As a business owner selling on multiple platforms, managing payments from multiple processors can be like juggling a dozen balls— it’s hard to keep track of them all, and one mistake could cause them all to come crashing down.
Without a streamlined system, manually handling payments from multiple processors can be a daunting and time-consuming task. This can quickly lead to errors, missed payments, and cash flow issues.
Using a payment management system, you can track and reconcile payments from multiple sources in one place, allowing you to get a clear view of your finances and make informed decisions.
The Trouble With Managing Multiple Payment Methods
If your business offers products across numerous venues, even if they are just online, varying payment methods can be difficult to cope with.
Some of these may include:
- Payment plans: When a customer is allowed to pay for a product or service over a period of time, you may struggle to keep up with tracking each payment. This is especially true if the business has multiple payment plans or if the customer defaults on payments.
- Transaction fees: Payment processors often charge different fees for different types of transactions, such as credit card payments, debit card payments, or e-checks. These fees can add up quickly and may vary across different payment processors, making it hard for businesses to keep track of their expenses.
- Chargebacks: A chargeback occurs when a customer disputes a charge and the payment is reversed. Chargebacks can be costly for your business, as you may have to pay fees and lose revenue. Keeping track of chargebacks and disputing any invalid claims can be time-consuming and stressful. A failure to respond to chargeback claims on marketplaces like Amazon or PayPal can lead to payment holds and even suspension.
- Multiple Currencies: If your business sells products or services internationally, managing multiple currencies can be particularly challenging. After all, you need to be able to manage exchange rates and conversion fees, all while ensuring you receive the correct payment amount. Mistakes can be costly, and without a proper payment management system in place, you can easily lose track of payments or incur unnecessary expenses.
Utilizing QuickBooks Payment Systems For Your Business
Tracking payments, fees, and inventory for each sales venue individually can lead your business down a path of disorganization and disarray. Simplifying your payment process saves you time and money, and consolidating your payment data into one system is crucial.
Consolidate Your Merchants
QuickBooks Payments can make managing multiple payment systems easier by merging all of your payment data into one system. This can help reduce the need for manual data entry and reconciliation across different payment processors and merchants.
With QuickBooks Payments, you can easily track payments from various sources, including Amazon, Shopify, and brick-and-mortar locations, all in one place.
This process eliminates the need to manually download and import data from multiple payment processors, which can be time-consuming and prone to errors. QuickBooks Payments also generates reports that help you analyze your business performance and identify trends in your payment processing data.
Automate Tracking From Multiple Sources
QuickBooks Payments also offers features like recurring billing and automatic payment reminders, which can help you keep track of payment schedules and avoid missed payments. Additionally, QuickBooks Payments provides tools for reconciling your accounts and managing chargebacks, which can help you ensure that your financial records are accurate and up-to-date.
Despite all of its tools and functions, we believe one of QuickBooks’s strongest assets is the option for integration.
Payments Management With Third-Party Integration
QuickBooks integrates with many other financial and accounting tools, so you can streamline your payment and accounting processes and reduce the risk of errors. While third-party applications can be tricky to integrate seamlessly, we believe the proper setup can automate and simplify your business’s approach to payment management.
Here are just a few applications we have used to assist business owners with multiple venues:
Integrating A2X With QuickBooks
A2X focuses on building automation between selling platforms like Amazon, Shopify, or Etsy and accounting software like QuickBooks, Sage, or Xero. A2X automatically imports data from each platform, reconciles payments and fees, and creates accurate accounting entries for each transaction in QuickBooks.
A2X also makes it easy to see the big picture of a business’s financial health. With the ability to view sales and expenses across all platforms, business owners can make informed decisions about pricing, promotions, and inventory management. This increased visibility can lead to improved profitability and growth.
This integration streamlines the accounting process, eliminating the need for manual data entry and reducing the risk of errors.
Bookkeep and QuickBooks Integration
Similar to A2X, Bookkeep is an accounting automation software that consolidates your sales channels from multiple platforms. Bookkeep is a more robust accounting software that can handle a wide range of financial tasks such as bookkeeping, invoicing, billing, and more.
Unlike A2X, where you pay separately for each selling platform, Bookkeep offers merchants varying memberships based on the number of channels you may have. Bookkeep also offers its members unlimited user access, so adding your accountant and bookkeeper doesn’t come with additional fees.
MISSION Accounting Can Help You Manage Your Payment Systems
By integrating your payment processors, you can streamline your financial reporting and reduce the risk of errors or discrepancies. By tackling the traditional bottlenecks of e-commerce, you can improve your financial visibility and decision-making capabilities.
At MISSION Accounting, we’re experts in helping small businesses manage their finances. Our team can help you set up QuickBooks and integrate your payment systems, so you can focus on growing your business instead of getting bogged down in the details.
So if you’re feeling overwhelmed by the demands of managing multiple payment systems, don’t hesitate to reach out to us for assistance. We can help you simplify your accounting and gain the insights you need to make informed business decisions. After all, when it comes to juggling your finances, having an experienced partner can make all the difference.
