Tag Archives: government contracting and processing
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 »
Often times when the subject of level 3 processing comes up, a blank stare and glazed eyes all of a sudden come to life. Many government contractors just don’t understand the nature of how credit card transactions qualify with the credit card processing networks, let alone how the money magically appears in their bank account or how the fees that they are charged for those transactions are calculated.
While Visa/MasterCard Interchange tables, the mechanism that determines how much the card transactions… 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 »