Reduce Your Credit Card Processing Fees
MKT Credit Card Processing with REPAY is the only Level 3 payment processing that integrates with AccountMate
Reduce your credit card fees by up to 43% and simplify your credit card transactions at the same time—with MKT Credit Card Processing, a vertical add-on solution from Bailey Enterprises for AccountMate that works in tandem with REPAY for credit card processing. It’s all seamlessly integrated with AccountMate to process payments efficiently, reduce risk, and improve your cash flow.
Get a great overview – Watch our 18-min. webinar recording
(This webinar refers to American Payment Systems. APS was rebranded as REPAY; it’s an all-in-one integrated payments provider that reduces your processing fees and processing time without changing your current accounting processes.)
Why provide Level 3 data to your credit card company?
1. Save money
For business and government cards (not consumer cards), credit card companies will reduce your interchange fees when you include industry-standard Level 3 enhanced transaction data, like line item details, tax amounts and invoice numbers (effectively, customer invoice line item detail), because this data reduces their risk and cost of fraud.
Simply put, you’re typically paying the credit card processor 2.5% to 3% of a transaction if you’re keying it in on a website or via a hardware terminal, neither of which support Level 3 detail. But with the MKT REPAY combination, that’s reduced by 0.5% to 1.5%.
For clients who process mostly business-class credit cards, at NexLAN we typically see total credit card processing fees reduced by a third, resulting in one larger client saving $100K/year—straight to their bottom line, automatically—while saving time and effort as well. REPAY’s average mid-market integrated ERP client saves $10,000 to $20,000 annually.
Contact NexLAN to find out what you could save in interchange fees based on your most recent two months of credit card transactions:
2. Save time
When add-on software fully integrates with AccountMate, like MKT Credit Card Processing does, that means data will transfer seamlessly across your workflow to where it’s needed.
The MKT Credit Card Processing plug-in allows you to enter credit card payments directly in AccountMate and the payment is then available in your account the very next day. MKT is what does the seamless integration between AccountMate and REPAY so you don’t have to key everything in. You save time by not entering it on your bank website and THEN in your system, and it’s more accurate as there are no typos between the two systems.
Compare the steps to complete a credit card transaction
See how MKT Credit Card Processing eliminates the need to spend time recording the payment:
- You go to your bank’s website
- You type in the card number and amount
- You hit save
- You go to AccountMate
- You pull up the customer account
- You type in the amount and invoice number
- You hit save
- You recorded the payment twice!
- When the sales order ships, the customer can be billed automatically
- It hits the customer’s card
- It applies the payment
- It marks the invoice as paid
- You recorded the payment zero times!
That’s an awesome improvement to your payment processing process!
Improve your cash flow—and shrink your credit card fees too
With MKT Credit Card Processing from Bailey Enterprises, you can reconcile all transactions. They’re listed in your AccountMate Cash Receipts and Refund reports. MKT provides the connection between AccountMate and the credit card gateway—REPAY in this case.
Reduce your declined credit cards too, by pre-authorizing cards
MKT Credit Card Pre-Authorization will confirm that the card’s available funds are enough to pay your transaction amount, and put a hold on the funds you’ll be charging—before you commit your inventory and your time to prepare, pack and invoice the order. That means you don’t have to wait until you’re ready to invoice to find out if payment will go through.
A pre-authorization is usually done at the time the Sales Order is being entered. You set it to be in place any number of days up to 30 days. For example if you typically take 5-6 days to pick, pack and ship, then you might set your pre-authorizations for 7 days.
If you deal with declined customer credit cards regularly, this feature alone will save you a lot of time, money, and order shipment delays. With a pre-authorized transaction, you know the charge will go through and you’ll get paid the money.
The preferred processing gateway is REPAY (Realtime Electronic Payments) which, besides offering highly competitive processing rates, passes the Level 3 information to the processor resulting in drastically lower costs for business class cards. We at NexLAN can tell you that REPAY has fantastic rates.
With REPAY, you get fast 12-hour funding. Wouldn’t it be great to see the previous day’s credit card payments in your account when you arrive to work in the morning?
And all of your credit card transactions will automatically be checked against the available interchange rates and different card types you’re accepting, to ensure that you’ll receive Level 3 rates for as many transactions as possible, every time.
- 24x7x365 merchant support
- No minimum number of transactions
- Next day funding available
- Daily automatic batch reporting
- Plenty of reporting options
- Ability to integrate with POS, mobile and ecommerce
Oh yeah, and if you’re wondering about PCI compliance, sensitive credit card data is stored encrypted (PCI compliant) in REPAY’s tokenized vault in the cloud. Credit card numbers are never stored in your system—only “tokens” unique to you which point to the actual card info in the secure cloud of REPAY.
Learn more about improving your customer satisfaction, cash flow, workflow efficiency and bottom line, by downloading the Merchant’s Guide to Integrated Payment Processing.
Find out how much your fees would go down
Request a free no-obligation analysis of your most recent processing fees so you can see what savings you qualify for. We’ll chat about your particular transaction types and volume to give you an estimate of what your savings would be.
There are only two reasons to make changes to your accounting and financial management software. To save time (and hopefully scale your business) or save money (and increase profitability). On a good day you can accomplish both of those goals with a single system improvement, and this is one of those days if you accept customer credit card payments.
It’s free to look, and the analysis to let you know the expected savings of Level 3 processing for your exact business is also free. We’re not high pressure so you have nothing to lose—and only time and money to gain.