Payment solutions for the marine industry can be difficult to choose, especially with so many options available. Knowing which is best for your dockyard is quite the task.
Research suggests that the pandemic has driven a global surge in digital payment processing, with over two-thirds of people worldwide shifting towards online transactions. The past two years have seen various online payment methods emerging, many of which are unfortunately non-secure and unreliable.
Integrated payment processing, however, can help take the guesswork out of payment processing and simplify your way to acquire the best possible rates and terms. Currently a Point of Sales buzzword, this system emerged as a breakthrough and took the marina industry by storm by streamlining day-to-day business operations. Continue reading to learn more about payment solutions for the marine industry, integrated payment processing v/s non-integrated payment processing and more.
What Is Integrated Payment Processing?
Integrated payment processing streamlines the complex, conventional payment processing with other operating software, allowing businesses to easily collect payments and consolidate vital data. These systems integrate with other crucial business platforms, including accounting software and CRMs, to simplify transactions and leverage customer data for more personalized communications, sales, and customer experiences. It allows other departments to easily access any crucial payment data for any product/service optimization and back-office operations.
Non-Integrated Payment vs Integrated Payment Processing
One of the biggest dangers of non-integrated payment processing is the potential for data breaches. When payments are processed through multiple systems, there is a greater risk of sensitive information being compromised, which can lead to financial loss and reputational damage.
Non-integrated payment processing can also lead to errors and inefficiencies in the payment process. Unlike integrated POS, the room for human error is higher in manual processing, especially in data entry, calculation, or recording. Such issues often cause delayed or incorrect payments and cause inconvenience for your marina customers.
In contrast, by automating the tedious payment processes, such as manually registering every booking transaction, updating the accounting systems with real-time data, etc, an integrated system helps marina owners focus on more important duties. This run-of-the-mill technology also allows merchants to be paid through multiple channels, including credit/debit cards, ACH payments – and even cryptocurrency.
Furthermore, you can always leverage these POS systems to create invoices, track and manage marina customer orders, and prepare receipts quickly and easily. Learn more about the benefits of a standalone POS system here.
Why Does Your Marina Need an Integrated Payment Processing System?
Here are some benefits that your dockyard business can reap by integrating its payment processing platform with other business software:
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More Secure, Encrypted Form of Payment:
Using an integrated system helps ensure your customers’ data is safe and secure, as it offers data encryption. Any sensitive information is scrambled when transmitted over the web, making it difficult for hackers with malicious intent to gain data access.
This software also offers automated fraud detection; this helps prevent fraudulent payments from being processed on your system. Any fraudulent transaction detected is automatically declined instantly. Besides, integrated payment processing also offers charge-back protection. Thus, customers can directly contact their credit card companies to dispute any unauthorized charge to reverse the transaction.
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Meticulous Data Collection and Management:
Integrated payment processors have a built-in data oversight feature that tracks and records every business transaction. This feature also allows you to set restrictions on how data is stored and accessed, as well as how it is used.
But why must you track payment data? First, any payment information is useful when it comes to spotting trends, keeping track of business expenses, and finding potential areas of fraud. Additionally, it can help improve your customer service by understanding your customers’ needs and preferences.
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Numerous Payment Gateway Options:
As customers increasingly demand the ability to pay in ways that suit them best, dock owners are turning to payment solutions for the marine industry that offer a range of payment methods. Integrated service allows businesses to accept payments via credit and debit cards, as well as emerging methods such as mobile payments, in-app payments, gift cards, crypto, and contactless payments. Simply by making it easier for your customers to pay, it can also boost sales and help your marina business stand out from the competition.
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Saves You Time and Money:
Manual tasks consume a lot of time and restrict your marina employees from handling greater responsibilities. However, besides being time-efficient, automated systems can also provide significant cost savings for businesses of all sizes.
It can help merchants automate their accounting and financial reporting, saving a lot of time and improving the accuracy of fiscal reports. Businesses can also save a lot of processing fees and streamline their bookkeeping procedures by integrating multiple payment types into a single platform.
To learn about 5 effective strategies that can help you boost your marina’s revenue, read this. -
No More Accounting Errors:
Integrated payment processing eliminates paper-based invoicing and manual data entry tasks. Accounting and finance can be a headache for small businesses. Between keeping track of expenses, invoicing customers, and managing payroll, there’s a lot to stay on top of; a little negligence can lead to hefty damages. Automating your payment processing decreases the likelihood of human error and prevents accounting mistakes. No accounting errors, no more missed payments, late fees, or interest charges.
Wrapping Up
Overall, integrated payment processing can be a helpful tool for businesses looking to reduce costs and streamline their operations. With this groundbreaking technology, your payments will be processed quickly and accurately, giving you peace of mind and freeing up your time to focus on running your business.
If you are considering implementing an integrated solution, be sure to shop around and look for an industry-standard payment processor before making a decision.
About DockMaster Inc.
DockMaster is an industry-leading marine management system for marinas, boatyards, and boat dealerships. Visual Marina™ management includes storage & billing, occupancy tracking, reservations, and dry stack management, including integrations to leading consumer applications for boat rentals, online reservations, concierge/launch scheduling, and our new fuel integration with FuelCloud.
DockMaster Payments is an advanced payment processing solution powered by Valpay. It is designed to facilitate quick and easy transactions for businesses in the marine industry. To request a free demo, click here.
