Credit cards are a big part of our daily lives. From consumers to companies, people expect ease and convenience when making digital transactions. This demand means that the speed of credit processing is crucial to your enterprise.
Deloitte notes that 30% of businesses with revenue of $50 million to $1 billion struggle with payment delays that result from slow payment methods.
Whether you’re in the supply chain, building materials, or food service spaces, you need a robust payment integration solution that improves your credit card acceptance, not hurt it.
In this article, you’ll learn how Infor M3 credit cards integration can help you offer a more convenient payment process that improves your customer experience.
The Need for Robust Payment Solutions
From neobanks to the Internet-of-Things (IoT), human interactions rely even more on digital interfaces. The IMF says that 65% of the world’s GDP will be digitized in 2022. As a result, we can expect buying and selling of products to rely more on digital payment processing solutions—with credit cards as the primary method.
However, accepting payments from clients becomes more challenging as your customer base grows. You’ll need to prepare for new compliance requirements, changes to technology, and different market factors within global jurisdictions.
In the past, payment processors did not always provide all-in-one solutions that helped businesses manage their global online payments. As a result, new tech companies have filled those gaps with solutions that cater to the demands of ever-evolving markets.
Headless ecommerce exemplifies this shift towards a more flexible, platform-agnostic selling environment. It removes the bottlenecks or complications between frontend sales and backend management of an ecommerce website, such as the coding and infrastructure related to the site. Direct-to-consumer manufacturers can use headless commerce to deliver a more seamless, customizable user experience where it’s easy to purchase products.
With its upcoming Initial Public Offering valued at $95 billion, Stripe is an excellent example of a company that took advantage of the technical gap between consumers payments and acceptance gateways. The digital payment method company’s ability to harmonize ecommerce and credit card solutions shows how the market has shifted towards a simple yet complete digital payments infrastructure. While Stripe initially set out as a DTC operation, the Silicon Valley unicorn is now in use at many B2B enterprises worldwide. With an Infor M3 credit cards integration, you can use Stripe to simplify credit card payments from customers and suppliers.
Infor M3 credit card integrations vs. standard solutions
Credit card integrations are necessary now. But in the age of SaaS, with so many vendors, apps, and third-party plug-ins to consider, it can be tough to make the right choice. What payment applications should you integrate into your company?
Standard ecommerce credit card plug-ins offer some useful applications, but they also force you to fit your business payment processing into preconfigured gateways. Another drawback for large-scale enterprises is that your payment solutions might require extra security and additional features that standard options cannot provide. Regular payment services often need workarounds since they’re incompatible with high-quality tech stacks.
On the contrary, Infor M3 credit card Integration offers you robust integration capabilities security, and you get the best of both worlds—preconfigured and custom solutions that fit your business needs.
For example, Infor M3 enables you to use preconfigured solutions like PxFusion and PayFlow Pro. Alternatively, you can configure a custom solution with a formula-based provider. Infor M3 even makes it possible to process payments with generic web forms.
What Benefits Does Infor Integrated Payments Solutions Provide?
In our experience of setting up and testing Infor M3 credit card integrations in enterprises, we have identified several key features that provide a crucial competitive advantage to business owners:
Pre-authorizing credit cards reduce transaction costs
If you pre-authorize credit cards, you eliminate the need for certain tasks. Integrated credit cards use automation to self-update payments to the general ledger. And so, with general ledger automation in place, you won’t need employees to re-enter data into your accounting software or oversee accounts receivable. This helps you save costs and time.
Faster processing through data collection
With Infor integrated payments, you can collect your customers’ credit card information in your system for future orders. With automation, it’s easy for returning customers to view and reuse inputted data, saving time and reducing human errors.
Furthermore, all transactions are automatically batched into your enterprise resource planning (ERP) system and accounting software, so you no longer have to enter any transaction details manually.
Handle multiple currencies
Enterprises serving international markets will need to accommodate the needs of their customers. In addition to fast global shipping, customers and vendors may need you to work with them in their local currency. Infor integrated payment solutions accelerate currency conversions, helping you process quotes, invoices, and credit card payments across a vast array of currency pairs.
Strengthen your security posture with easier debugging
You can debug failed transactions with Doppio integrated payment solutions. Plus, the system tokenizes all credit card details to secure the card’s sensitive data when tracing for errors. Tokenization allows for tokens to be stored in databases instead of the credit card number, thus making for a PCI-compliant solution.
A token is a unique set of characters that replaces a customer’s card information during a transaction. The token itself is saved rather than the actual credit card details, and only the issuing bank can decrypt the token during the authorization process. As a result, you can offer far better security and data protection, a crucial element to smooth credit card processing—and earn the trust of your customers.
How Infor Integrated Payment Solutions Help In Direct-To-Consumer Manufacturing
In 2022, manufacturing companies have a lot to gain—if they can get their user experience right. The boom in ecommerce empowers manufacturing companies to sell their products directly to consumers. However, in a competitive market, you must deliver a memorable online shopping experience to keep people coming back.
57% of B2B payment collections experience a delay. One of the growing trends we’re seeing is that a lot of DTC brands are looking beyond their domestic markets to ship globally. Waiting around is to be expected with large global shipments, but it’s not something the average consumer will entertain.
People expect fast sites and prompt delivery. If you’re going to pursue direct-to-consumer manufacturing, you must have the infrastructure to meet customer expectations.
A robust, feature-rich API and a well-configured system will help you avoid any hitches. Central to that is an Infor M3 credit card integration that can accelerate the procure-to-pay process and simplify every part of the payment cycle.
This integration offers an easy way for large clients in the manufacturing industry to make payments and provides a high level of security for large transactions. Best of all, you can automate all levels of your payment processing infrastructure to save your resources and maximize your return on investment (ROI).
This automation may also encourage more consumers to pay for subscriptions—another growing trend in the DTC market that manufacturers can take advantage of when they improve their integrations and payment process.
How Doppio Enables Seamless CC integration for B2C payments
Implementing credit card integrations into your business can be a tricky affair that consumes a lot of your time and resources, not to mention giving you a headache as you navigate the complex industry regulations. Having an expert partner can streamline the entire process.
For example, when you partner with Doppio Group, you’ll have an experienced Infor consultant to walk you through the steps of setting up your credit card integration in adherence with the latest PCI-DSS rules.
Another factor to consider is how your payments will fit into your current infrastructure. Doppio can help you adapt your existing ERP set up to work seamlessly alongside your new credit card payment processing system. We have extensive expertise connecting Infor M3 with various payment solutions, including third-party options.
Also, our experts can create the digital infrastructure you need for a credit card integration, enabling critical features like the following:
- Merchant accounts are electronic wallets that process and hold card-based sales and electronic payments. Merchant accounts collect different transactions until the money clears for transfer to a company bank account.
- Payment gateways are the services ecommerce merchants use to accept debit or credit card purchases from customers. The gateways send data from the entry point to the payment processor.
- Payment authorization is the process of verifying the amount to be paid via a payment method. Authorization entails communicating with the payment system and locking the required amount on the credit card.
Instead of suspending business-critical operations to integrate ecommerce credit infrastructure, we can build out your tech stacks for you with minimal disruption to your business.
We are shifting to a cashless society. In business, it’s fast becoming cardless, as APIs, automation, and data collection combine to make payment processing easier and faster for consumers. If you’re operating DTC or B2B, the need for robust, reliable credit card integrations is no longer an option.
Smooth credit card payment processing is crucial now, even for enterprise manufacturing and supply chain businesses, as people demand simple and secure ways to purchase.
With an Infor M3 credit cards integration, your business can connect your existing technology stack with popular payment methods, making it easy for your customers to pay with credit cards.
Installing Infor M3 and setting up a credit card payments infrastructure can cost a lot of time and money—especially if you don’t know how to do it right. If you partner with an Infor expert, you can streamline the system and increase your profits along the way.
Ready to add Infor M3 credit cards integration to your business? Get in touch with Doppio Group through this contact form to get the guidance you need.