The ongoing economic and budget situation facing our federal government is forcing agencies and contractors to find ways to become more efficient and accountable. One of the issues that needs to be addressed is in the way government payment card processing occurs.
By becoming Level-3 compliant for financial processing, contractors serving federal agencies can be more efficient and save money on every transaction through lower interchange fees and charges. This in turn helps federal agencies to achieve greater efficiency and to cut card abuse with greater purchasing transparency.
Because of these clear benefits, the GAO has recommended to the GSA that they require government contractors to collect and pass Level-3 data for purchases made using the GSA SmartPay charge card. Many government contractors however, are unable to fulfill the GSA’s request for transactional data due to the limited capabilities of their current payment processor, and/or an inability to integrate with a financial, accounting ERP system.
Financial Transaction Services (FTS) has launched GovernmentChargeCard.us to address these challenges. We can help contractors become compliant directly through a secure processing network, as well as through counsel on how to seamlessly integrate Level-3 data with existing financial software systems.
Our goal on this platform is to provide a forum to discuss the benefits, industry tips, best practices, and news of the Level-3 initiative. Federal agencies, contractors and financial and accounting software vendors supporting the government contractor community will benefit from the information shared here.
We intend to engage, educate, and raise awareness of Level-3 processing, and we encourage your participation. Please share any comments, questions, or suggestions you might have on this site. We also invite any experts to submit third party content that can be beneficial for the community.
About Financial Transaction Services
Financial Transaction Services is a leading provider of payment processing services, with over 25,000 clients utilizing our services. FTS will process over $10.5 billion in transactions for customers in 2012.