Understanding the needs of merchants and independent service organizations alike is no easy task. Each of them has specific demands when it comes to keeping track and making sense of their finances. This is why people like the developers of IRIS CRM have decided to offer a better and easier way of doing business. They’ve understood that transaction reporting doesn’t have to be something complicated and set out to create a solution for every possible scenario one might face. This means perpetual development and total dedication to making the world of finances and payment processing understandable and easy to access for anybody.

What Is Transaction Reporting and Why Is It Important?

Like any responsible business owner, you want to know at the end of each month how much money you’ve made. This is calculated using special mathematical formulas that generate various results that can help you understand where and what you’re doing right or wrong. But in order to properly calculate for instance your residual income, you must firstly make sure that you follow each and every transaction made in the past month. This could be sometimes tricky, time consuming and even down right boring. This is why some CRM solution companies invented https://www.iriscrm.com/features/operations/ transaction reporting . This feature enables the software to precisely keep track of all of your transactions and calculate the exact amount of your residual income.

But before making plans on how you’re going to spend your residuals, you should make sure and double check any and all contracts you have with your merchants. Because residual income comes from every transaction the merchants in your portfolio made over the past month, you have to make sure you didn’t miss anything when signing the contract. Although percentages might vary from one merchant to another, it is very important that the contract itself be air-tight so you don’t miss out on any possible income.

CRM software can do much more than just calculate residual income, but choosing the right one might be more difficult than you’ve expected before getting started. You’ll have to do your research and understand what each and every tool of each CRM solution can do before jumping head first into something you might regret. Nobody is saying that you have to be able to recite their features by heart, but it would be best if you took a second or two and get to know the mechanics being such solutions. Maybe this way you’ll understand what suits you better and make a more informed decision, instead of going with the flow.

Make Sure the Reporting Is Correct

Imagine you’re an independent sales organization, or ISO for short, that has a pretty big portfolio of merchants. Your residual income comes from each and every merchant’s transactions done in the last month. Now imagine you have to go through all those transactions in order to make sure that they’ve been correctly reported. This can be very time consuming, if nit nearly impossible. This is why CRM software was created. CRM solutions come equipped with special tools that keep track of every transaction made by every merchant in your portfolio, and then creates detailed reports about them.

Upon reading such a report, if you notice any spike or sudden drop in the activity of any merchant, such as transaction values or transaction volume, you might just want to give that merchant a call and see what’s going on. These kinds of spikes and drops really affect your residual income, and you might just want to take a closer look at the contract you’ve signed with said merchant. If everything is OK after you checked, the best thing you can do is work out an average and try and compare your monthly residuals to it. If they match or are close, than there’s nothing to worry about.

What Is IRIS CRM

The company was founded in 2010 by Dimitri Akhrin in Brooklyn, New York, and is one of the best customer relationship management software companies out there. https://www.iriscrm.com/ IRIS CRM was born out of the necessity of offering better management tools for the people in the payment processing industry. This meant coming up with radical new solutions for problems some people didn’t even know they had. The concept is as simple as they come: premium services for premium professionals.

To make matters even easier for their customers, the platform is cloud-based, allowing users access through a secure website, designed, built and hosted by the company itself. This offers a level of security unequaled by almost any other CRM services provider. One of the things that IRIS is known for is their reporting services. It’s even in their name. IRIS stands for “Integrated Reporting is Simple”. They do their job so good that they have 275,000 active merchants daily on their platform. But the top notch services don’t stop there. Being a new kind of CRM, IRIS manages the entire life cycle of a merchant. That means that they help every lead grow and develop into an account and see that account all the way until they stop operating.

Another thing that makes IRIS CRM one of the leading CRM solutions providers on the market today is their diverse environment. They have development members with more than 40 years of experience between them, with expertise in fields ranging from sales to engineering to almost any possible industry imaginable. This led to the development of one of the CRM platforms with the most integrations. 35 to be exact. And they are not going to stop here.

With all that experience behind it and their mission of making a better world for the merchants out there in front of them, the people of IRIS will always strive to make the best out of their product. They understand the needs of the payment processing industry and will stop at nothing at bringing robust solutions to them. Because of this, and many more arguments, IRIS is the preferred CRM solution of many merchants put there.