Are you getting the best rates with your credit card service provider? In order to lower your fees, card issuers require additional input to be sent along with the payment authorization. It takes an expert to know what input is required in what format for all of your many transactions. Luckily, the team at Repay (previously known as APS Payments) are experts in the payments industry and have built integrated solutions that automatically submit the input you need – without manual entry and the associated loss in efficiency and risk of error! When it comes to lowering your credit card fees, it helps to know what to look out when evaluating the best solutions for your business. In this blog, we will review what to look for in an integrated credit card processor and why Repay is the clear choice for your payment processing needs in Acumatica.
Non-integrated vs. integrated credit card processing basics
Securing the best rates and avoiding unnecessary fees is the primary goal for most merchants. However, savvy merchants also know to look out for lack of integration or poor support. Merchants lose productivity and accuracy when the credit card processor is not integrated with their ERP/accounting, eCommerce, POS, or Mobile solutions. Furthermore, integrated built correctly will work to lower merchants fees with no additional time or work.
Securing the best rates and avoiding unnecessary fees is the primary goal for most merchants. However, savvy merchants also know to look out for lack of integration or poor support. Merchants lose productivity and accuracy when the credit card processor is not integrated with their ERP/accounting, eCommerce, POS, or Mobile solutions. Furthermore, integrated built correctly will work to lower merchants fees with no additional time or work.
A non-integrated system requires the merchant to toggle back and forth from the primary business application and the external credit card device, leaving room for human error and increased risk with the sensitive card data. In a retail environment with a card present transaction, for example, there are several manual data entry requirements before and after the customer inserts or swipes the card. First, before the transaction is processed, the merchant will need to manually enter the sale amount in the terminal or reader. The payment type (cash, credit, debit, or gift card) and the authorization code will need to be entered in the ERP/accounting or POS system, and the sale needs to be manually closed as “paid” in that system. If the sale is later cancelled or returned, the merchant will have to reconcile the transaction in the accounting system. The merchant will also have to notify the non-integrated credit card processor so funds can be returned to the customer’s card. All this is very cumbersome and prone to error.
An integrated credit card processing solution connects with your ERP/accounting, eCommerce, POS, or Mobile solution to eliminate these manual steps. Also, integration helps you get the lowest rates. You get the best rates with Level 3 for B2B transactions. When you use an integrated solution, you can provide the extra fields required for Level 3 automatically.
8 tips to selecting the best integrated credit card processor for your business
- Price: There are many factors that impact your rates. Are you on the best plan?
- Level 1, Level 2, Level 3 and OptBlue – Each program is designed specifically by leading card issuers to help small businesses process at a lower rate. Be sure your processor is giving you the benefit of these programs if your business qualifies.
- Rates – Does your processor offer you the best rates?
- Flat rate – This is the most popular fee option, but you end up paying extra for the simplicity. You get one flat percentage (plus a transaction fee), and there are typically no other fees.
- Tiered pricing – Your processor controls which transactions fall under what tier; fully qualified, mid-qualified or non-qualified rates. The processors typically cushion in rates that cause you to pay more than the rates assigned for each tier.
- Interchange plus – As a merchant, you pay for the hard cost with each transaction. You pay a markup fee from the Member Service Provider and/or Independent Sales Organization (MSP/ISO). Typically, this is the best option to help save you money, especially in a business-to-business environment.
- Extra fees – Transaction fees are unavoidable hard costs. You can quickly get burned by processors that charge for; support, assessment, interchange, settlement, clearing, return discount, Level 3, network, gateway, PCI DSS compliance, and early termination fees.
- Integration: Does the provider have an integration with your current ERP/accounting, eCommerce, or POS solution? Do you have the option for mobile payments? Make sure your credit card processor makes it easy to reconcile payments within your ERP/accounting system. This will help you get paid faster and reduce double entry.
- Customer Service and Technical Support: Support is extremely important especially when you can’t place orders. Make sure you find a provider that offers live phone support 24/7, you’ll appreciate it when you need it.
- Online Management and Reporting: Does your provider offer easy to access online self-help, reporting, and customer service options?
- Quick Installation, Setup and Training: Credit card processors should make it quick, easy and FREE to make the switch.
- International Processing: If you require international credit card processing make sure your merchant services provider is capable of processing internationally.
- Security and Compliance: Lack of best security practices and non-PCI DSS compliance can cripple your business. Businesses that are not PCI compliant may be subject to fines, sanctions, and loss of privileges from the card brands. Businesses that fail to protect customer data can also be subject to lawsuits and governmental prosecution.
- Access to Funds: You should be able to access your funds within 24 hours – not 2 to 3 days.
Why choose Repay?
Repay (previously known as APS Payments) seamlessly integrates with multiple solutions, including Acumatica. Repay helps you save money with Level 3 processing for B2B transactions for US-based accounts B2B transactions. Repay acquires and passes all the required Level 2 and Level 3 data by extracting it from ERP and eCommerce. There’s no time-consuming mapping or manual data entry required. You will see exactly what you’re saving each month with merchant statements that are detailed and easy to read.
Repay is secure and 100% PCI DSS compliant. Our Repay security solutions feature tokenization and the APSPAYS Vault, eliminating card data that typically would be stored on a local server. Repay is a fully PCI DSS compliant credit card payment processing solution. We provide you with free tools and support.
Additional benefits that distinguish Repay include daily, automatic batch reporting, no installation, set-up or maintenance fees, 24/7 live customer support with Repay experts, and the availability of next day funding. Repay will pay up to $500 for your cancellation fees. Once you learn how much you can save with Repay, we make it easy to switch.
Contact Repay today for a free merchant statement review!
