NeoSystems and CardConnect Launch Government Credit Card Program
Service Allows Government Contractors to Accept Payments Faster
Tysons Corner, Virginia (October 10, 2013) – NeoSystems Corp., a provider of financial management and other strategic back office services for government contractors, today announced it has partnered with CardConnect, a technology company providing enterprise-level payment acceptance solutions, to launch GovCardConnect. This Software-as-a-Service (SaaS) offering enables organizations to directly accept credit and charge card payments from the federal government.
Contractors who use GovCardConnect will be able to improve their bottom lines and operate more efficiently. GovCardConnect comes fully integrated with Deltek Costpoint, the industry leading accounting software solution for government contractors. The service allows contactors to transmit Level 3 Processing data – the very specific line-item details contractors must provide to be eligible for the lowest credit card transaction fees. These lower rates can yield savings of 25 to 50 percent. In addition, rates as low as 1.0-1.5% are expected to soon be achievable on large transactions.
To date, the federal government has already issued approximately 3.5 million credit cards – generally referred to as “purchase cards” – to authorized government purchasers under the General Services Administration’s SmartPay Program. These cards help increase the transparency and accountability of government purchases across multiple agencies, and as such, the government is planning to expand the use of purchase cards even further.
Michael Tinsley, Chief Executive Officer for NeoSystems, said, “All government contractors, whether they offer products, services or both, can benefit from accepting purchase card payments from the government. In addition to cost-reduction, the benefits include improved cash flow and increased sales. We look forward to working with our current and future clients to help them capitalize on this significant opportunity.”
GovCardConnect meets the government’s data security standards as well as the compliance requirements under the Payment Card Industry Data Security Standard (PCI-DSS). In addition, GovCardConnect operates as a central payment portal for government contractors, integrating transactions, deposits, receipts and other financial information into Deltek Costpoint.
“Through the collaboration of our payments knowledge and NeoSystems’ industry expertise, we were able to develop a solution tailored to the unique needs of government contractors,” said Jeff Shanahan, President of CardConnect. “GovCardConnect helps contractors decrease costs and increase revenue, all while meeting the government’s stringent accounting and auditing standards.”
GovCardConnect is offered to all users of Deltek Costpoint and is available through NeoSystems Corp. today.
About NeoSystems Corp.
NeoSystems Corp., based in Tysons Corner, Virginia, delivers strategic back office services for government contractors, nonprofit organizations, and commercial entities. With expertise in Accounting & Finance, Human Capital Management, and Information Technology, our team assists companies with improving their back office functions, reducing their overhead costs and becoming compliant with complex federal requirements. For additional information visit: www.neosystemscorp.com.
About CardConnect
CardConnect is a rapidly growing payment technology company that provides everything from comprehensive ERP integrations for large corporations to card acceptance platforms and terminals for small and mid-sized businesses. The company helps more than 50,000 businesses across the U.S. accept billions of dollars in card transactions each year. CardConnect’s solutions include credit, debit and pre-paid card processing, ERP integration and PCI compliance. Founded in 2006, CardConnect is one of the 10 largest independent sales organizations (ISOs) of First Data Merchant Services, the world’s largest electronic payment processor.
