Tag Archives: government card
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 »
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 »
In a recent article at the Federal Times, Sarah Chacko wrote about the impending changes to the Strategic Sourcing Initiative.
The GSA implemented Strategic Sourcing Initiatives to reduce costs and improve the overall procurement experience. According to the GSA, FSSI has been implementing strategic sourcing solutions for the government since 2005. The initiative has proven results that include cost savings, improved management visibility and adoption of industry and government agencies best practices. The initiative also has helped improve government management of commonly purchased goods… Read More »
In previous posts, we have mentioned that a new law was in the works that would require federal agencies to put new safeguards and controls on government charge card use by federal employees. As Jack Moore of Federal News Radio reports, the Government Charge Card Abuse Prevention Act of 2012 was signed into law on October 5th, and agencies will now face stricter rules for issuing and tracking government charge cards. The legislation was introduced by Sen…. 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
There is an implicit expectation from federal customers that credit card merchants will handle their information in a secure manner. However, since February 2005 more than 150 million records with personal information have been compromised.
Most recently, in May of last year Lockheed Martin released a statement saying that they had suffered a “significant and tenacious” attack on their information systems network. Customer, program and employee personal data may have been compromised.
Fortunately, government contractors can find comfort in knowing that a… Read More »
I’ve spent many years helping commercial companies get the best possible rates on their financial processing charges. Over three years ago, I organized a small team to focus on bringing that benefit to the government contractor community.
It soon became apparent we had a big educational effort on our hands. Now I realize that there is always a fear of change in every market. But a good part of the resistance to Level-3 financial data in the government contractor community seems… Read More »
ERP systems, credit card processors, online payment gateways – these understandably are not the sexiest topics for many people. And as a consumer, there is little incentive to understand how these backend processes work, since the merchant pays the fee.
But if you’re a government contractor, not understanding how financial processing works can be very damaging. It means you’re probably doing a disservice to your government customer and to your own bottom line.
This post will give a high level overview of… Read More »