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

 

 

 


Happy (2nd) New Year!

August 9, 2017

August is back to school season, which means a new year, goals, challenges and opportunities. Now, expand that thinking from your childhood into your current world.

August presents you with the opportunity for a “reset” of sort and the chance to revisit opportunities and improvements you can implement in the remaining months of 2017.

Brighten Your Holidays with Gift Cards

With just over 100 days until Black Friday, NOW is the time to start preparing for the upcoming holiday shopping season. OMEGA Processing’s easy-to-use gift cards can help make your holiday shopping season brighter. And, our gift cards double as customer rewards cards as well. Register the customers into your loyalty program when they redeem the card and keep them coming back to your business.

Cross a Few Items Off Your Wish List

What could you do with $20,000 or $30,000? Expand your business…  retire debt… pay taxes… upgrade equipment… smooth out cash flow?

OMEGA Processing’s no-hassle business funding program provides short-term working capital so you can focus on your business and meeting financial goals. Get the cash you need now, and pay back the amount with a small percentage of each day’s credit card sales.

Streamline Operations and Improve Your Bottom Line

OMEGA’s virtual processing system (OMEGA VT) allows you to electronically invoice your customers, reducing paperwork and receivables. Plus you can earn lower interchange rates on B2B transactions. Finally, OMEGA VT provides e-commerce payment solutions, allowing your customers to pay directly from your website.

Never Miss a Sale

With our mobile payment solutions, you will never miss out on the opportunity to make a sale. We have two app options that both work on iOS and Android mobile devices, and our mobile card readers allow you to swipe or dip cards for lower interchange rates.

 


EMV Option Now Available for Virtual Terminal Card-Present Transactions

May 3, 2017

Are you looking for the best of both worlds? Do you want the features of a virtual terminal system but also do card card-present transactions? OMEGA now offers an EMV-enabled solution for these face-to-face transactions.

Now you can protect yourself from fraud and chargebacks during card-present transactions. Upgrading to an EMV terminal ensures that your business will not be liable for chip-card fraud.

Our iPP 320 EMV card reader is manufactured by Ingenico and works with Microsoft operating systems. We offer a one-time purchase price as well as three rent-to-own options.

Contact OMEGA Processing Solutions customer service at 866.888.9724 Ext. 7 to protect your business from card-present fraud.

iPP320


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

b2b-processing


OMEGA VT Product Overview

January 20, 2016

Our secure, web-based Virtual Terminal (OMEGA VT) allows merchants to process transactions without having to purchase expensive processing software programs or countertop terminals. OMEGA VT resides on an off-site server and is accessible through a secure web portal from any PC with an internet connection, day or night. No software upgrades are ever necessary, and no worries about storing cardholder data on your PC. OMEGA VT eliminates the need for constant PCI upgrades to stay compliant and reduces your exposure to compromised card data. All card and cardholder data is stored on our secure PCI-audited server, not on your PC.

  • Customizable Sales Templates: Eliminate the clutter of fields you don’t use. Simple template customization for disabling unwanted fields.
  • Twenty Custom Fields: We know every business is different. Along with that comes the need to capture industry or business-specific information, so we have included the ability for you to create up to 20 custom fields that you can tailor to your specific needs.
  • Robust, Full-Function Reporting: Historical transaction information is stored for up to three years and can easily be accessed via the OMEGA VT Reporting Tool. Robust transaction search criteria options allow you to quickly find the data you are looking for, without having to sift through a filing cabinet or match up receipts and settlement reports.
  • QuickBooks: Formatted reporting
  • Batch Upload: For sending and authorizing large numbers of transactions simultaneously.

virtual terminal

Recurring Billing

Setting up recurring billing payments for membership, service or rental fees has never been easier. The OMEGA VT Recurring Billing utility is user-friendly, flexible and ‒ best of all ‒ comes with your Virtual Terminal account at no additional cost.

Customer Vault / Online Customer Database

The Customer Vault picks up where Recurring Billing leaves off by allowing you to store customer and card information securely off-site, without having to assign a specific payment plan. If you frequently do business with the same customers, but not always on the same days or for the same amounts, then the Customer Vault is a perfect fit for you.

eCommerce Gateway

OMEGA VT can be integrated with your website for accepting payments directly from your web store. Transactions are securely captured and processed in real time and generate a receipt that can be displayed and emailed. All transactions are recorded in the Virtual Terminal Reporting and can be quickly retrieved for performing voids and refunds.

VT processing

Retail Swipe/Card Present Processing

Do you process card present transactions but still want to take advantage of OMEGA VT’s other services such as mobile processing, recurring billing, customer vault or invoicing? You can, simply by using OMEGA VT’s        Retail Swipe program and a USB card reader.          Utilizing the Retail Swipe service gives you                      the best of both worlds, and there’s no need                                 to purchase an additional terminal.

Invoicing

Electronic Invoicing allows you to generate invoices with line-by-line detailed information. Invoices are automatically converted to PDFs, attached via email and sent to customers’ billing addresses. Customers simply follow a link in the email to pay their open invoices

electronic invoicing

Level II and Level III Processing ‒ B2B

Earn lower interchange rates on B2B transactions with Level II and Level III Processing. Do you mainly process B2B transactions with an occasional consumer transaction? Level II Processing can mean a 0.50% -1.50% savings on interchange rates, and it’s built in to every OMEGA VT account. Level III Processing provides an even better interchange rate savings opportunity but is most appropriate for merchants who primarily process B2B transactions using government or corporate purchasing cards. Level III Processing requires a number of extended data fields and is limited to certain processing networks.

iSpy Fraud Security Suite

Stop fraud before it happens! iSpyFraud adds additional layers of security when using the OMEGA VT and payment gateway for processing transactions through your web store. iSpyFraud is a rule-set based, fraud-management utility that allows you to configure extensive filters to help you detect and screen suspicious transactions. The thorough reporting system gives you a quick and easy way to review transactions, block suspicious activity and zero in on malicious users. iSpyFraud looks at transactions both before and after processing and can decline them both before and after authorization. This security suite increases security, decreases chargebacks and reduces product lost from fraudulent transactions.

QuickBooksTM SyncPay

QuickBooks TM SyncPay plug-in provides support for synchronization and payment processing from directly within QuickBooks ProTM, QuickBooks PremierTM, and QuickBooks EnterpriseTM (version 2007+) . Not compatible with POS and Online versions.

Quickclick Integration and Shopping Cart

Quickclick is a quick and easy way to integrate the OMEGA VT and Gateway with your web store without having to hire a web designer. Quickclick is a 2-in-1 HTML generator that first allows to you create and customize products on your website and then create customized payment buttons and fields ‒ all without having to write a single line of HTML code on your own.

ecommerce

VT Product Manager

The VT Product Manager is a virtual database that you    can use to store frequently sold items for quick recall  when making transactions. Also, you can create Item Packages that bundle multiple items. An Auto-Calculate tool totals the order total and auto-populates the information onto the screen. There is no additional cost   for the VT Product Manager.

Payer Authentication (VbV/MCSC)

Also known as Verified by Visa (VbV) and MasterCard® SecureCodeTM (MCSC), Payer Authentication allows consumers to shop online more securely. VbV/MCSC enables cardholders to create a PIN and assign it to their credit or debit card. During checkout, the customer is prompted to enter their PIN. The cardholder’s identity can then be confirmed by their Card Issuing bank. Visa and MasterCard reward merchant adoption of these programs by providing chargeback protection for domestic and international transactions.

Mobile Payments

Accept payments anywhere with the free iProcess Mobile Payment app. In addition, you can purchase an encrypted mobile swipe to swipe credit cards and obtain card- present rates.

Mobile-Payments resized for website


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.

VT processing


Happy Earth Day — April 22

April 22, 2015

Happy Earth Day, which is a day set aside for the world to demonstrate support for environmental protection.

Want to do your part to save the planet? Contact OMEGA Processing to learn more about our resource-saving solutions.

Electronic Invoicing

With electronic invoicing from OMEGA Processing’s virtual terminal, OMEGA VT, you can generate invoices and automatically e-mail them to your customers. And, your customers can pay directly from the e-mail. Switching to paperless invoicing you can save yourself and your customers time and money while at the same time working to save thousands of trees.

Generating the invoice is simple. You can set up invoice terms and payment methods. Line-by-line detailed information, including Item Description, Quantity, Unit and Cost, is shown to your customer. There’s NO limit to the number of invoices that can be sent, and NO website is required.

Online Merchant Statements

OMEGA Processing Merchants have the option of viewing their statements through our secure online Merchant Portal rather than receiving a paper statement. Our enhanced secure Merchant Portal allows you to:

  • View monthly credit card sales by card type
  • View year-over-year credit card sales by month
  • View special announcements and product information
  • View and update account information
  • View past-months merchant statements

Contact us today at 866.888.9724 Ext. 7 or info@omegap.com to learn more about this paper-saving and money-saving options!

Earth Day