Payment processing is a critical component of any business. Making financial transactions with clients and vendors more efficient, secure, and cost-effective can increase profitability for Australian businesses.
Although Dynamics Business Central 365 boasts tools from sales and services to finance and operations, payment processing is yet to co-exist. Payment processing integration with Business Central would make accounts receivable (AR) easier to manage. Business Central automatically records incoming payments in the cash receipts journal when the payment gateway integrates with Business Central.
In this blog, we will dig deeper into the challenges of payment processing and the pros of incorporating payment processing in Microsoft dynamics 365. We will also discuss Versapay integrated payment processing in Business Central.
The Challenges faced by companies
- Time-consuming
AR teams most likely use multiple third-party processors to process a single transaction without an integrated payments system.
Manual payment processing in Business Central generates significant levels of manual work for accounting and finance teams.
- High Probability of Errors
Manual update of payment data in the financial management system affects its accuracy. The customer payment data and contacts stored in spreadsheets are often outdated due to a lack of real-time tracking features.
Inaccuracies in accounting tend to be caused most often by manual data entry. According to a survey conducted by PYMNTS and American Express, 45% of businesses report frequent errors in their manual AR processes. - Big-Budget
Organizations pay higher payment processing fees when done manually. For instance, managing payment processing manually demands multiple people. As a result, employees struggle to focus on other significant tasks. Thus, restricting companies from saving money through interchange optimization.
To tackle these challenges, Australian companies seeking a better solution for their financial management system can integrate payment processing gateways with Business Central.
The pros of incorporating payment processing in Microsoft dynamics 365
- Eliminate Manual AR Processes
Business Central 365 with integrated payment processing can be used to seamlessly process payments across e-commerce, POS, and accounts receivable channels.Solutions like Versapay can enable seamless payments across these channels in business central. - Decrease in Processing charge
The Versapay interchange optimization program benefits companies when Versapay is used to process bills. Using Level 2 and 3 data processing can reduce fee processing expenses by as much as 40%. By automating payment processing, companies will also save on labor costs.
As a result of focusing on more goal-oriented initiatives instead of monitoring documents from multiple processors, company employees can reach company goals. - Anti-Payment Fraud
A company can significantly reduce the time frame and money it usually needs to spend handling sensitive payment information using a single payment processing system. In this way, they can protect themselves from payment fraud since there are fewer channels through which fraudsters can potentially access sensitive information.
The Benefits of Using Integrated Payments for Your Business
Payment processing with Versapay’s integrated payment solution for Microsoft Dynamics 365 Business Central helps accelerate cash flow.
Versapay Business Central 365 integrated payment gateway aids organizations in securely processing their payments. In addition, optional checkout features that limit fraudulent chargebacks can reduce fraud risk. All payment data are tokenized and encoded, ensuring the security of the companies and their customers.
To get in touch with our Bizmaxus team,email us at info@bizmaxus.com or call us on 0420247594.
