Thursday, May 23, 2024


Upgrade Your Payment Processing, Increase Your Profits, Part 1


A Two-Part Series on new opportunities with integrated processing

If you are using the same credit card processing service that you first contracted with 20 years ago, you are most likely paying too much in fees and not getting the service and flexibility you need. Jon Gilbert, Director of Ecommerce and Partner Development at Qualpay, compares using outdated processors to driving a first-generation Chevrolet Spark – you have the right idea, but a newer model will offer features that weren’t available two decades ago.

Payment processing options have transformed as much as electric cars. There are new PCI compliance and data security requirements such as tokenization and encryption, and failure to meet these standards could cost a company hundreds of thousands of dollars in fines … and its reputation. Recent changes in commercial credit card processing requirements, if not followed closely, could cost fuel companies as much as 75 basis points on every transaction. And these are just two of the myriad savings opportunities that older credit card processors could be missing.

Today, faster and simpler is better. With Qualpay’s integrated payment solutions combining the merchant account and payment gateway under one service, business owners and financial managers have easier access to all their transactions, can combine multiple business lines and can manage and track the payments across multiple platforms.

The Qualpay platform accepts credit cards, ACH/e-check transactions, recurring payments, budget billing and more. The company is always updating its capabilities to meet the needs of fuel providers, and has recently added convenience fees, surcharges and text-to-pay options, and integrates with online customer service platforms. In fact, according to Gilbert, one of the first things the company does is work with the customer portal providers to ensure a smooth transition of data, security measures, account profiles and passwords.

Most fuel companies understand the need for online payment processing. An integrated solution offers more services and more ways to get paid quickly! Many older processors accepted only one form of payment – credit cards or ACH – and businesses looking to accept both needed to work with multiple gateways. Qualpay technology accepts these and more, with the secure data transfers and PCI compliance you expect from a Level 1 Compliant provider.

Qualpay offers extensive and customizable reporting and account reconciliation with flexible filtering so you get the information you need, even on months-old or years-old transactions. Say goodbye to digging through storage boxes of paper statements to respond to a disputed charge!

Gilbert has lots to say on the subject of the fees associated with credit card acceptance. “In the end it’s difficult for Energy Marketers to interpret many of the fees they find on their statements. Between changes in Interchange categories, card brand fees and processor expense, it is a lot to keep up with. It pays to have an experienced industry professional review your statements periodically to explain these changes while exploring any savings opportunities.”

The interchange rates and card brand fees often make up 80% of an energy marketers’ credit card bill. Lowering them where possible is job one. About five years ago, Visa, MasterCard and Discover changed the acceptance requirements to receive the lowest eligible rates on commercially issued credit cards. Previously, banks simply confirmed the money was available and completed the transaction. Today the transaction needs to include invoice numbers, merchant postal code, merchant tax ID, order numbers, tax indicator and sales tax amount to enjoy target interchange (lowest eligible rate). Older systems, developed before these requirements, result in downgrades that end up costing the business more. Qualpay can save energy marketers the 75 basis point downgrade fee on your commercial card transaction. Looking at it a different way: Your commercial transactions often command a higher ticket. At .75% (75 basis points) this equates to $7.50 per $1,000 accepted. As Gilbert quipped, “that’s more than lunch money for marketers serving commercial accounts.”

For more information on Qualpay’s integrated payment processing and complementary payment audits, or an estimate of how much your company can save with Qualpay services, contact Jon Gilbert at (207) 321-1150 or email jon@qualpay.com.

Software and Technology
Payment Processing
March 2023

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