Payment Processing Without the Double Entry
An invoice in QuickBooks
If you accept credit cards, here’s a great way you can save time, money, and your staff’s morale
Most every day, I talk to business owners or accountants who don’t like their payment processing procedures very much. These unfortunate souls come to dread taking those credit card orders—if not for the processing fees than certainly for the extended acceptance procedures, to put it lightly. However, if you’re taking credit cards for payment, chances are there’s a fantastic way for you to save time and money around the office, as well as make life better in general. I know that sounds like a specious claim, but hear me out! First, let’s examine a typical business’ credit card processing procedure.
Typically, accepting credit cards is a hassle
Is this what your payment processing procedure looks like?
- Take customer’s phone call.
- Walk over to credit card terminal, enter credit card information, tear off receipt when it slides out.
- Walk back over to your accounting computer, print out a paper invoice and staple the payment receipt to it. (Repeat steps 1-3 until you have a nice pile of invoices somewhere on your desk.)
- At the end of the day, go back into your accounting program and reconcile all of your unpaid invoices manually.
It’s a lengthy process, and I even consolidated a few of the steps. You can see there’s a lot of going back and forth and entering things twice. Most people probably don’t like doing this—especially step 4, which can take an extra 20-30 minutes or more at the end of the day—but, they simply shrug and call it one of the costs of doing business.
…But, not so fast!
Payment processing plugins can save loads of time
Here’s what your payment-taking procedure might look like if you used an accounting system plugin. This would let you accept card payments right inside of your accounting program.
- Take customer’s phone call.
- Enter credit card information into accounting system. Invoices are marked as paid automatically.
That’s it—no more double entry at the end of the day!
If you take two credit card orders per day, this might not be such a dramatic improvement upon your daily procedures, but if you take ten? Sure. Thirty? Definitely something to look into!
So, you know how you can save time every day, but how does that help you save money?
Payment Processing Poll
Do you use a payment processing plugin or add-on currently?
Using a processing plugin = lower overhead costs or increased productivity... or both!
One thing that will be apparent once you start using an accounting system plugin for taking credit card payments is how much less time your accountant will be in the office after work. If you pay your accountant an hourly wage, that means more money back in your pocket every day. If you pay the accountant a salary or he has other responsibilities aside from entering card payments (okay, so that’s probably a given), he can move onto those other things more quickly. Or, if you’re the one in charge, you can do the same!
Less work = more happiness
No matter what, the accounting integration’s going to save you a bunch of time, and, unless you invent more work for yourself or your employees at the end of the day, everyone’s going to leave the office much happier because they had less work to do. Especially if you accept lots of those credit card orders every day, this could be a huge boon for your office, or for you.
To conclude, a payment processing plugin packs a lot of positive punch
Maybe you considered using a plugin once and you didn’t think it was worth it, or you did use it for a while but you thought it was cost-prohibitive. You might pay more in dollars for a credit card plugin, yes, depending on the vendor you use. But, what you pay in dollars you more than make back in saved time, increased productivity, and employee morale. And, when you have happy employees, especially ones that know both the old, slow way and the new, quick way of processing credit cards, you have extremely appreciative employees. And, appreciative workers are never bad to have.