“Money makes the world go round” isn’t just a great line from Cabaret. It’s also an incisive comment on the fact that to succeed, you must take money into account — especially in business.
So when it comes to your Enterprise Resource Planning (ERP) system, you need more than just resource management tools. You also need a way for payments to flow smoothly in and out. In return, you’ll see your success grow with invoices paid on time, rising profits, increased customer satisfaction and more.
Here are 5 places you’ll see the impact.
1. You can accept and make payments within your business’s ERP platform.
The most obvious benefit? Built-in payment processing enables you to send and receive payments within your cloud ERP. Your payments will no longer be separate from your business management system, so every aspect of your business operations can be managed under one roof.
That’s beneficial for a number of reasons:
1. You’ll consolidate business costs into one major system for both payments and operations.
2. You’ll host all your data in one place, without having to double-enter (so you’ll reduce error or redundant effort).
3. It’ll be easier than ever to automatically reconcile your sales and payments with inventory level.
4. If you’re using a cloud ERP system, your provider can offer a fully digital payment platform like Stripe to accept a range of online payment types, such as mobile wallets.
5. The right payment platform also enables you to grow your business internationally.
All of these combine to lower your business costs overall and ensure that you’re running at peak efficiency.
2. Payment processing is automatically integrated with multiple ERP functions.
When payments are built right into your ERP platform, you can accept or make payments across a broad range of ERP modules at no extra cost. You don’t just get the benefit of payments for a traditionally customer-facing platform like a shop, but for all the systems you use that need payment processing.
For instance, you can integrate payments with your:
– and more
You don’t need to enable payments for each individual service, with additional integration costs at each step. It’s already set up for you.
The other side of this benefit is that your payment data can integrate with any associated systems — if you have a full cloud ERP suite, for instance, you can link your customer data from your CRM to make payment processing more smooth.
All of these integrations make for a more efficient business with full access to all the data you need across every arm of your operations.
3. You won’t have to chase payments or deal with low cash flow.
For growing businesses, low cash flow is a significant obstacle. When you’re forced to wait for payments — or spend 4 hours a week chasing overdue payments — your growth suffers.
With integrated payments, you will no longer have to wait for customers to make bank transfers. Customers can pay invoices directly in your platform, with reconciliation happening simultaneously. When you make paying invoices as easy as possible, invoices get paid quicker — simple as that.
Similarly, by enabling customers to pay online, you’ll gain better control of your cash flow because you’ll be able to see your account balance, payments and payouts history in your payment gateway.
4. It adds major value for your customers.
A cloud ERP payment system provides phenomenal value add for your customers. They’ll be able to pay you quickly and easily for product without ever leaving the platform you use.
That’s because cutting-edge cloud ERPs leverage a seamless, white-labeled payment gateway that functions as a native part of the ERP. For instance, DEAR now offers payment features in-house that are on par with major payment providers like Stripe.
This functionality is fully available for your customers automatically, making the checkout or invoice payment process as seamless as possible — customers don’t even need to leave the POS portal, for instance.
As a result, you’re likely to see quicker payments and higher customer satisfaction, because you’re providing a great customer experience.
5. You don’t need to lift a finger to manage it.
Best of all, when a payment system is built directly into your cloud ERP, you don’t need to do anything on your end. You’ll see all these benefits automatically, because it’s simply another high-value service enabled by the ERP platform.
The best cloud ERP payment system providers take care of all the back-end integrations and management. In fact, the right provider can ensure that the process is essentially invisible to you. Even things like your onboarding flows, merchant dashboard, payouts, reporting and communication are handled for you. For you, payment processing just works.
That also means that your provider is responsible for all interactions between you and your customers and will do the legwork to collect any information needed to verify accounts. You won’t have to be liable if you don’t have enough cash flow to handle chargebacks or customer disputes — your cloud ERP platform can take care of those frustrations.
With this level of support, you’ll be free to focus on running your businesses while enjoying the benefits of integrated payments.
Meet DEAR’s cutting-edge payment solution.
DEAR now offers all these benefits and more with a fully integrated cloud ERP payment system platform. It’s a powerful, user-friendly function that augments the capabilities of the cloud ERP software itself.
With DEAR Payments, reconciliation of invoices is seamless. As soon as an invoice is paid by a customer using a credit card, the payment amount is recorded against that invoice in DEAR, so bank reconciliation is a breeze.
You can also bill your customers in a single click and enable wholesale customers to pay online directly. Every finalized invoice comes with a “Pay Invoice” button, so each invoice functions as a checkout page.
Best of all, payments live in one central dashboard in DEAR. This gives you the ability to easily manage customer orders globally, see your cash flow in real-time and know the status of all orders across the globe.
As a result, you’ll be able to lower your costs by reducing reconciliation efforts, consolidating your systems and leveraging payments across your entire ERP platform. You’ll also see profits rise as customers find it easy to pay you anywhere, anytime. And you don’t need to do anything to oversee the function.
It’s a win-win-win.
Ready to learn more? Get a Consultation today!
DEAR Payments FAQs
Who is DEAR Payments most suitable for?
DEAR Payments will work best as a B2B payment gateway for any businesses dealing with B2B transactions.
Which countries does DEAR Payments currently support?
DEAR Payments is currently only available for businesses in Australia but we have plans to roll the compatibility out to the United States, United Kingdom & Canada next!
What are the transaction fees for DEAR Payments?
For all domestic Visa, AmEx and MasterCard transactions, we charge a fee of 1.9% of the transaction total, plus $0.30. For international, we charge 3.3% of the transaction plus $0.30.
Is DEAR Payments secure?
DEAR Payments is powered by Stripe. Stripe has been audited by a PCI-certified auditor and is certified to PCI Service Provider Level 1. This is the most stringent level of certification available in the payments industry.
Does DEAR Payments work with DEAR Inventory & DEAR B2B eCommerce Portal?
Yes – DEAR Payments seamlessly integrates with all sales orders in DEAR Inventory, including those from the B2B eCommerce Platform . Customers using the B2B eCommerce Platform can make payments within the portal check out page for immediate processing. DEAR Payments works with all invoices generated in DEAR Inventory. In fact even if you have B2C orders coming from platforms such as Shopify you can still use DEAR Payments platform to collect payments from your customers.