This past month, our company announced our new integration for payment processing within AccountMate. This integration has added functionality and several key features that will increase the speed in which you process payments, automate the process, eliminate compliance issues, and drastically lower costs from the Card Brands.
Automating Your Payments Workflow within AccountMate
When entering orders through AccountMate, users can enter and verify the required credit card information directly through the software with no 3rd party login required. You want this transaction to flow through your standard shipping process and ensure the funds are available when you go to ship your product. Once shipped, you will want the credit card to capture the funds (to cover the product & shipping costs). When the sale is complete, you want to make sure the integration can automatically update your bank rec and general ledger. Our integration covers these workflow scenarios, helping save time and eliminating double entry errors.
Tokenization and Vault features
Several years ago, processing credit cards without a token was a normal business practice; however, in today’s payment landscape, this can cause serious issues with PCI Compliance, including potentially expensive fines from the Card Brands.
You will want to make sure you are using an integrated system that automatically tokenizes the credit cards you receive.
If you have clients who consistently pay with their credit cards, you will want to use a Vault-based system, which stores the credit card information (via Tokens) on your system. Our integration covers both of these extremely important compliance issues.
Level 3 Processing for lower B2B costs
Usually when you process a credit card through an ERP like AccountMate, the only data you send to validate the card are the 16 digits on the card, the expiration date, 5-digit zip code, CVV, and the dollar amount. This is called a Level 1 transaction, which has the highest cost for Visa and MasterCard Business Card transactions. You will want to send additional line-item information (i.e. Invoice Number, Item Description, Item Quantity, Shipping Information, Tax Information, etc.) to reduce your transaction costs. Depending on your B2B credit card volume, this can bring thousands of dollars in savings to you. Our integration comes with Level 3 Processing built in, at no cost to you!
If you are interested in learning more about our integration with AccountMate, contact us to set up a demo.