Level 3 processing is a set of specific additional line-item detail data (item descriptions, quantities, tax detail, etc.) that both VISA and MasterCard like to receive on business type transactions along with the required standard transaction info (account #, exp. date, etc.). In return for receiving this additional transaction detail, both card brands will provide significantly lower (.50% to 1.00% lower) interchange rates on the eligible B2B transactions.
Benefits of Level 3 Processing
Level 3 processing may improve profitability by:
- Reducing payment time from 30-60 days to 2-3 days
- Lowering invoice and collection expenses
- Eliminate duplicate data entry
- Streamlining reconciliation time
- Reducing the cost of floating funds until payments are received
- Custom programming available Level 3 data and your ERP system
- Lower interchange rates paid
“Many B2B businesses are operating with a ‘Retail’ merchant account – this could be unnecessarily costing them thousands of dollars each year.” – Marnie Ochs-Raleigh, Evolve Systems, CEO
Payment Processing Technology for Level 3
There are multiple choices from which your company or business can choose according to your preferences and budget.
Payment solutions that support Level 3 processing include payment software that can be install on a PC or a virtual terminal and payment gateway that can be accessed through a secure web site application. Virtual software is safer than having card holder data stored on your local PC. Virtual software is always the most updated and secure option and multiple users can access the services on any computer with Internet access.
Here’s how to get stared
Evolve Systems is helping businesses manage interchange rates to increase their competitiveness in winning new contracts and meeting purchasing and payment requirements of their customers. Our merchants and bank partners consider us a valuable partner in account management.
We begin with an audit of your current service and a comparison to our offering. This is where the transparency becomes apparent. Line by line charges and rates are shown for your review. We work to get our customers qualified for the lowest rates possible and on rare occasion have shown you may already have a better rate.
Call a merchant services specialist to see what you could be saving.