Your company has gone to great lengths to make sure that it gets the most out of doing business with the government. It’s time to make sure you’ve taken the same care when it comes to being paid by the government. Here is what you need to know:
- Special incentive rates have been created by Visa and MasterCard for government purchasing cards.
- To receive them, you need to include additional line-item (level 3) data with each transaction.
- In so doing, you can improve your margin by 3/4 to 1%, potentially saving thousands of dollars.
- Free virtual terminal technology is now available to effortlessly process level 3 transactions.
- In addition, this technology will insure compliance with Payment Card Industry (PCI) standards, protecting your company from fines and security breaches which could devastate your business.
To take advantage of the above information requires a processor who is specialized in this area. You may have gone to your local bank to get your merchant account set up. Usually, because they don’t have the knowledge to handle your special requirements, they will have set you up just like any ordinary business. This can be expensive and even risky for you.
Instead, with no more complication than it takes to purchase a book online, your business can move into the 21
st century of processing by using Level 3 virtual terminal technology to reduce costs and improve security. What you need is a relationship with a processor who specializes in working with businesses like yours.
As you know, you are paying what amounts to a tax in the form of the Industrial Funding Fee. This is .75% against the transactions you have with the government. With Level 3 processing technology, that fee can be completely offset, greatly improving your margins and freeing up needed capital.
About the Author: Jim Shanahan |
About Financial Transaction Services
