Evolve Systems® works directly with business owners and also with many affiliate banks. We provide excellent customer service and team up with referral sources to bring clients competitive priced applications, technology driven options and PCI compliant processes.
Credit Card Transaction Processing Services
Let’s review where you are at and what you need now for your business
To collect payment by credit card you have choices and limitations based on your products, services, transaction level and credit review. These choices and limitations together with the credit and purchasing cards you accept determine rates and fees you will pay for the privilege of accepting them.
- Type of Merchant Account authorization needed (Level 1, 2 or 3)
- Method of collection (Card present or card not present)
- Process and equipment for collection (POS, Terminal, Mobile, Ecommerce gateway, MOTO, Wireless, Contactless, or Virtual)
Level 1 transactions are your basic transactions, but doesn’t allow B2B companies to reap the rewards of lower interchange. Level 1 consists of the following: Credit card number and expiration, billing address, zip code. These basic swipe transactions are common for the retail environment.
Level 2 processing consists of Level 1 plus the following information: Invoice number / P.0. Code and sales tax amount.
Level 3 requires all of Level 1 and Level 2 information but goes beyond that to include: freight amount, duty amount, product/service ID, product/service description, quantity, item amount, unit of measure. With this additional information, merchants can receive payments quicker, reduce their invoice costs, as well as receiving preferential treatment by government agencies and larger corporations because of the additional data.
Only merchants who provide Level 3 data and are set up properly will receive Level 3 Interchange. If you sell primarily to: businesses and the government and you don’t process Level 3 data, you’re losing up to 40% of additional revenue, regardless of how low your current rate is. If your business is not set up specifically as a B2B accepter, you will not achieve Level 3.
A merchant account is a type of bank account that allows you to accept payments by payment cards, typically debit or credit cards or purchasing card (p-card). A merchant account is created under an agreement between you and a merchant acquiring bank (Visa, Mastercard, etc.) for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or merchant service provider (MSP) is also a party to the merchant agreement because you may not have the resources or volume to deal directly with the merchant acquiring bank. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator, a contract binds you, the merchant to obey the regulations established by the card associations. Aggregators also offer the benefits of PCI compliance, 24/7 customer support, latest technology and personal relationship.