Level 3 Payment Processing
Add 1.5% to your bottom line without increasing sales
Commercial credit card transactions fall into one of three processing categories: Level 1, Level 2 and Level 3. With Level 1 having the highest rates and Level 3 having the lowest.
By correctly qualifying your business, corporate, and purchasing credit card transactions at Level 3, you can reduce their interchange rates by up to 1.5%. This alone can help your business save thousands of dollars in credit card processing fees annually.
Level 3 Processing also provides enhanced transaction reporting which is becoming a requirement for most government contracts. This enhanced reporting will make the reconciliation process a lot quicker for both your business and your clients business.
Level 1 Processing
Level 1 processing refers to business-to-consumer (B2C) transactions, during which consumers use their personal credit or debit cards to make both small and large purchases.
The data required for a Level 1 transaction:
- Merchant Name
- Transactions Amount
Level 2 Processing
Level 2 processing refers to a more detailed transaction between two businesses, commonly referred to as B2B payment processing. Many businesses and government agencies require business specific payment methods, giving them the ability to monitor and control employee spending.
Additional data required for a Level 2 transaction:
- Tax amount
- Customer code
- Merchant postal code
- Tax identification
- Merchant minority code
- Merchant State code
Level 3 Processing
Level 3 processing requires the most detailed data, and these transactions are often made with business and purchasing credit cards. By providing this additional data at the time of the sale, Visa and MasterCard offer substantially lower interchange rates on these transactions.
Additional data required for a Level 3 transaction:
- Product Codes
- Item Descriptions and Quantities
- Item tax rate
- Freight amount
- Destination postal code
- Destination country code
Level 3 Interchange Rates
Below are the low interchange rates that you will receive by taking advantage of Level 3 Processing:
How To Quickly Process Level 3 Transactions
At first glance, it may appear that Level 3 Processing would be very time-consuming. But with our service that is not the case. We offer a customized virtual terminal that can process Level 3 transactions in the same amount of time that it takes to process a standard credit card transaction.
Our virtual terminal will automatically populate the required Level 3 data, allowing your business to receive the substantial savings that Level 3 Processing provides, without doing any additional up-front work. We can set up this virtual terminal to process both keyed-in and retail transactions.
Here are some highlights of our Level 3 virtual terminal:
- Automatically alerts users when a transaction qualifies for Level 3
- Automatically populates the required Level 3 data
- Recurring billing options
- Can be setup to process both Retail and MO/TO transactions
- Create customer profiles which can securely store card holder data
- 100% Web-based -- No downloading of software
- No Setup Fees
- 24/7 Live Technical Support
- Enhanced Reporting Tools