5 Benefits of an Integrated Payment Solution for SAP Business One
Due to the Global Pandemic of COVID-19 everyone’s idea of “normal” is starting to change, and more and more people are relying on digital shopping to get the things they need. This is forcing businesses to change the way the operate, and is causing them to trend towards simpler, more streamlined payment systems.
SAP Business One simplifies workflow and increases efficiency for more than 70,000 companies worldwide by bringing all their departments into a single system. It’s a flexible, powerful software that’s designed to adapt to each business and their unique needs.
One of the ways businesses can customize SAP B1 is by using an integrated payment application. Adding an integrated payment application will not only enable payment acceptance directly in SAP B1, but cut down on double data entry, increase efficiency, lower processing costs, improve cash flow, and create safer digital payment methods.
What is an integrated payment application?
An integrated payment application is a third-party module that plugs directly into SAP Business One. Because it’s built specifically for SAP B1, it seamlessly blends in with the software and provides added functionality.
With an integrated payment application for SAP B1, you’ll be able to accept credit card payments on sales orders, invoices, credit memos, incoming payments, and more. And once you process a payment, the payment application automatically posts the payment to the invoice and updates the AR and GL. This automation will streamline your payment process by eliminating the need to exit SAP B1, process a payment, and record the payment back in the software at the end of the day.
5 benefits of integrated payment applications
No more double data entry
With an integrated payment application for SAP B1, you won’t have to go back and forth between your payment software and your accounting software. SAP B1 payment applications keep all the action in one place. You simply run credit cards directly in SAP B1 and the application automatically applies payments to invoices, so you don’t have to enter payment data twice.
Fewer errors and increased efficiency
Merchants who manually process credit card payments are likely to make errors, such as entering incorrect credit card information or forgetting to mark an invoice as paid. To err is human, but you can cut down on these mistakes with an integrated payment application. Because you only enter the payment information once, there’s a lower chance of error, and less time spent fixing mistakes.
And because the entire process is automated, your accounting team will experience greater efficiency. They’ll spend less time on tedious, repetitive data entry and more time on essential projects.
Lower processing fees
Credit card processing fees are unavoidable, and over time, they can add up. But integrating your payments in SAP B1 can lower your processing fees with no extra work on your part.
SAP B1 payment applications help reduce processing costs by automatically including additional information with each transaction. Credit card payments that include more information, like the customer’s name and address and the product purchased, are less likely to be fraudulent and therefore qualify at a lower rate.
Better cash flow
In addition to improving your payment acceptance process, an integrated payment application for SAP B1 can automate your invoicing and collections process and increase your cash flow.
Instead of having to reach out to each individual customer, the payment application will automatically notify your customers when invoices are due. Customers can then pay through a convenient online form, and the payment automatically syncs back to SAP B1.
This 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 on time. And because everything is automated, you get cash in your bank account without any extra time or work.
Safer digital payments
The COVID-19 global pandemic is transforming nearly every aspect of business, and companies have had to quickly adapt to the new normal. One of the challenges businesses are facing is adopting digital and contactless payments to reduce transmission of the virus and deliver a safer buying experience to customers.
An SAP B1 integrated payment application helps merchants rise to this challenge by enabling omnichannel digital payment acceptance. From mobile payments to email invoices to a convenient customer payment portal, integrated payment applications assist both merchants and their customers by providing safe and convenient digital payment methods.
Businesses reduce errors, save time, lower their processing fees, increase their cash flow, and provide safe digital payment options when they accept payments through an SAP B1 integrated payment application.
In today’s climate, digital payments are more important than ever. As more and more consumers and merchants have shifted to digital payments due to the pandemic, they’ve discovered the many benefits that digital payments have to offer. In time, digital payments will be the standard for most transactions, and consumers will expect the convenience they bring. Merchants who make the switch to digital payments now will position their businesses as forward-thinking and innovative, and consumers will appreciate the move.
If you’re looking for an SAP B1 integrated payment application, we recommend EBizCharge by Century Business Solutions. EBizCharge is an SAP-certified payment integration with over 30,000 satisfied users. Contact us to learn more.