Work with a VantageB2B Payment Analyst to develop a payment acceptance roadmap to lower costs, increased security and greater efficiency.
Discuss setting payment acceptance policies
- When to extend trade credit vs. accept card payments
- How to qualify for Level 3 Interchange on commercial and GSA card payments
- How to steer clients to eChecks/ACH to lower costs
Commercial and Purchasing Card payment can be:
- Authorized and settled at the time of order (provided you have quick fulfillment). In all cases, the best practice for card acceptance is to authorize and settle the card at or very near the time of shipment/delivery.
- Authorized at the time of order and settled later at time of shipment. Caution here, you can not qualify for Level III Interchange if you use Authorization Only and Force/Offline functionality. Using this payment policy will downgrade your transactions to Electronic/Standard pricing and prevent Level 3 Interchange rate qualification.
- One work around would be to NOT get a pre-auth. Instead simply capture the card and customer data using a store and forward function then charge the card at the time of the fulfillment. Using the “Store & Forward” functionality will store the transaction information without running an authorization. By selecting “Store & Forward” as the transaction type, you can either enter a date for the transaction to process in the future, or leave the future date blank and capture the transaction for processing at a later time. You will be able to add Level III Data after the transaction is submitted for authorization, but prior to settlement.
- Authorize and settled at some later time (ex. same timing as a check payment). Avoid extending 30 day trade credit terms only to pay the Interchange fees to accept a card payment. When taking card payments, take them upfront.
Contact us to schedule a complimentary consultation.