Level III Payment Processing also known as Level 3 Credit Card Processing is suitable for companies who process credit cards, particularly any companies dealing in B2B (Business to Business) and B2G (Business to Government) transactions who wish to take advantage of lower interchange rates from their Credit Card providers. Benefits for companies on Level 3 Merchant Processing who regularly accept credit cards, especially those dealing in large amounts of money, include lower rates payable to your bank in merchant account fees, greater security, traceability of goods and improved reporting.
Level 3 Credit Card processing is not supported on standard credit card processing terminals and so, specialized point of sale devices are needed to process the data required to qualify or accept level 3 payment processing services. Information can be time consuming for merchants to input, but given the resulting savings on offer, it can be well worth the effort. Customer data can often be stored and reused, which makes future transactions faster for merchant payment processing.
Cards eligible for Level 3 Payment Processing include many Corporate, Commercial and Purchasing MasterCards and Visa Cards. To qualify for level 3 credit card processing and for the lowest interchange rates available to companies, detailed data is required by payment processing services. This data includes the basic information required for level 1 and 2 payment transactions as well as more detailed information such as Postal Codes for where goods are being shipped from and the postal code of their destination, Invoice and order numbers, Item descriptions, product codes, commodity codes and quantities. Also required are details about units of measure, extended amounts, freight amount and duty amount.
Inclusion of the required data allows companies, corporations and governments to carefully monitor their spending and for greater control over both sales and purchasing. With the enhanced reporting capabilities allowed with the details required, companies can provide greater insight into company activity while saving money from the significantly lower fees charged by the merchant account provider. Contact our Level 3 Payment Processor today for more information on how our merchant bankcard company can help you lower your costs and save you money on all your Level 3 Credit Card Processing.