Processing Level 3 line item detail entails sending additional transaction detail through with a payment transaction.
Not just the address, AVS. The address is a requirement for level but Level 3 detail is specific information regarding the purchase itself. Information you may find on an invoice that is sent along with the transaction.
Level 3 Processing can, and I emphasize the word can, provide your company a significant reduction in the fees your paying to accept commercial and government transactions.
It does require specific payment technology and making sure your processor has you set up in a way where your receiving 100% of the reduced interchange for Level 3. Many merchants who contact us that already process Level 3 are initially resistant in speaking with us. They assume they are set up for Level 3 processing and is nothing we can do.
It wasn’t until we shared a statement of a client who was set up for Level 3 that they realized they were not seeing 100% of the cost reductions from processing Level 3 Data.
Processors are NOT required to automatically give you 100% of the available interchange reduction for processing Level 3 data. To ensure transactions qualify at Level 3 Interchange a cost plus rate structure and several other factors are required. Send us an email at [email protected] for a list.
If your company accepts government or business-to-business businesses credit cards-and is not processing Level 3 line item detail your leaving a significant amount of money on the table. Level 3 lowers the NON Negotiable part of the fees you pay to accept credit cards and it does it by 30%-40%
Interchange/cost is the same for all processors. Interchange is responsible for the bulk of the fees you pay to accept credit cards. It can range from 60%-80% of the fees you pay. This goes back to the card issuing banks of your clients, not your credit card processor.
Level 3 processing lowers this amount. This along with a rate reduction and setting you up to receive 100% of the Level 3 discounts can add significantly to your bottom line.
If you have questions regarding Level 3 processing or would like to speak to one of our payment consultants give us a call at 888 790 3450 or email [email protected]
PS. Revolution payment systems can support Level 3 Line Item Detail Through Quickbooks
PSS. Please let us know if your accepting transactions $5,1866 and above please let us know. These transactions qualify for additional savings up and above Level 3.