How to Receive Your Kinder Morgan Payments FAST!
The FASTPAY Virtual Card®Program
5 Easy Steps To Accepting the Kinder Morgan Virtual Card:
Q&A for Our Valued Kinder Morgan Suppliers:
WHAT DO WE NEED TO DO TO ACCEPT PAYMENTS FROM KINDER MORGAN, WITH THE VISA VIRTUAL CARD® PROGRAM?
All you need is the capability to accept Visa as a form of payment. This is called a merchant service account. If you do not have a merchant service account, you may contact U.S. Transactions Corp. for assistance with setting up an account.
The advantage of setting up an account with U.S. Transactions Corp. is that you will be able to lower your overall fees on accepting any type of commercial Visa or Visa card payment remittance. This will save you on all your transactions, not just Kinder Morgan. This will help your bottom line profitability immediately.
HOW DO I PROCESS A VISA VIRTUAL CARD® PAYMENT FROM Kinder Morgan?
The same way as you do any other Visa Credit Card payment. The graph slides above entitled “5-easy steps to accepting Kinder Morgan Virtual Card” will show you how to do this if you have a new merchant service account set up through U.S. Transactions Corp.
WHAT ADVANTAGES DO I HAVE BY ACCEPTING PAYMENTS WITH THE VIRTUAL CARD?
- Strengthen Your Relationship with Kinder Morgan! In the future, Kinder Morgan’s goal is to align themselves with vendors who accept the Visa to create a win-win partnership.
- Customer Satisfaction! The #1 advantage for you is helping to meet your customer’s needs! Visa’s Virtual Card payment solution has been integrated with Kinder Morgan’s ERP system so its use obviates a lot of manual data entry. Kinder Morgan is in a continual growth mode, and this is their preferred payment method.
- Get Paid Faster! With daily payment processing, you will get paid faster than you are currently experiencing. It will have an important impact upon your cash flow statistics and A/R days turnover or DSO.
- Preferred Vendor Listing. Vendors who enroll are listed as FastPay Vendors and published in a listing to Kinder Morgan employees.
- Potential for Increased Business. In a recent study by RPMG Research Corporation, 49% of surveyed Suppliers have seen an increase in sales as a result of card acceptance. As large corporations move towards electronic AP Payment solutions, Buyers will give more preference to Suppliers who accept their preferred payment method (e.g., Visa).
- Improved Safety. Helps eliminate fraud and creates better Financial Controls.
- Less Work For You. No paper checks to misplace or deposit and more information at your fingertips than the traditional ACH or Check. With a breakdown of invoice numbers and dollar amounts, you’ll save time on your bank reconciliations.
**** More and more large corporations like Kinder Morgan are using commercial card payments (like Visa®) as a form of payment in order to streamline their remittance to suppliers. Like any consumer, large corporations also desire the flexibility of being able to pay for goods and services with the most convenient method(s) available. Payment method choices are an important selling feature that suppliers/vendors offer to the marketplace to make them more attractive to customers.
WHAT IS THE COST FOR ACCEPTING THE VIRTUAL CARD?
With U.S. Transactions Corp., you have two choices of the type of merchant account for your business depending upon your overall volume of Visa sales:
Note: Fees subject to change if Visa announces pricing changes
Under the Premium Pricing Plan, you have the advantage of declining fees as the size of each individual Visa transaction increases.
These effective rates may not apply if you are using another merchant service provider or bank which has not set you up to accept Visa Virtual Card at the “preferred” commercial pricing interchange rate. You may contact U.S. Transactions Corp. if you have a specific question about that.
U.S. Transactions Corp. is more price competitive than other service providers and the largest banks because they only accept creditworthy commercial clients. That means from a risk perspective you are placed in a pool of only the most creditworthy companies. Other providers are heavily weighted with high-risk retail businesses, including mom-and-pop stores, as well as Retail eCommerce, so their loss ratio is much higher. They pass this risk on to credit worthy clients like yourself in the form of higher fees. Even with our Basic Plan our fee is 3.15% (vs. Square which charges 3.50% for non-swiped cards).
ARE THERE ANY OTHER FEES?
Since you are a Kinder Morgan vendor, U.S. Transaction Corp. is waiving the normal application and account set up fee. Other nominal fees that would apply as quoted by U.S. Transactions Corp. are as follows:
Other fees may be higher if you are utilizing another merchant service provider or bank.
YOUR ADVANTAGES, IN SUMMARY:
- Ability to process non-swiped Commercial and Purchase cards at a lower rate!
- No equipment purchase/installation needed. No phone line needed. No IT support required.
- Ability to process credit card transactions from any location using a PC or laptop.
- Mobile processing via iPhone or iPad
Contact U.S. Transactions Corp. at the contact information below:
Scott McHenry, Wade Tetsuka CPA, or Marsh McHenry at