Saving on B2B Interchange

October 13, 2017

Did you know that by providing just a few extra fields of information on B2B transactions using corporate and purchasing cards, your business can qualify for lower interchange rates? This is often referred to Level 2 and Level 3 data and can result in a significant interchange savings over a typical consumer transaction.

Background

Level 1: This level of processing refers to business-to-consumer (B2C) transactions, during which consumers use their personal credit cards. The data required to process a Level I transaction is small, but the interchange rates are higher.

Level 2: Level 2 credit card processing refers to a more detailed transaction designed to support business-to-business (B2B) payment processing. Commercial accounts often require the ability to monitor and control credit card spending, and Level II processing simplifies these transactions.

Level II transactions can qualify for lower interchange rates. Basically, Visa/MasterCard recognize that if you, as a business, are providing all of this extra information, the sale is more likely to be legitimate. As such, they are willing to provide a lower cost for the sale.

Level 3: This B2B processing takes everything one step further. Most merchants will never have the opportunity to accept Level 3 cards, but if you’re processing a B2B-heavy industry or accept a lot of Government cards, having Level 3 data acceptance may help reduce your interchange costs even further.

How You Can Save

If you regularly process B2B transactions, utilizing Level 2 data will help you achieve savings on interchange rates, typically around 0.50% lower. To accept these transactions, you will either need to have a standalone terminal or processing gateway that allows you to input the extra fields. OMEGA VT, our virtual terminal, can be set up to do this. In addition to information collected in a Level 1 transaction, you will also need to input tax amount, Merchant State and Postal Code, Tax ID information and Merchant Category or SIC code. This can result in a significant annual savings for just a little extra effort — time is money in this case!

To learn more about how Level 2 processing can help your business, contact OMEGA Processing today.

866.888.9724

http://www.omegap.com

 

 

 


Have You Heard How OMEGA’s Data Security Solutions Can Protect Your Business?

September 22, 2017

Ensuring your business has the best compliance, security, reporting, and protection solutions is a top priority at OMEGA Processing. Our Data Security Solution both protects against data breaches and assists with the services in the event one does happen.

PCI ToolKit—Tailored to your business needs, the PCI ToolKit provides specific security and compliance solutions, allowing you to reduce risk and focus on your customers.

Data Incident Management Program—A comprehensive suite of services that provide expert assistance if a breach should occur. The Data Incident Management Program will reduce exposure and risk, increase your compliance levels and save you time and money.

Vulnerability Scanning—An automatic quarterly scan of your systems can pinpoint potential vulnerable points of entry and detect cardholder data theft before the breach occurs.

Breach Insurance—Up to $100,000 in insurance protection should your business experience a breach of card/cardholder data.

Our program benefits include:

  • Easier and faster compliance
  • Reduced exposure and risk
  • Increased consumer confidence in your business
  • Competitively priced solutions
  • Award-winning solution provider

PCI compliance is essential to the wellbeing of your business—let OMEGA help keep you protected. Contact OMEGA’s Customer Service department at 866.888.9724 Ext. 7 for more information.

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Unlock Cash Flow Opportunities with Accelerated Funding

September 6, 2017

Would you benefit from earlier access to your processing funds? Then OMEGA’s Accelerated Funding Program could be a good fit for you.

Program details              

With Accelerated Funding, you have access to your credit card processing proceeds a day earlier. Instead of waiting multiple business days, you have access to your funds the next business day. This frees up cash flow to allow you to make inventory purchases, pay your employees or fulfill any other cash needs.

OMEGA’s Accelerated Funding program is a true accelerated deposit — not just a memo note in your bank account. In addition, OMEGA does not require you to hold your merchant account at a specific bank. We can deposit your funds at your business banking institution.

To find out if you qualify for Accelerated Funding from OMEGA Processing, contact our Customer Service department at 866.888.9724 Ext. 7.

Get your funds faster with Accelerated Funding from OMEGA Processing.

get paid faster

* Banks do not process on weekends and holidays. Therefore, funds batched on weekends and holidays will be deposited the next business day.


Are You Hungry for the Details?

August 30, 2017

What do you know about your credit card sales? Want to know more?

OMEGA Processing’s secure, online merchant portal lets you view important sales data and manage your account 24/7. Our tool allows our merchants to:

  • View monthly credit card sales by card type
  • Compare year-over-year monthly credit card sales
  • Manage and update account details
  • Access up to 18 months of merchant statements and 45 days of daily batches
  • Link multiple Merchant IDs (MID) together so that with one login, you can see all associated batch detail and statements

PLUS, merchants participating OMEGA Processing’s Business Funding Program can view their current funding balance, as well as last deposit date and amount.

If you’re eager for more details about your credit card sales data, contact us at www.omegap.com or by calling 866.888.9724.

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Covington Partners: Mentoring ONE Student, Changing TWO Lives

August 23, 2017

OMEGA MVP Making a Difference for Years to Come

Covington Partners Summer Program 2

“Children are apt to live up to what you believe of them.” – Lady Bird Johnson

We’ve heard it said time after time–children are the future. But have you stopped to wonder just what we are doing to ensure that their (and our) future is bright? For one Covington, Kentucky organization, they’ve made the success of the local children and teens a priority from day one.

In 1999, the Covington community recognized that youth substance abuse and violence were becoming a problem that the schools could not address alone. At that time, Dr. Janice Wilkerson formed a cross-sector coalition to address these topics and Covington Partners in Prevention opened its’ doors.

Their Vision: Covington Partners envisions a future in which all Covington children realize the promise of their full potential.

It didn’t take long for the community to see the benefit of this work, lending more and more support from not just Covington, but the whole Northern Kentucky area. From businesses to schools, law enforcement entities and healthcare professionals, it was clear the success of the youth plays a direct role in the success of the region.

By 2001, Covington Partners in Prevention began a variety of mentoring programs, promoting mental and physical health, family strengthening, and staff training and support. In 2004, the organization became a registered 501 (c) 3 organization and by 2008, their name was officially changed to simply and inclusively, Covington Partners.

“While many youth serving organizations specialize in one activity or program areal, Covington Partners supports the whole child,” said Tom Haggard, Resource Development Coordinator at Covington Partners. “We know our students can achieve anything but they sometimes have barriers standing in their way. Our job is to help remove those barriers through programs designed to support academic achievement, youth development and family and community engagement.”

Covington Partners

Covington Partners programs includes before school, after school and summer learning out-of-school time programs, their one-on-one mentoring programs, a number of wellness initiatives and family engagement activities, and the Leadership and Resiliency Program (LRP).

Mentoring

If you think Covington Partners will simply change the lives of the children, think again. In fact, the tagline of their mentoring program is ‘mentor ONE student, change TWO lives’. Whether it’s playing a game, filling out college applications, lending some advice or simply sharing a laugh, it’s easy to see the positive impact each mentor has with their student—but that impact goes both ways. “Any adult who has been through our mentoring program will tell you that they learn just as much, if not more than the student,” Tom said. “Lasting relationships are built, each unique and special in its own way.”

These relationships are highly impactful on students’ school attendance, behavior, and academic achievement.

Prevention

Another incredibly successful program Covington Partners offers is their Leadership and Resilience Program (LRP). LRP is an intensive substance abuse prevention program designed for ‘at risk’ adolescents and teens. The program consists of resiliency groups, community volunteer experiences, and adventure learning and focuses on three main areas: goal setting, positive coping skills, and healthy relationships. LRP works with short term goals, such as reduced school behavioral incidents, as well as long term goals like reduced substance usage and high school graduation/college enrollment or employment.

The success is all in the numbers. With a 95.6% retention rate, 100% of LRP participants have graduated or are on track to graduate high school. Even more, 99.2% of LRP Seniors have enrolled in a post-secondary institution or the military.

For Tom Haggard, there’s one moment each year he holds especially close—Graduation Day. “You watch student after student walk across that stage to get their diploma and know that the work we do each day has touched their life. The work that we do matters.”

Covington Partners Mission: Covington Partners works every day to keep our community moving forward by eliminating boundaries to learning and success. Through innovation and collaboration, we create safe and engaging environments for our students and families to learn and grow.

Covington Partners Values: We believe our students have the potential for greatness. We create safe and engaging learning environments. We believe that learning has no boundaries. We believe with the unwavering support of schools, families and the community, our students will succeed.

Get involved! To find out how you can join, mentor, or donate, go to their ‘Get Involved’ information section. Learn more about Covington Partners by visiting their website and liking them on Facebook. Covington Partners is located at 257 Pike Street, Covington, KY 41011.

MVP LOGO

The OMEGA MVP program was organized to help recognize, celebrate and promote the Merchants, Vendors and Partners of OMEGA Processing Solutions. Covington Partners has been an OMEGA merchant since 2013.


Black Friday is Coming!

August 18, 2017

There are less than 100 days until Black Friday and the official start of the holiday shopping season. Are your gift card and customer loyalty programs ready? We can help.

Here are just a few ways that OMEGA Processing’s customized gift card and loyalty program can help your business:

  • Add new — and loyal — customers
  • Extra spend — the average customer spends MORE than the value of the gift card
  • Higher margins — consumers are more likely to pay full price when using a gift card
  • Decreased returns — gift card recipients buy what they want, meaning less returned merchandise for you
  • Improved cash flow
  • Customized rewards program to best fit your business

PLUS, with OMEGA Processing’s gift and loyalty program, you can order professionally designed accessories, such as envelopes, display stands, card holders and window clings. And our program comes with a FREE mobile app. Visit our website or contact us today at 866.888.9724 for more information.

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Back to the Basics — Merchant Processing 101

July 26, 2017

As a business owner, a topic you often have to discuss and review is ‘merchant processing’. With so many things on your plate, sometimes it’s good to take a moment and go back to the basics.

What Exactly is Merchant Services?
Merchant services. Electronic payments. Merchant processing. It goes by several different names, but what exactly is it?

Simply put, merchant services is the process by which businesses accept electronic payments, meaning credit and debit cards. In a broader sense, however, Merchant Services includes online ordering, mobile payments, gift and loyalty card programs, electronic check guarantee and processing and point-of-sale systems.

In order to process electronic payments, a merchant (or business) must have a merchant account with a credit card processing company or bank. Many banks have a referral relationship with a credit card processing company for their customers. OMEGA Processing Solutions has been providing merchant processing services since 2003.

Credit Card Processing Process
It sounds simple enough, but the processing itself can be complicated. Here’s a graphic explaining the process of how credit cards are accepted for payment and merchants are credited for their sales. For more information on credit card processing, visit www.omegap.com

Credit Card Cycle 2

Benefits of Partnering with OMEGA Processing:

  • Guaranteed lowest total processing costs
  • Billing and fee transparency
  • The latest hardware, software and point-of-sales solutions
  • 24/7 local service and support
  • Friendly, knowledgeable sales and service professionals
  • A referral bonus up to $100 per account