HOW TO RECEIVE YOUR SONOCO
THE E PAYABLES® PROGRAM
5 Easy Steps To Accepting SONOCO ePayables:
Q&A For Our Valued SONOCO Suppliers:
WHAT DO WE NEED TO DO TO ACCEPT PAYMENTS FROM SONOCO WITH THE ePayables® 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 the ability to lower your overall fees on accepting any type of commercial Card or Visa card payment remittance. This will save you on all your transactions, not just Sonoco. This will help your bottom line profitability immediately.
HOW DO I PROCESS AN ePAYABLES VISA CARD® FROM SONOCO ?
The same way as you do any other Visa Credit Card payment. The graph slides above entitled “5-easy steps to accepting Sonoco ePayables” 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 SONOCO ePAYABLES PROGRAM?
- Strengthen Your Relationship With Sonoco! In the future, Sonoco’s goal is to align themselves with vendors who accept the Visa Card to create a win-win partnership.
- Customer Satisfaction! The #1 advantage for you is helping to meet your customer’s needs! The Visa Card payment solution has been integrated with Sonoco’s ERP system so its use obviates a lot of manual data entry. Sonoco is in a continual improvement 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. Suppliers who enroll are listed as ePayables preferred Suppliers and published in a listing to Sonoco 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 outsourced AP Payment solutions, Buyers will give more preference to Suppliers who accept their preferred payment method (e.g., Visa Card).
- Improved Safety. Helps eliminate fraud and creates better Financial Controls.
- Less Administration For You. e.g. no paper Checks to misplace or deposit, and this will have more information (breakdown of invoice #s and dollar amounts) than the traditional ACH or Check. So this will also save you time on your bank reconciliations.
**** More and more large corporations like Sonoco 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 SONOCO ePAYABLES VISA 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 card sales:
Note: Fees subject to change if Visa International announces pricing changes
Under the Premium Pricing Plan, you have the advantage of declining fees as the size of each individual Visa Card 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 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 credit worthy commercial clients. That means from a risk perspective you are placed in a pool of only the most credit worthy 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 3.26% (vs. Square which charges 3.50% for non-swiped cards).
ARE THERE ANY OTHER FEES?
Since you are a Sonoco Supplier, 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:
Neal Vick and Wade Tetsuka, CPA
For additional information:Contact U.S. Transactions Corp. Neal Vick and Wade Tetsuka, CPA SonocoSupplier@ustranscorp.com 866-442-3327
Valued Sonoco Supplier:
Thank you for your partnership with Sonoco. Because this is such an important initiative for Sonoco, and because outsourced electronic payable functions will continue to become more prevalent across the board, your participation in the Sonoco ePayables Visa Card program will help to create a stronger customer-supplier partnership.
This Webpage will provide you with some additional valuable information about the program so that you understand its advantages to you and your business.
Sonoco has partnered with U.S. Transactions Corp. to help our suppliers to be set up properly with the Sonoco ePayables Visa Card program.
By partnering with us in this manner, your company will be included in an internal online list of ePayable program suppliers viewable by our employees.
SONOCO PRODUCTS COMPANY
Founded in 1899, Sonoco Products Company (NYSE: SON) is a global provider of a variety of consumer packaging, industrial products, protective packaging and packaging supply chain services. With annualized net sales of approximately $4.1 billion, the company has 19,600 employees working in more than 340 operations in 34 countries, serving some of the world's best known brands in some 85 nations.
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