Tag Archives: credit card processing
With FSSI in full swing and many contractors trying to fit the pieces together, one area that is often forgotten but most important is getting paid. While FSSI is requiring that contractors provide Level III line item detail, the benefit that this can provide to the contractor is often overlooked. By providing Level III data, the contractor can save a significant amount of money and reduce the amount they pay to the card companies. This by itself has tremendous value… Read More »
Recently, Mark Amtower showed the statistics in the decrease of spending in the GSA SmartPay program. Spending dropped approximately 3 billion dollars and 20,000 transactions in FY 2012 compared to FY2011. Are you suffering from lowering buying from the government? If so, how do you offset this? It’s time to look at your expenses. The first place to look is at your credit card processing expenses.
As discussed extensively in this blog, providing level 3 data can reduce your expenses… Read More »
Guest Post- Jennifer Schaus of Jennifer Schaus and Associates
Today Government Charge Card is pleased to publish a piece by Jennifer Schaus. Jennifer is the principal of Jennifer Schaus & Associates, a boutique government consulting firm in Washington, DC with offices in Rome, Italy. The organization helps small, mid-size, Fortune 500, domestic and international firms with government contracting; GSA Schedules to 8a Certification as well as sales, marketing and lobbying.
Yes, “Clear Winners and Losers” – GSA’s words, not… Read More »
It’s the beginning of a new year. Out with the old and in with the new as the mantra goes. It’s that time when we look for a new start, a different way of thinking, thoughts about how to improve our business, etc.
Recently, a blog written on January 10th by Dan Tangherlini , Acting Administrator, General Services Administration, titled GSA to Launch 10 Strategic Sourcing Initiatives, spells out the new, upcoming initiatives of strategic sourcing and the plans to… Read More »
Many banks, especially in the Washington, DC area, have developed special programs for lending to federal contractors. These include Virginia Commerce Bank, John Marshall Bank, First Virginia Community Bank, Capital Bank, Virginia Heritage Bank, Sandy Spring Bank, Xenith Bank, United Bank, Access National Bank, Cardinal Bank, Bank of Georgetown, and Freedom Bank of Virginia. These institutions understand that working with businesses that have the government as their main customer requires specialized knowledge and expertise.
Washington Technology had an article about one… Read More »
The pricing in your bids to the government just got a lot more competitive.The Office of Management and Budget (OMB) released a memo on December 5, 2012 that outlines the focus of more Strategic Sourcing Initiatives.
As OMB’s Deputy Director Jeffrey Zients notes in the memo, “One key way agencies have saved money is by pooling their spending, either by centralizing the agency’s contracting decisions or by using government-wide strategic sourcing vehicles, in order to lower prices and reduce duplication and… Read More »
A memo released by the Office of Management and Budget (OMB) on December 5, 2012 focused on continuing to new direction on federal procurement practices. As OMB’s Deputy Director Jeffrey Zients notes in his Dec. 5 memo, “One key way agencies have saved money is by pooling their spending, either by centralizing the agency’s contracting decisions or by using government-wide strategic sourcing vehicles, in order to lower prices and reduce duplication and reduce administrative costs.” Building on established… Read More »
In an earlier article, I wrote about how the cost of processing a credit card (the interchange) is dependent on multiple factors such as the type of card issued, how it is processed, and the type of business that it is used in. Taking the data that is required a step farther, below is a summary of the required data elements that make up all levels of processing:
LINE ITEM DATA
Transparency in government will continue to be a hot topic for quite some time, especially as more stories continue to emerge of it helping executive departments and agencies become more efficient and of transparency helping to prevent fraudulent use of public funds.
Take for instance a recent article in Federal Computer Week that discussed transparency as being credited for preventing fraud from occurring with the Recovery Act of 2009. Earl Devaney, retired chairman of the Recovery and Accountability Board, highlighted… Read More »
With the challenges that many government contractors face today, it is no wonder that they rely on their banks to set up their credit card processing.
The unfortunate downside for relying on banks however, is that they are not in business to make sure that contractors are properly set up to accept credit cards in the most efficient and economical matter. If they were, then merchants would be able to submit purchases electronically to a government buyer with detailed transaction information…. Read More »