Level 3 Data Requirements
A sample of Level 3 Data requirements are listed below. This information needs to be passed along with the payment transaction to qualify for Level-3 Interchange.
Examples
| Level I and II data elements plusItem description
Item quantity Item unit of measure Item total |
Item commodity codeItem product code Item unit cost Item VAT tax amount/rate |
| Level-3 is the highest level of data capture. The Level-3 transactional detail is line item detail that describes the components that make up a sale.This captured data is reported back on the originating companies bank statement. Level 3 allows organizations to better track spending on company credit cards. Visa and MasterCard have different rates for Business-2-Business and Business-2-Government transactions when Level 3 data is provided.
Level-3 requires specific technology to capture the level 3 data requirements. Many gateways and All Stand Alone Terminals Do NOT Capture Level-3 Data. To receive the lower interchange rates for Level 3 its recommended working with an experienced B2B and B2G payment processor specialists like Revolution Payment Systems to set up your level 3 merchant account. For questions or a Free consultation call us at 888 790 3450 or email [email protected] |