Why Should Your B2B Business Accept Credit Cards?

February 9, 2017

The most compelling reason is that many of your clients prefer doing business that way. This is especially true with smaller and start-up businesses, as they tend to rely heavily on corporate credit cards. Accepting B2B card payments helps connect your business to these customers.

Today online and electronic payments comprise only a fraction of B2B sales. However, that volume is growing — and quickly. Forrester Research reported that 2016 B2B e-commerce sales totaled $885 billion, a $75 billion increase over the previous year. That figure that is expected to increase to $1.13 trillion (with a T) by 2020. There is great potential in the industry and you can start tapping into that revenue NOW by accepting credit card transactions.

And that’s not all….. consider these additional advantages.

  • Payment integration: Credit cards allow for payment integration, while cash, checks and money orders must be manually processed and entered into your accounting system.
  • Faster deposits: Credit card payments post much more quickly than checks.
  • Interchange savings: Level 2 and 3 card processing allow for increased security and lower interchange rates.
  • Increased security: Debit cards, ACH payments and checks are all tied to a customer’s bank account. Credit card transactions allow for additional fraud protection (for both parties) and easier customer returns.
  • Reduced fraud: EMV/Chip Card-enabled solutions are now available for face-to-face card transactions.

Ready to reduce risk, attract new customers AND streamline your B2B accounting operations? Contact OMEGA Processing Solutions today for an account analysis. www.omegap.com


Interchange Relief with OMEGA VT

July 30, 2015

When it comes to qualifying for lower interchange fees, the general rule of thumb is “the more information, the better.” Nowhere is this more true than with Business-to-Business (B2B) transactions. By including additional data, such as tax amount, customer code, merchant postal code and tax identification information, B2B transactions can qualify for lower interchange rates. And, OMEGA Processing’s industry leading virtual terminal product, OMEGA VT, can help.

Transaction Categories

Transactions fit into one of three different categories – Level I, Level II or Level III. Each level has its own data requirements and methods of verification and authorization, ranging from very limited to very detailed.

Level I processing refers to typical business-to-consumer (B2C) transactions, during which consumers use their personal credit cards. While the data required to process a Level I transaction is small, the interchange rates are higher.

Level II and III processing involve business-to-business (B2B) transactions and require completing extended data fields when completing the transaction. Including this additional data improves transaction security and allows commercial accounts to monitor and control credit card spending. In addition, merchants can save from 1 – 2% on their processing costs by having transactions qualify for Level II and III processing.

How Does OMEGA VT Help?

Level II processing options for B2B transactions come built-in to every OMEGA VT account – at no additional charge. By requiring a few additional data fields on B2B transactions, transactions may qualify for Level II processing and interchange rates between 0.05% – 0.50% lower than Level I transactions.

For those merchants who primarily process more detailed B2B transactions, Level III processing is also available, which offers even more interchange savings. While Level II processing has its own pricing schedule, these transactions can qualify for rates 0.25% -2.50% lower than Level I transactions.

Looking for more information on saving with B2B transactions with OMEGA VT?  Contact OMEGA Processing’s Customer Service team at 866.888.9724 Ext. 7.

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