Don't overlook the benefits of payment integration
October 18, 2013

Small and medium-sized retailers shouldn't underestimate the advantages of integrated payment systems and other tools that enhance back office procedures. Peter Witham, director and retail lead for UNIT4 Business Software, an information technology company, wrote in Retail Info Systems News about how financial technology is rarely the priority among companies that are more concerned with delivering a high-quality customer experience.

While the ability to fully engage and satisfy customers at the point of sale has a significant impact on long-term revenue growth, payment integration also plays an important role in increasing the efficiency of essential business tasks. In fact, changes in consumer purchasing behaviors have encouraged many retail organizations to incorporate additional transaction channels into their existing operations. For example, the latest American Express "Spending and Saving Tracker," a regular report measuring habits among U.S. shoppers, said online payments will play a major role throughout this year's holiday season. The report even predicted so-called Cyber Monday, a day e-commerce retailers utilize during the week after Thanksgiving to offer attractive deals and discounts, will likely outperform Black Friday in generating revenue.

"Retailers of all sizes have one thing in common: the need to manage change," Witham wrote. "From fluctuations in market demand to response to a competitor's actions, the retailer's financial system serves as the backbone for capturing and analyzing the data of the business."

Integrated payment systems play an important role in allowing store owners to easily organize and track transaction information on a daily basis. As businesses accept credit card payments from a wider variety of platforms, managers can benefit from automated tools that reduce overhead costs. Instead of relying on complicated manual labor to sort through an abundance of financial data, businesses can utilize electronic systems to better accommodate expected increases in revenue throughout the holiday shopping season and beyond.

Nexus: G-WEBCD3