Six benefits of integrated payment processing

By Marketing

26 August 2020 5 min read

 

See the benefits of integrated payment processing in your veterinary practice and eliminate time-consuming manual processes.

Integrated payment processing solutions allow you to combine your payment processing features with your practice management software. The integration cuts out the time-consuming, manual work normally associated with getting data from one system into another and making them match by automating these processes.

This allows for more efficient processes, fewer errors, and more time to focus on other – more important – tasks, like taking care of your patients. Here are some of the biggest benefits of integration:

Streamline operations

One of the biggest benefits of integrated payment processing systems is their ability to streamline basic practice processes, including taking payments from your clients and managing your accounts. As the systems are integrated, data is automatically passed between them, so your patient records and accounts are updated automatically and instantly with each transaction. 

Enjoy greater accuracy

As the data transfer is automatic, there’s less opportunity for someone to make a mistake – whether this is charging the wrong amount to a client, or attributing a payment to the wrong invoice. 

Save money

That’s right, integrated payment processing systems can actually save you money. As everything happens automatically this means there’s less need for staff involvement. Your team no longer has to spend hours tracking, reporting and reconciling payments, attributing them to the right account and manually resolving any discrepancies.

Better forecasting

Being on top of your incoming and outgoing expenditure is crucial in today’s competitive environment. When your systems aren’t integrated these figures are all housed in silos, and it can be hard to make sense of where your money is going – and why. By integrating them all you get better visibility into your finances and are able to make better decisions for future spending.

Be ready for tax time

With an integrated system, all of your reports are centralized, making end-of-year tax preparation a breeze. You will have easy access to records of every transaction coming in and going out of your practice, and be able to easily view and export these reports.

Improved security

Data security is top of every customer’s mind these days, so it’s important to ensure that the way you handle debit and credit card payments is secure. Integrated payment processing systems from Covetrus™ come PCI-certified and use tokenization to ensure a high standard of payment security, plus it’s up to the vendor to keep these certifications up to date. This way, you can rest assured that your customer’s payment data is kept safe and secure.