Qualifying for level 3 processing interchange rates
Setting up a merchant account to accept government purchase or commercial cards is different than a standard retail or internet merchant account. Processing these the same can cost you 40% more regardless of your current rate or processor.
What is Level 3 Processing
Level 3 processing or line item detail defines whats being purchased, the parties involved and additional details about the purchase. Much like information you would find on an invoice. Visa and MasterCard created special interchange rates lowering the transaction cost when level 3 payment information is transmitted. Interchange is non negotiable and the same regardless of the processor you choose. Level 3 allows you to capture interchange revenue that will otherwise go to the card issuing bank.
How to Qualify for Level 3 Interchange Rates
Processing commercial and or government cards and capturing Level 3 line item detail requires more sophisticated payment technology. Stand alone payment terminals do Not support level 3 processing. You need a level 3 payment gateway capable of capturing the required payment data.
Its also suggested you work with an experienced level 3 payment consultant to ensure you receive 100% of the available discounts for passing level 3 line item detail.
Revolution Payments is the authority when it comes to level 3 processing. The last 10 of our 20+ experience in the payments industry has been focused in the B2G and B2B payment arena. We have solutions that make processing Level 3 payments very easy. We also have level 3 solutions that support: Quickbooks, Magento, Authorize.net and ERP solutions.
If you have questions about level 3 processing or want to speak with one of our level 3 payment consultants give us a call at 888 790 3450 or email info@ revolution-payments.com