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Securing B2B Level 3 Savings for Your Sage Payment Needs

Integrated Level 3 payment processing is crucial for B2B companies using Sage in order to streamline workflows, save money, and efficiently leverage the Sage integration.

Is your Sage payments provider meeting your needs as a B2B business, or causing you to miss out on major Level 3 savings? Not all Sage solutions provide the features and functionality that merchants need.  COVID-19 has placed many new constraints and challenges on businesses of all kinds this year. Adapting to the new normal of remote work and digital payments requires payment solutions that do much more than simply process credit cards and debit cards.  This blog introduces you to the benefits of Level 3 B2B processing for Sage users, and lists 5 features that your business needs to demand from your payments provider - or what to look for in a new payments solution if your current provider fails to deliver.

Benefits of Level 3 Processing

Merchants that qualify for Level 3 can save thousands on their processing costs. Level 3 B2B payment processing collects specified transaction data and submits it to lower processing rates for qualifying business to business (B2B) and business to government (B2G) transactions. Integrated and automated Level 3 processing solutions pull the required data points without additional labor, man hours or manual data digging in order to maximize savings.

 

Qualifying for Level 3 Credit Card Processing

Level 3 processing requires that businesses be designated as a B2B merchant with the credit card networks, and that specific line item data in credit card transactions be captured and submitted. These additional data fields include merchant name and address, invoice number and tax amount, plus line item details such as item description, quantity and unit of measure, freight amount, and commodity and product codes. B2B level 3 processing rates are not available for flat rate or tiered rate credit card pricing plans, and therefore merchants must be on an Interchange Plus Pricing plan to realize these savings. 

The different submission requirements for Level 1, Level 2, and Level 3 processing can be found in the chart below. 

Merchant IDs Hotels

1. Payment need: Level 3 Processing

Merchants processing Level 3 transactions will save money because of lower interchange rates. In addition, these merchants receive detailed reporting that enables detailed transaction tracking from start to settlement. In fact, up to 60 different data points can be used to tailor reporting to individual business needs. Level 3 transactions on average will cost a merchant 0.50-1.50% less than the standard Level 1 transaction. This amounts to massive savings year after year.

 

2. Payment need: Seamlessly Integrated with Sage

Does your processor have an integration with your current accounting system, ERP, or eCommerce shopping cart? Payment solutions that are built natively within the platforms you already use allow you to move, transition, and flow information seamlessly between them.

B2B payments providers integrated with Sage can offer a wide array of features, integrations, and automations to help your company. Seamlessly integrated solutions connect your software solutions all together (ERP, AR, shopping cart, POS, etc.), with shared tokens for easy reconciliation.  Efficiently leveraged payment integrations create a seamless experience for customer and business users at all possible touchpoints.

3. Payment need: All-in-One Processing

The right payment gateway integration will be from an all-in-one processor who is capable of meeting all of your needs as a merchant services provider to help you find the best payment processing services for your business.  Obtaining merchant accounts separately for each method of payment that you want to accept is cumbersome and inefficient. Having just one trusted provider to verify and enable all transactions eliminates any redundant fees and duplicative paperwork.  An all-in-one payment solutions provider can allow you to keep your merchant account but change banks, should the need ever arise.

4. Payment need: Integrated invoice portal

Slow, paper-based A/R processing methods are costly. B2B payment solutions such as automated payments put funds directly into your bank account without manual entry, thus saving on labor, saving time, and reducing the risk of entry errors. 

Customers who are able to pay how they want to are more likely to pay on time, remain loyal customers, and report overall satisfaction with the payment service. Online payment portals, such as REPAY ClickToPay, enable payments to be made remotely. Customers who can safely save their information off your servers and pay their bill with the click of a button will be more likely to pay faster and improve your cash flow. 

Safely storing customer information in a cloud-based vault removes sensitive financial data off your private servers and limits your PCI scope and liability. B2B FinTech firms are able to read your customer’s digital signature, safely tokenize their data, and confer with financial institutions all before authorizing the payment.

5. Payment need: Key Features for any Solution

Your payment solution needs to have a lot of key features in order to fully realize your full profit potential as a B2B business. Not all B2B payments companies are created equal. If your business requires you to accept global payments or cross-border payments then traditional banking options for small businesses will not be enough. It is imperative that your payment solution be omni-channel with multi-currency options. 

Other key payment feature considerations include:  24/7 live customer support, line-item detail on merchant statements, and an accessible integrations team on staff. 

If your payments provider for Sage is not meeting these expectations, it is time to cut your losses and begin looking for a new processor. Know what to look out for when selecting a payments provider, and start benefiting from automated level 3 discounts!

As the B2B and payments industries changes, REPAY is here to help!

REPAY has a team of payments experts standing by to educate you on integrated payment processing.  REPAY offers omni-channel B2C and B2B integrated payment solutions and is a gateway and processor that is trusted by thousands of merchants daily to process payments. With payment integrations to many leading ERP and eCommerce platforms like Acumatica, AccountMate, Adagio, Sage, SAP Business One, Magento, WooCommerce, BigCommerce, Miva, and more, REPAY is leading the way in the payments industry by providing omni-channel integrated payment solutions and 24/7 live customer support.

There is a lot to know when researching the best payments solution for your business. This free credit card processing buyer's guide can help you stay informed on the basics, features, and trends to secure the best possible payments solutions for your business.New Call-to-action

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