Adapting to the Trend: Digital Payments in the Retail Industry

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As our daily lives become more digital, payment options are expanding rapidly. From contactless payment and mobile payments to cryptocurrencies, it’s a great time for consumers. Payments are becoming easier to make, thanks to a growing number of online payment options such as Alipay and WeChat Pay that people can use on their phones. But this is also creating a problem: merchants are struggling to keep up with the digital payments revolution. The growth of online payments has been so rapid that it’s become difficult for small businesses to keep track of all the latest trends.

These payment options became increasingly important for retailers to offer their customers multiple payment methods to capture more sales. The trend toward digital payments has been building for the past few years, and it is only accelerating. The rapid adoption of mobile payments and ecommerce has created a need for small businesses to offer their customers multiple payment methods. However, this is not always easy or even possible for smaller retailers. Many merchants are finding that they need to make changes in order to keep up with the ever-changing landscape of online payments.

A business software system plays a significant role in the retail industry. An enterprise system like an ERP System (Enterprise Resource Planning can help businesses automate and streamline their processes, including sales, inventory, and order management. Therefore, integrating payment methods into an ERP system can benefit both the retailer and the customer. For retailers, integrating payment methods into an ERP system can help save time and money. It allows them to streamline their processes by automating manual tasks, such as entering product information and customer data. In addition, it is easier for businesses to manage inventory with a software system that has integrated POS (point of sale) capabilities.

Multiable ERP system offers a ready-made RESTful API integration for businesses that want to integrate multiple payment methods into their system. Multiable ERP system’s ready-made tools cost minimum customization fees and reduce the implementation costs of the system.

API or Application Programming Interfaces makes the integration of two systems more manageable by establishing a set of protocols, routines, and tools for accessing a web-based software application. In simpler terms, APIs allow different software systems to interact with each other seamlessly.

The importance of having API in ERP systems is to centralize the integration process. Instead of integrating each payment method manually, an API allows a retailer to manage all payment methods centrally. Since APIs can simplify the integration process, retailers can quickly add new payment methods if they prefer to do so. Moreover, an API can help businesses to avoid costly manual errors that may arise from repetitive tasks such as payment reconciliation.

In conclusion, integration of payment methods within an ERP system is essential for retailers to offer various payment options to customers. With Multiable ERP system’s RESTful API, businesses can simplify and streamline the integration process and ensure that the system works efficiently. APIs are an essential part of modern-day enterprise software systems, enabling businesses to automate and streamline their processes, which can save time, lower costs, and prevent errors.

About Multiable:

Multiable has been at the forefront of providing advanced ERP solutions for over 30 years. With Multiable ERP system, trusted by over 6,000 businesses throughout Asia, we ensure operations run seamlessly. Our system offers businesses the needed tools to efficiently and effectively manage operations. Our dedicated team of experts is always ready to build custom solutions tailored to meet your specific needs.

About EDG Grant:

The Enterprise Development Grant (EDG) was launched in 2018. EDG is a single grant that supports companies in the upgrading of business capabilities, innovation and internationalization. EDG replaces the Capability Development Grant (CDG) and the Global Company Partnership (GCP) in the same year.

M18 ERP and M18 HCM is under the scopes of EDG grant.

Our consultants have rich experience in helping customers to get EDG application awarded to deploy our renowned M18 ERP in Singapore. Multiable will provide relevant technical / system related documentations and guide you throughout the application process

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