With the rising demands for greater transparency in reporting, more businesses are seeking technologies that make the task of gathering and sharing financial data easier and more secure. A powerful payment processing system has the ability to simplify annual reporting and offer up high-quality information taken directly from your sales.
Safely share and access financial data from anywhere
Whether you’re developing your annual report or a more integrated sustainability report, a robust payment processing system makes sharing and accessing pertinent financial data easier and safer. Payment processors keep sensitive personal information provided by your customers secure as they make payments, but they also keep the data distributed among shareholders more secure through their stringent rules and policies.
Ensure accurate data reporting
Because payment processing systems are always working in the background authorizing, tracking, and collecting funds, you can be certain that your financial data is up-to-date and of the highest quality. This equips shareholders with a quick and accurate view of your company’s financial performance when they need it. To further ensure accurate reporting, all payment processors are required to provide a 1099 to merchants, making it easier for you to break out credit card revenue from the rest of your sales.
Gain tailored marketplace insights from your own data
Identify and track sales trends using your own company’s payment analytics. You’ll be able to easily spot sales trends and seize opportunities for growth with customized insights into your company’s historical financial development. Some processors will also provide merchants with benchmarking data from within your industry, enhancing your analytical capabilities even more.
Forecast sales with greater accuracy
Once you’ve found those opportunities for growth, capitalize on them. A payment processing system makes sales forecasting more accurate. With payments metrics and dynamic dashboards at your disposal, you’ll make more effective business decisions. When you leverage timely, accurate insights and analysis on customer spending behavior, you’ll stay one step ahead of trends.
Are you ready for simpler reporting?
Contact Precision Payment Systems today to learn more about how a dynamic payment processing system can simplify and enhance your company’s annual reporting.
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