Level 3 Processing Rates
If your company sells Business-to-Business and or Business-to-Government you should not overlook the benefits of level 3 processing.
Credit card transactions are broken into 3 different levels. The levels are based on additional information that is sent along with the payment transaction.
Level-1 card data
Each level requires more information. Think of detail you may find on an invoice. Level 3 processing takes that information and sends it to the credit card processor.
Visa and MasterCard have different rates for commercial, corporate and GSA cards when Level 3 data is provided. It doesnt matter who your processor is or how low your current rate. If your not set up with a level 3 merchant account your NOT paying the lowest rates for Business and Government transactions.
Level 3 will generally save your $10 for every $1,000 processed. Depending on your rate structure and if you see non qualified on your statement this could amount to much more.
Level 3 does require specific level 3 payment technology. Stand alone terminals do not support level 3.processing. It is also recommended you work with a merchant service professional who has level 3 experience. I have seen many instances where a merchant is sending level 3 data, but the merchant is set up incorrectly to receive level 3 processing rates.
If you have questions regarding level 3 or want to speak with a knowledgable level 3 payments expert, comparison with a recent statement, give us a call. 888 790 3450 or email [email protected]
No obligation, just good information to help empower your business.