What problems do integrated payments solve?

Businesses face numerous challenges in managing payments—ranging from inefficiencies to costly errors. Integrated payments offer a streamlined approach to solving these issues, benefiting both companies and their clients. This article explores the core problems integrated payments address and how they unlock operational efficiencies while delivering value for all stakeholders.

1. Costly payment services

Many businesses rely on traditional banks to process payments, especially international transactions. While banks are often perceived as a reliable choice, their payment services can include high transfer fees, unfavourable exchange rates, and hidden costs. For example, a business paying international suppliers through a bank might face a 3% transfer fee on every transaction, adding up to thousands annually for high-volume payers.

The solution: Competitive pricing and transparency
Integrated payment systems offer a cost-effective alternative. For instance, by leveraging an embedded payment platform, the same business could access more favourable exchange rates and lower fees, saving a significant percentage on each transfer. Over time, these savings directly impact profitability and allow businesses to reinvest in growth.

2. Managing multiple service providers

A mid-sized business processing payroll, supplier payments, and customer refunds might rely on one vendor for payroll, another for cross-border payments, and a third-party service for reconciliation. This fragmented approach can create communication bottlenecks, errors in data transfer, and inefficiencies. For example, when a payment dispute arises, the business may spend hours coordinating between multiple providers to identify the source of the problem.

The solution: End-to-end solutions
An end-to-end integrated payment solution eliminates the need for multiple service providers. With a single platform, the business can handle payroll, supplier payments, and refunds from one interface. If a payment issue occurs, they have a single point of contact, simplifying troubleshooting and enhancing efficiency.

3. Poor service and accountability

Many businesses experience poor customer support when using traditional payment providers. For example, a business sending a high-value international payment may encounter delays or errors. When they seek help, they might be passed between multiple departments with no clear resolution timeline. This lack of accountability erodes trust and creates stress for finance teams.

The solution: Dedicated support
Integrated payment solutions typically include a dedicated account manager who serves as a single point of contact. For instance, when a payment delay occurs, the account manager proactively resolves the issue, keeping the business informed every step of the way. This personalised support fosters trust and ensures smoother operations.

4. Inefficient manual processes

Manually processing payments, validating data, and reconciling accounts are time-consuming tasks prone to human error. For instance, a finance team might spend hours verifying each payment detail in a spreadsheet before uploading it to a payment portal. If a mistake is made—such as entering an incorrect account number—it could lead to failed payments and reputational damage.

The solution: Automation with ERP integration
Integrated payment systems automate repetitive tasks. For example, with an ERP integration, payment details flow directly from invoices to the payment system, eliminating the need for manual data entry. Businesses can process hundreds of payments in minutes, significantly reducing time and operational costs.

5. Errors in reconciliation

Reconciling payments manually often leads to discrepancies, especially for businesses handling a high volume of transactions. For example, a payroll provider issuing payments to contractors might notice a mismatch between the bank transfer records and its internal payroll system. Identifying the root cause can be time-consuming and prone to further errors without automated reconciliation tools.

The solution: Seamless reconciliation
Embedded payment solutions sync payments automatically with the business’s accounting or ERP system. For the same retail company, each refund is automatically logged and matched with the corresponding transaction in real time. This reduces reconciliation time from hours to minutes and ensures financial reports are always accurate.

Ready to transform your payment processes?

Integrated payments aren’t just a convenience—they’re a competitive advantage. By adopting an embedded solution, you can save time, money, and resources while delivering an elevated experience for your clients.

Talk to an expert today to discover how our solutions can work for your business.