Surcharge Management with Centime
Managing surcharges in accounts receivable has never been easier.
- Automated surcharge posting to the right GL accounts
- Surcharge rules configurable at the customer level
- Real-time reconciliation with enriched bank memos
- Automatic compliance in states where surcharging is restricted
Automated Surcharge Posting
Centime automatically applies surcharges to the appropriate GL accounts, eliminating manual entry and reducing the risk of errors. Whether processing individual invoices or handling bulk payments, we ensure your books stay balanced.
Customer-Level Customization
Tailor surcharge policies to fit your customers' needs. With Centime, you can set rules at the customer level, offering flexibility and transparency while maintaining compliance.
Seamless Reconciliation
Centime's automation ensures that all payments, including surcharges, align with your general ledger in real time. Bank memos are enriched with customer and invoice details, simplifying reconciliation to the point of ease.
Compliant and Transparent
Navigating surcharge compliance is complex, but Centime makes it simple. Our platform automatically removes the surcharge for clients in states where it is prohibited, reducing risk while providing clarity for both you and your customers.
Why Choose Centime for Surcharge Management?
Surcharge management is just one part of Centime's comprehensive AR automation solution, which also includes cash application, collections, and customer portals.
- Cost-Effective: Other software charges over $13k annually just for surcharge management alone. Centime delivers this and more, at a fraction of the cost.
- Integrated AR Automation: Surcharge management is just one part of our comprehensive AR automation solution, including cash application, collections, and customer portals.
- User-Friendly: Our intuitive interface lets you set up and manage surcharges without needing a financial wizard.
Surcharge Management FAQs
What is surcharge management, and why is it important for AR?
Surcharge management allows businesses to pass credit card processing fees to customers where permitted, ensuring they recover transaction costs while maintaining flexibility in payment methods.
Can Centime automatically apply surcharges for credit card transactions?
Yes, Centime can automatically calculate and apply surcharges based on the payment method, the customer's location (in compliance with state regulations), and due date.
How does Centime ensure surcharge compliance with state and federal regulations?
Centime continuously monitors regulatory changes and updates its processes accordingly, while robust audit trails and detailed reporting provide full transparency and accountability. This comprehensive approach guarantees that every surcharge applied is compliant with applicable laws. For more details, refer to Centime's Credit Card Surcharges documentation.
Can I set different surcharge rates for different payment methods or customer types?
Yes, you can set different surcharge rates by customizing your credit card payment settings. The system allows you to apply a global surcharge (up to 2.9%) and also override these settings for individual customer profiles, letting you tailor rates to different customer types. For other payment methods like ACH, different options such as discounts are available, ensuring your payment setup works best for your business needs.
Can customers choose alternative payment methods to avoid surcharges?
Yes, customers can opt for ACH or check payments to avoid credit card surcharges.
Can I customize surcharge rules based on transaction amounts or industries?
Yes, you can customize surcharge rules based on transaction amounts. In the Credit Card Preferences, you can set thresholds specifying whether surcharges apply to invoices above or below a certain dollar value, which can be configured globally or per customer. You can also set timing limitations, including applying a surcharge before or after the due date.
How does Centime ensure transparency in surcharge fees without impacting customer relationships?
Centime ensures transparency by clearly displaying surcharge fees at the point of payment. Additionally, customer-level preferences let you honor specific agreements. Centime recommends communicating surcharge details upfront, before customers enter the portal, to maintain trust and positive relationships.
Ready to Simplify Surcharge Management?
See how Centime applies, reconciles, and stays compliant on surcharges, on the same platform that connects AR to collections, customer portals, and your ERP.