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NeoSystems Corporation

GovCardConnect

The federal government has issued 3.5M charge cards to authorized purchasers under the GSA SmartPay® Program. These purchasing agencies include the Department of Veteran Affairs, DoD, DoJ, HHS, and DHS. Charge cards support agency mission delivery while lowering administrative costs and increasing government transparency and accountability. When agencies are ready to buy supplies and services, businesses must be ready to accept their order and payment.

GovCardConnect by NeoSystems

GovCardConnect® (GCC) is a web-based, virtual terminal that fully integrates with Deltek Costpoint to accept credit cards and GSA SmartPay cards from your customers and 3.3 million GSA SmartPay cardholders. Purpose-built for government contractors, GCC helps companies achieve an estimated 30-50% reduction in credit card transaction fees. This tool matches transactions to the proper bank deposit for automated reconciliation and uploads the deposit to Costpoint for your review and posting. GCC can help you win more government business and save money. See how much GovCardConnect can save you!

 Login to GovCardConnect 

SEE WHAT GOVCARDCONNECT® CAN DO FOR YOU!

Learn how GovCardConnect saves you time and money! See how GovCardConnect uses automation to reduce data entry time by 75-95%. Learn how GCC reduces credit card fees by 30-50%! See how GovCardConnect’s patented-technology reduces your PCI Compliance footprint and keeps credit card data secure.

GovCardConnect is the 1st and only credit card application purpose-built for Deltek Costpoint. See what GovCardConnect can do for you and your business!

GovCardConnect allows businesses to:

  • Improve cash flow with cash deposits in 1-2 business days
  • Decrease credit card transaction fees through capturing Level-3 data
  • Increase business government agencies that use charge cards to procure nearly $20B in goods and services annually

Return on Investment for GovCardConnect

GovCardConnect is a fully automated solution pulling its data from Deltek Costpoint.   It saves you money on transaction fees and labor!

Let’s walk through a scenario of a Government Contractor who processes $1,000,000 per year in Government purchase card transactions.  For this exercise, let’s assume an average transaction size of $1,000 and 1,000 transactions per year.   Finally, let’s assume the person(s) processing the payments and reconciling the deposits makes $60,000-80,000 per year with a combined fringe and overhead rate of 80%.

Pay the Lowest Transaction Fees Possible

GovCardConnect pulls the data you need from Costpoint for Level 3 transactions, which can qualify for the lowest possible rates.  These rates are typically 1% lower than ordinary transactions.  For large transactions the rates can be even lower.  Saving 1% on $1,000,000 would deliver $10,000 to the bottom line.  Savings: $10,000 per year.

Lower Your Costs of Re-entering Invoice Data

Through the Federal Strategic Sourcing Initiative and other programs, the Government is requiring Level 3 data – the line item transaction details.  Keying in invoice data can be time-consuming, and time is money. Entering all the invoice data, even for a short invoice, can take 5-10 minutes – for large invoices much longer.  With GovCardConnect, this data is pulled automatically from Costpoint, so in 2 mouse clicks the data is gathered and sent – regardless of the size of the invoice.  Plus, we’ve eliminated the possibility of human error by eliminating the re-keying data. (For the purposes of these calculations, we’ve ignored the cost of hunting down and correcting mistakes.)  Savings: $6,100 per year.

Lower Your Costs of Reconciling Deposits and Transactions

Deposits come in and include multiple transactions – trying to mix and match between bank statements and credit card statements can be another time-consuming exercise.  Let GovCardConnect eliminate that labor cost.

After a transaction has been processed, typically within a day or two days, the monies are deposited in the Government Contractor’s bank.  With multiple transactions on a single deposit and transactions fees being withheld, it can become a tedious exercise of matching invoice numbers to a reference numbers to a deposit number – then enter the deposit in Costpoint.  Based upon observations, we’re looking at a low range average of 5-10 minutes per deposit.   Savings: $5,700 per year.

Adding It Up…  Total Return on Investment

A government contractor doing $1 million in SmartPay card transactions can save $20,000 to $25,000 per year in G&A expense.

Make the Move

Contact NeoSystems to learn more about GovCardConnect and how it can help you accelerate payments and other transactions through Deltek Costpoint.

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