Revolution Payments, the leading authority when it comes to purchase card processing, reveals a new program that helps government vendors lower the cost of accepting government purchase cards. Revolution Payments Introduces Automated Level 3 Credit Card Processing for Government Vendors
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With the many challenges facing government contractors, it’s no wonder they have relied on their existing processors to set up their credit card processing.
Processing government purchase cards requires more sophisticated technology to capture what Visa and MasterCard call Level 3 line-item detail.
Level 3 data allows the government P card to meet MasterCard and Visa’s interchange requirements for level 3 interchange rates.
To encourage vendor participation and support of purchase card programs, Visa and MasterCard created special interchange rates for transactions, including level 3 processing detail. These special interchange rates may reduce a supplier’s fees—often by 30%-40%.
Revolution Payments developed the technology to help contractors meet these requirements, resulting in qualifying for MasterCard and Visa’s lower rates.
These reduced interchange rates are passed on to the contractor, dramatically lowering their fees and saving, in many cases, as much as 50% on processing fees.
Revolution Payments’ proprietary payment solution works like this: For all credit card transactions — whether processed online or entered manually or on a mobile device — their system automatically updates and attaches level 3 detail to commercial transactions without requiring manual entry of the 7-13 additional line item fields.
Statistics show that three out of five businesses are not set up to accept commercial cards properly, meaning they are not set up to include level 3 processing information on purchase card transactions.
Revolution Payments’ automated level 3 payment solution ensures each transaction clears at the lowest possible interchange rate.