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4 Gotchas to Avoid with Acumatica ERP Credit Card Processing

Acumatica ERP Credit Card ProcessingAre you Paying Too Much for Acumatica ERP Credit Card Processing? 

If you’ve ever shopped for a credit card processor, then you know there are a lot of moving pieces, complicated terms and conditions, and costly consequences in the fine print. We recently co-hosted a webinar to educate Acumatica customers on the 4 most common “gotchas” when choosing and working with an Acumatica ERP credit card processing provider. 


Gotcha #1 - Providing Your Merchant Statement Up Front

“Give us your merchant statement and we’ll tell you how much you can save.” How many times have you heard this? Everyone asks for your merchant statement, but the only way to know you’re getting a provider’s best pricing is to ask them to quote their rates first in writing. Then you can provide your statements for custom analysis once they’ve stated their rates. It gives you a stronger negotiating position by making the processor put their cards on the table first. You can still negotiate from there but now you have the advantage.

At VIP Integrated Payments (VIP), we’re always happy to provide our quotes to you upfront. We’ll ask for your statements eventually to ensure you’re getting the absolute best pricing. We can also bring in the platform and providers you need for your specific requirements because we act as your payments consultants: we work for you, not them.

Gotcha #2 - Skipping the Annual Rate Review

Did you know that you can require an annual rate review from your processor? You should always request an annual rate review meaning that if you're with a provider now hold their feet to the fire and get them to review your rates to see if you can get a better deal a year in. And then do it next year. Also, never accept a tiered pricing structure. It's the least transparent form of pricing and is generally not going to save you money.

Gotcha #3 - Falling for Big Savings

What you're going to see a lot of times is grossly overstated savings and what that means is there are a lot of ways for a processor to show you that you're going to save all this money but at the end of the day you want to be able to do the math on it and see the savings yourself.

Pay particularly close attention to the Level 3 savings. This is where processors are commonly showing that you're going to save the most money. But sadly what you may find is that you'll be lucky to get 20 or 30 percent of your payments at Level 3 if you do a lot of business to business. Ideally, you’ll want to work with somebody that provides a gateway that does interchange optimization like VIP. We do not overstate the amount of Level 2 and Level 3 savings you're going to get.

Gotcha #4 - Leasing Equipment

Depending on your business model and how you accept payments, you may not need a terminal. But if you do, never lease them. It's an easy way for the credit card company to make money because there are a lot of terms that you don't understand. Terminals and leasing of terminals are generally offered by less scrupulous providers that don't really have anything else to offer you. They want you to be with them long-term and paying them recurring revenue.

Buy the equipment instead. Generally, it's more inexpensive than leasing. Comparatively speaking, it's probably 100 times less than you would pay if you were leasing it. VIP offers free equipment for our clients that need it, including buy one get one free if they need multiple units.

Find a Trusted Acumatica Credit Card Partner

The other easy way to avoid all these gotchas is to find a trusted expert to guide you. VIP Integrated Payments (VIP) is a leading provider of integrated payment technology solutions to North American merchants.  We are differentiated by our strategic partnerships and multiple platform model. VIP provides a broad suite of end-to-end payment solutions and superior US-based customer support. We have spent more than 25 years integrating and developing relationships to help you get the best deal.

Our VIP credit card processing solutions integrate seamlessly with your Acumatica and most other ERP/accounting systems, allowing you to accept credit card payments inside your software. The integration automatically posts payments to invoices, so there’s no need to go back into your program at the end of the day to reconcile your invoices or balance your general ledger. How much time could that save you every day?

Contact our experts at VIP today to start saving time and money with Acumatica ERP integrated credit card payments. You can reach VIP by phone at (888) 791-9390 ext. 101 or email us at info@vipintegratedpayments.com.