Q&A For the Supplier:
WHAT DO WE NEED TO DO TO ACCEPT VISA STP PAYMENTS?
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.
A merchant account that has the ability to receive direct deposit transactions under the Visa STP program does require specialized support which is where U.S. Transactions Corp. has the experience to help.
HOW DO I PROCESS A VISA STP PAYMENT FROM MY CUSTOMER?
The greatest advantage of the Visa STP Payment is that you don’t need to do anything. Once your merchant account is set up for Visa STP, Visa will automatically process a Visa card payment to you directly into your merchant account on behalf of your customer.
And since your merchant account will already be associated with a specific operating bank account of your choice, that means the customer payment will be credited to your bank account with the full amount of the payment. Visa will send you an electronic remittance advice confirming that a payment has been made to your merchant account..
WHAT ADVANTAGES DO I HAVE BY ACCEPTING PAYMENTS WITH VISA STP?
- Customer Satisfaction! The #1 advantage for you is helping to meet your customer’s needs! The Visa STP payment solution has been integrated with your customer’s ERP system so its use obviates a lot of manual data entry. Your customer is in a continual growth mode, and this is their preferred payment method.
- Get Paid Faster! 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 in Visa STP provide a valuable service to their customers. Preferred payment method is among the many factors that your customer uses to designate who their preferred suppliers will be
- 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).
- Improved Safety. Helps eliminate fraud and creates better Financial Controls. Your sensitive banking information is not exposed like it is when your customer pays you by ACH payment.
- 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 are using commercial card payments (like Visa STP) 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 PAYMENT BY VISA STP?
Visa STP is a very cost effective solution for remittances. Compared to standard card payments where the merchant service provider may charge 2.95% or even 3.5% for non-swiped card transactions, the pricing with a merchant account through U.S. Transactions Corp. is much lower, and the cost per transaction even scales downward as the size of the transaction increases. This is shown on the table below:
ARE THERE ANY OTHER FEES?
$27.90 monthly fixed fee to maintain the account.
YOUR VISA STP ADVANTAGES, IN SUMMARY
1. Improved Customer Satisfaction
2. Get Paid Faster
3. Direct deposit without having to expose your sensitive banking information to your customer.
4. Ability to accept Visa card payment transactions without handling any credit card information.
5. No equipment purchase/installation needed.
6. No IT support required.
Contact U.S. Transactions Corp. at the contact information below:
Scott McHenry, Wade Tetsuka CPA, Marsh McHenry, or Chris Mashburn at
To sign up for Visa STP:Contact U.S. Transactions Corp. Wade Tetsuka, CPA; Marsh McHenry, Scott McHenry or Chris Mashburn GetPaidFaster@ustranscorp.com (866) 578-2627
The Top 5 Reasons to Act Now1. Direct Deposit 2. Safe & Secure* 3. Get Paid Faster 4. Inexpensive 5. Delight your major Customer(s) and potentially win more business! * you never expose your banking information to your customer, and/or no more lost checks in transit
Want A Quote?email or call us: GetPaidFaster@ustranscorp.com (866) 578-2627