCI DSS, a set of strict security standards that regulate the credit card processing industry.
Using an integrated payment module for Sage Intacct credit card processing will increase your overall payment security, lower your company’s risk of liability, and provide robust security solutions for protecting your customers’ data.
5. Lower credit card processing costs
When your business accepts a credit card payment, you have to pay a fee. There are several different factors that go into determining this fee, most of which are out of your control. However, one way to lower the cost of accepting credit card payments is to use an integrated payment application.
When you run a card, the integrated payment application will automatically include line-item details at the point of sale on every transaction. These details lower the overall risk of the transaction, because the additional information reduces the chance that it’s fraudulent. And because the perceived risk is lower, your overall fee is lower. Over time, these lower fees add up, and you’ll notice the difference in your monthly credit card processing statement.
Sage Intacct users have a wealth of options available to customize their software and support the unique needs of their business. By adding integrated modules to their system, merchants can experience better operations and greater efficiency.
Choosing to use an integrated payment application for Sage Intacct will allow merchants to seamlessly accept credit card payments directly in Intacct, automate their AR and increase efficiency, improve cash flow, bolster data security, and lower overall payment processing costs. If you’re interested in experiencing these five benefits for your business, learn more about EBizCharge.