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3 Critical Items to Look For in an Integrated Payment System

Aug 16, 2018 4:05:53 PM

Payment system brands are offering strong incentives in return for credit card payments. This makes credit cards a preferred way of making payments.  If you are in business today you probably accept credit card payments.  While it is relatively easy to get started accepting credit cards, it's not as easy to get the lowest rate and maintain PCI compliance.  There are 5 basic items to look for in a payment system provider.

  1. Integrated Payments Processing

    • Does the provider have an integration with your current accounting system or point of sale?  Make sure your credit card processor makes it easy to accept credit card payments and reconcile payments within your accounting system.  This will help you get paid faster and reduce double entry.  It will also enable your team to save money with Level 3 credit card processing on business to business transactions.
  2. Level 3 Credit Card Processing

    • Does the provider have the ability to help you save using Level 3 credit card processing functionality?  
    • Merchants who process Level 3 credit card processing transactions using the customer data in their accounting system will benefit from lower interchange rates than are available for Level 1 or Level 2 purchases. In addition, they receive detailed reporting that allows them to track transactions from beginning to settlement. APS Payments reporting options can also be tailored with up to 60 different data points. Level 3 transactions typically cost a merchant 0.50-1.50% less than a standard Level 1 transaction, amounting to huge savings for B2B companies.
    • Level 3 processing requires the capture of specific line item data (available in the accounting software) in credit card transactions. These additional data fields include merchant name and address, invoice number and tax amount, plus line item details such as item description, quantity and unit of measure, freight amount, and commodity and product codes. The extra reporting we provide makes it easier for corporate and government customers to monitor and track internal spending. 
      • Level 1
      • “Level 1” card data is typically associated with consumer transactions (B2C) and provides limited purchase data back to the cardholder.
      • Level 2 
      • Level 2 credit card processing requires less data than Level 3 but more than Level 1.   Just like with Level 3 data, merchants are required to input additional data fields thank they are in Level 1.  The required fields are easier to enter and there are fewer fields to manage. Level 2 processing still provides a savings compared to Level 1 but not as much as Level 3.
      • Level 3 
      • “Level 3” (also known as Level III) line item detail is equivalent to the information found on an itemized invoice.
      • Comparative Example:Sage 100 Level 3 Credit Card Processing2
  3. PCI Compliance

    • The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to protect customer credit card data by maintaining a secure credit card processing environment.  Businesses that are not PCI compliant may be subject to fines, sanctions, and loss of privileges from the clearinghouse that processes credit card payments.  Businesses that fail to protect customer data can also be subject to lawsuits and governmental prosecution. Build and maintain a secure network:
    • Avoid discontinued credit card processing solutions that are no longer supported and maintained to meet PCI compliance standards, such as PC Charge.
    • Develop a relationship with a trusted contractor like APS Payments.
    • Do not try to install you own network that will store customer data.  This could expose your business to vulnerability if mistakes are made in the installation or update process.
    • Change passwords often.
    • Do not disable firewalls and keep them operational and current.

 

Contact APS Payments today to find out how they can keep your company PCI compliant and help you streamline your payments.

APS Payments enables you to cut costs and offers the following streamlined credit card processing features:

  1. Convenient 24 hour access to payment processing and reporting
  2. Automated recurring billing
  3. Improved cash flow
  4. Fraud detection and prevention (volume thresholds, risk parameters)
  5. Reduce invoicing costs 
  6. No additional licensing fees
  7. Virtual Terminals (no integration needed, no software to install, simply use your web browser to securely log in to process transactions)
  8. Credit card tokenization for secure access to future customer transactions
  9. Real-time Payment Gateway 
  10. Level 3 supported gateway for US accounts, (significant savings for business to government or business to business transactions)
  11. Batch processing when real time approvals are not required 
  12. PCI-DSS compliant at no additional cost
  13. Some of the lowest American Express fees in the entire industry!
  14. Next Day Funding including American Express making reconciliation process easier

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Patty Benitez
Written by Patty Benitez

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