You have a business bank account already. So, why on earth would you need a payment solution too?
That’s the question so many business owners ask when they start looking into the options to accept payments for their business. And, the puzzle is complex, but easy to understand once you uncover the differences between a bank and a payment services provider.
Your business bank account allows you to run your business cash flow day by day. You can “bank” cash, cheques (well, for now anyway), and customers can pay you into your bank account by direct deposit if you give them your bank account details. And of course you have the standard bank offerings of loans, credit cards and money exchange, but that’s really about all a standard business bank account when it comes to payments.
If you’re looking for a more sophisticated solution that allows you to accept payments online or in a recurring direct debit model, you need a payment processor to give you that ability.
A Payment Processor
A payment processor facilitates the transfer of funds between bank accounts and/ or credit cards, ensuring that the money is deposited in the correct place. The payment processor handles security, encryption, communication between the banks and credit card schemes, and data transfer; making its functionality vital in the business payment process.
Some banks offer payment solutions, but in most circumstances, businesses find they need a specialist payment processor to handle this side of a transaction.
Payment Processors come in many forms – you have the payment gateway types that focus mainly on online retail and ecommerce transactions, those focused in specific verticals or industries, those that use digital wallets such as Paypal, and those that focus on recurring payments (such as IntegraPay).
So, why do I need one?
The simple answer is that if you want a streamlined solution to accepting payments, you’ll need a payment processor, and more specifically one that specialises in your workflow model. Almost all service businesses such as solicitors, accountants and marketing agencies, plus any business on a membership model such as childcare centres, aged care or fitness needs recurring payments that easily allow you to automate the billing and collection of payments from your clients – a solution that is easy, set and forget and incredibly secure. If you fall into that category, the recurring payment solutions from IntegraPay would be perfect for you.
IntegraPay’s payment technology will allow you to collect payments from your clients on whatever schedule you need, or on a real time basis, and automate the reconciliation of those transactions into your accounting or business software as well as deposit the payments into your bank account. Without this solution, you’d be manually taking payments from clients, needing to remember when payments are due, and your administration time would be sky high.
In the State of Pay report that IntegraPay ran in 2017, it was found that adding the solution to a business can save on average $15,000 per year in administration time. And, the time you save by being more efficient means you can dedicate yourself to strategic work such as marketing, sales or other growth opportunities. Not to mention the amount of angst saved with clients chasing up their payments.
Want to know more? The IntegraPay payments team would love to understand your business and help you to find a solution to your business payments. Please contact us here.