Why is revenue from payment processing important for software resellers, and how is VelocIT leveraging interchange optimization to maximize savings for your customer?
The ERP/VAR space is hyper-competitive to say the least. Everyone is looking to increase monthly and annual recurring revenues (MRR & ARR). In recent years we’ve seen partners focusing more on MRR-driven solutions like hosting, managed services and of course payments. To stay relevant you need to keep equal parts innovation and responsiveness to your customers.
VelocIT is no different. We’ve hung our hat on being an agile, responsive group that is focused on providing cutting-edge solutions that improve the lives of our customers. That agility keeps us in lockstep with our resellers, and our responsiveness to end-user demand for improvement is what drove us to create VelocIT Connect™.
VelocIT Connect™ gives your firm the edge in delivering payment technologies in Sage 100cloud and Acumatica Cloud ERP. We’ve tailored our partner program towards resellers. We’ve streamlined the process to make it simple to provide us a lead, receive a quick quote, and then electronically onboard your customer. No more paper applications, which in most cases, means same-day approvals. We call this frictionless onboarding.
In addition to easy onboarding, we provide fully transparent residuals with our best-in-class reporting system call CoPilot. CoPilot gives you a 360° view of your customer’s transaction history, support requests, and your residual reporting. CoPilot also has a full API which allows customization for pulling revenue reporting into your internal systems.
Simply put we’ve taken the industries best payment technology and extended it to Sage and Acumatica so your customers can save money and improve their processes.
What’s all this mean for you? More revenue-share for your firm and lower fees to your customer. That’s right. You get input on pricing and margins.
Are you seeking to upgrade your client and need an ROI boost? Payment processing may be a great place to find the additional ROI to close the deal.
Do you have a customer who is costing you time and money for any number of reasons? Payments revenue may revitalize that customer’s value to your business.
If I’ve kept your attention this long, you’ll be excited to hear more about how VelocIT has built an end-to-end solution that rivals anything in the marketplace today.
Let’s get down the features and benefits, starting with VelocIT Connect and the CardPointe platform.
VelocIT Connect is a direct replacement for payment processing in Sage 100 versions 2016 to current. We’ve built our solution on the CardPointe gateway and suite of services.
With CardPointe we accept credit card and ACH payments, which are funded next day. The nex day funding is available when batched by 9:50pm EST. That’s 12-hour funding of ACH and credit cards.
Along with late cut-off for next day funding, we also offer interchange optimization. Our Level 3 solution requires no additional programming in the ERP and is applied to every card run through CardPointe automatically. This allows us to affect over forty interchange categories which reduces the base fee paid to the issuing bank.
I’m going to go over some use cases on how powerful optimization can be for you as a reseller and the benefits to your end user.
Below we will recap additional features, including our P2PE terminal and PIN pad offering for counter sales:
- Next Day Funding for ACH and Credit Card Payments
- Level 3 Interchange Optimization
- Card Present Terminals and PIN Pads Integrated with Sage 100
- Customer Surcharging (Transaction Fee or Percentage of Transaction or Both)
- Thermal Receipt Printing
- FlexiPay (allows multiple payments on a single invoice in Sage 100)
- FlexiDeposit (helps you manage settled funds in your Sage 100 General Ledger asset accounts and Bank Reconciliation module)
- Portal with 360° Transaction Management
Now that we’ve run through the how and why of VelocIT, let’s talk about use cases. We’ve recently evaluated a large Fortune 500 firm with two subsidiaries. Combined we saved them over $100K per year in interchange optimization.
Time and again we’ve taken rate analysis from our competition and found that our interchange optimization allowed us to provide a savings for the customer while increasing profits for our resellers.
Here’s another sizeable client that was from a competing solution that markets heavily about level 3 and their ability to reduce your rates. As you can see below we’ve been able to create a significant reduction in the customer’s rate. Note the customer was missing one month of statement, but was well over $10K in annual savings.