10 reasons to integrate the payments environment.

• Author: Hammermaster, Greg
• Position: TREASURY

There is much talk about mobile payments, which feeds on the attraction of the mobile phone or tablet to easily make and receive them. And there is great speculation as to whether Apple Inc., Google Inc. or Amazon.com Inc. will swoop in and take control of processing payments on phones. But often glossed over is the business aspect.

Apple, Google and Amazon are chasing consumer phones as businesses are watching from the sidelines. Businesses certainly do value mobile payments, especially those that can sell their products and services remotely. Think Girl Scouts selling cookies and taking credit cards on mobile phones. But the bigger value for businesses is seamlessly integrating payments data into their back-office systems, whether the payment came from a mobile phone, retail storefront, order placed over the phone or through the firm's website.

The challenge for most companies is staying competitive. That means constantly seeking ways to remove costs and improve revenues. That doesn't start with mobile payments; it starts with integrating the payments environment. Ten considerations can guide financial executives in trying to achieve an efficient and productive integration.

1. Improve Cash Flow. By integrating all points of payment directly to the bank for settlement--and to the accounting system for reconciliation--cash flow is maximized. Sitting on checks and receipts minimizes cash position, which can impact a company's liquidity.

2. Optimize Sales Channels. Any payment method--whether a credit card terminal, e-commerce website or mobile phone equipped to take payments--that's not integrating directly within the business's accounting system isn't optimized for sales execution and back-office efficiencies. As a result, ifs increasing the cost of sales.

3. Eliminate Manual Data Entry. Manually entering data in both a point-of-sale solution and an accounting solution doubles the time it takes to complete the payments process. By integrating the payments environment, time spent on accounts receivable processing can be reduced, allowing more time to be spent on revenue-generating opportunities.

4. Automate the Reconciliation Process. Duplicate data entry results in more manual errors, which has to be untangled and reconciled. When payments automatically "post back" to the accounting system, errors are reduced and posting and reconciliation are streamlined, saving time and money.

5. Organize the Payments Environment. The payments industry is...