How Using Level 3 Data Can Reduce Credit Card Processing Fees for Sage 100

-

 

July 1, 2024 | Anthony Volpe

How Using Level 3 Data Can Reduce Credit Card Processing Fees for Sage 100

In today's competitive business environment, every dollar saved can contribute significantly to a company's bottom line. One often overlooked area for potential savings is credit card processing fees. For businesses using Sage 100, leveraging Level 3 data can lead to substantial reductions in these fees, offering a straightforward way to enhance profitability.

Understanding Credit Card Processing Fees

Credit card processing fees are typically divided into three levels, with Level 3 offering the most detailed information. While Level 1 and Level 2 data include basic transaction details like merchant name, transaction amount, and tax amount, Level 3 data provides a comprehensive breakdown, including:

  • Line-item details: Each item purchased, including description, quantity, and price.
  • Tax information: Detailed tax information for each item.
  • Customer code: A code that identifies the customer.
  • Shipping data: Information about shipping, such as ship-from and ship-to postal codes.

Benefits of Level 3 Data

Using Level 3 data in transactions can significantly reduce interchange rates, the fees that businesses pay to credit card companies for processing transactions. Here's how it benefits Sage 100 users:

  1. Lower Interchange Rates: By providing detailed transaction data, businesses can qualify for lower interchange rates, especially on commercial card transactions. This can lead to savings of up to 1.5% per transaction.
  2. Improved Transaction Security: The detailed data helps reduce the risk of fraud, as each transaction is documented with granular details.
  3. Enhanced Customer Insights: Businesses can gain deeper insights into purchasing patterns and customer behavior, which can inform better decision-making and strategic planning.
  4. Streamlined Reporting and Reconciliation: Detailed data simplifies the process of transaction reporting and reconciliation, saving time and reducing errors.

Steps to Get Started

  1. Consult with Your Payment Processor: Ensure your payment processor supports Level 3 data and discuss the potential savings and benefits.
  2. Enable Level 3 Data in Sage 100: To enable check the ‘Include Level 3 Data’ under Payment Type Maintenance in Accounts Receivable Setup. This field is available only if Credit Card is selected in the Payment Method field and the Allow Corporate Cards check box is selected.





  1. Train Your Team: Ensure your accounting and finance teams understand how to input and manage Level 3 data in transactions.

Conclusion

For Sage 100 users, leveraging Level 3 data is a smart, efficient way to reduce credit card processing fees. By providing detailed transaction information, businesses can unlock lower interchange rates, enhance security, gain valuable customer insights, and streamline their financial processes. It's a win-win situation that contributes directly to improving the bottom line. Implementing Level 3 data can be straightforward with the right guidance and tools.

For more information and assistance, contact LLB Partners to help you get started on optimizing your payment processing and maximizing your savings.

 

Written By Anthony Volpe

Anthony has been a member of the LLB team since 2009. He works primarily with Sage 100 and Sage CRM. Exposure to various industries helps him analyze the existing business practices of a company and make recommendations for improvements that will maximize productivity of Sage products.

 

Comments

Post a Comment

Popular posts from this blog

Sage 100: Sage Cloud Portal Tips and Tricks

-
Image
LLBPartners.net info@llbgroup.com 215-654-0800 To access the Sage 100 Cloud Portal, use the following address: https://sage100na.sagepartnercloud.com There you will be promoted to enter the username and password you used to sign up for the Sage Cloud. Once logged in you will have access to standard published apps, as well as any custom apps for your system. ·          Sage 100 – Launches just Sage 100. ·          Data Drive – A windows explorer giving you access to the Sage 100 folders. ·          Virtual Machine Access – Launches a complete remote desktop, giving you access to Sage 100, data drives, and any other programs installed on your cloud. If you are using Microsoft Edge to access the portal you will have the option to chose Windows Mode, or Browser mode for your apps. If you use other browsers such as Chrome or Firefox then Browser mode will be the only available option. ·          Browser Mode - any app you launch will be opened inside a webpage. ·          Windows Mode
Read more

Visual Cut by Millet Software: Streamlining Operations, Boosting Productivity, and Gathering Insights for Sage 100 Cloud Users

-
Image
LLBPartners.net info@llbgroup.com 215-654-0800 In today's fast-paced corporate climate, staying ahead of the competition requires effective operations, increased efficiency, and precise business analytics. That's where Visual Cut by Millet Software comes in as a game-changer for businesses using Sage 100 Cloud as their ERP solution. This robust reporting and document management solution offers a range of features that can significantly improve Productivity, efficiency, and well-informed decision-making within your company. How Visual Cut Enables Businesses Utilizing Sage 100 Cloud: 1. Streamlined Reporting: Visual Cut streamlines and automates the reporting process, saving your team time and effort. I t offers a user-friendly interface for creating, customizing, and scheduling reports, ensuring timely and accurate information for important stakeholders. With Visual Cut, you can easily develop and publish comprehensive financial reports, sales analytics, inventory summaries,
Read more

Sage 100 ERP Customization: Automatically Change Order Status Based on Customer Credit Hold

-
Image
  llbpartner.net info@llbgroup.com 267-614-6148 Standard Sage 100 can be set to prevent new orders from being created if a customer is over their credit limit or on credit hold, but what about existing sales orders?  This simple customization ensures that open sales order reflect your customers current credit hold status. By clicking on the credit hold button in Customer Maintenance the system checks to see if there are any open sales orders for the customer. If there are, their order status will instantly be updated to reflect the customers credit hold status.  If they are put on credit hold any open order will be placed on hold as well. If the customer is taken off credit hold their orders are changed back to an open status.
Read more