Very often we become buried in statistics and very good sized quantities when talking about federal government contracting. It is easy to be seduced by the best quantities: Over 500 billion dollars in contracts are awarded this past year to small and large businesses throughout the U.S., some who may provide the exact products that you do. For instance, in the case of small businesses nationwide, based on the Federal Procurement Data System – Next Generation website small businesses received over 84 billion dollars in contracts just last year.
9 billion in contracts. 84 billion won by all small business. This is because some contracts may satisfy more than one designation, depending on company ownership. For instance, an organization may be owned by a female who’s a minority and her business is positioned in a HUBZone. Her earning agreements could be counted in all three related categories then. 165,000 per sale in 2007 (the most recent year data as of this detailed level is available).
500 billion, it is a very practical amount. 1.65 million, not just a bad start in this market. One of the fastest ways to enter the national government industry, or even to sell more quantity, is to sell your services or products via credit card. The federal government’s main credit card purchase system is named GSA SmartPay 2. This planned program provides charge cards to U.S. 30 billion yearly, through 100 million transactions on over three million cards. Why Accept Government BANK CARDS? 3,000) work-related purchases, travel expenses, and fuel.
3,000, don’t be misled by that figure. You can find four primary card types offered through the GSA SmartPay program. Each credit card type has a particular purpose and is utilized by cardholders to make different types of purchases. These cards types include purchase, travel, fleet, and built-in cards. Purchase cards are used to make general purchases for services and supplies. All purchase cards are centrally billed to the government and covered by the federal government. Vendors generally see the funds deposited in their bank account at the same speed as any other credit card transaction. Travel cards are used specifically to cover travel related expenses for authorities employees on recognized government travel.
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Fleet cards are used to deal with vehicles for federal government agencies, specifically for gasoline and minimal maintenance. Integrated cards are cards that are used for more than one type of purchase. For example, a person may have an integrated card that allows them to make office source purchases and to charge travel expenditures. GSA SmartPay 2 cardholders may bring the following credit cards: VISA, MasterCard, Voyager, and Wright Express.
Voyager and Wright Express credit cards may only be used for fleet related buys. Vendors can increase their ability to capture federal government sales by accepting these charge cards. In the event that you accept VISA and MasterCards from the commercial sector already, you have no additional work to do as the GSA SmartPay 2 charge cards operate just like any other corporate and business charge cards.
If you don’t currently acknowledge these credit cards, contact any lender or one of the GSA SmartPay 2 contractors (i.e. U and Citibank.S. In the event that you already accept bank cards, the purchase fees you negotiated with your loan company to accept the credit cards from the private sector will apply to authorities sales as well. If you do not currently accept one or more of these cards and wish to participate, the price of approval is negotiated between you and your selected lender. It might not be necessary to manually swipe bank cards if you process sales online through your site, GSA Advantage or DoD EMall.
Generally these sales are processed online through a secure service that protects you as the vendor and the credit card holder as well. If you are using QuickBooks as your accounting software, you may contact them for more information regarding recognizing credit cards also. Many business people are slow to move into credit card acceptance as they contemplate it an added cost to do business because of the transaction and processing fees. This attitude may actually set you back business as the federal government views bank cards as a very suitable purchase method. If your CCR and Small Business Dynamic Search Records do not state that you accept government credit cards, and your competition does, exactly what will the federal government purchasers do?
They are busy. They are required to make good decisions and follow specific methods. They will obtain the suppliers that make their life simpler and accept certified bank cards. Federal government employees might use the GSA Advantage, DoD EMall or your web site to make credit card purchases. However, it is your responsibility to learn the processes required to market your business effectively on many of these web sites. We will go into information on effective marketing methods and strategies in another MEA article. Until then, consider accepting government bank cards to increase your business’ success, build your past performance record, and develop happy customers who are prepared to serve as references and actively refer you to their colleagues.