Since their Introduction in 1959, credit cards have been steadily growing as a primary method of payment. Today, 72% of Americans own at least one credit card, according to creditcards.com. This broad adoption of credit cards has greatly influenced the business world and provides several key benefits. For businesses, accepting credit cards payments allows for instant settlements, a reduction of bad debt, and improved operational performance.
Instant settlement of transactions is important for businesses of all sizes. This applies cash to your accounts receivable quickly, instead of waiting up to several months for payment from a specific customer. Additionally, instant settlement leads to a reduction of bad debt.
Bad debt is debt that cannot be recovered. For example, if you ship goods to your customer but never receive payment, the amount you are owed would eventually be written off as bad debt. Integrating a credit card gateway into your ERP will immediately reduce bad debt. Your team can be instantly notified about failed payments rather than reconciling at some later date.
Manual reconciliation should never be part of a normal business process. Automation should enable business process to eliminate the need for reconciliation. To improve operational performance, you can eliminate reconciliation by enabling your customers to purchase via credit cards. This leads to reduced costs and streamlined operations.
Finally, one added benefit of allowing customers to pay via credit card is that they are able to purchase more products through a line of credit. This can be beneficial to all parties involved.
Doppio Group has a proven credit card payment solution for Infor M3. We are currently working with a number of customers providing credit card integration services in areas including customer orders, warehouse pickups, and e-commerce. An integrated credit card solution will benefit your company. Get in touch with us to learn more about our solution and request a free demo firstname.lastname@example.org.
1 Ray, Daniel and Yasmin Ghahremani, “Credit Card Statistics, Industry Facts, Debt Statistics” http://www.creditcards.com/credit-card-news/credit-card-industry-facts-personal-debt-statistics-1276.php.
Doppio Group is the leading Infor M3 integration provider for manufacturing, distribution and retail organizations around the world. Doppio Group’s global team of experts is transforming the way our customers operate. From identifying small integration opportunities to long-term engagements, Doppio Group’s serves as an extension of your IT practice, enabling you to scale.