With the many challenges facing contractors today, many have relied on their banks to set-up their credit card processing. It’s regrettable that many in the contracting industry are unaware of the advantages that correct processing solutions can present.
Many years ago MasterCard and Visa have created special interchange rates to support purchase card programs by reducing the supplier’s transaction costs if Level III line item detail is entered when processing a transaction.
Level III processing can lower the supplier’s discount rate by as much as 1.0% – 1.5% when compared to non-Level III credit card processing, depending on the card type and the size of the transaction.
These special rates are intended to be an incentive to pass Level III, which in turn will assist buyers in managing their purchase card programs Even with the considerable advantages a contractor can receive from level III processing, it is used infrequently.
In fact, statistics show us at level 3 out of 5 contractors are not set up to accept purchasing cards properly.
The fees for accepting credit cards are a part of doing business however, having an understanding of rates and the fees that impact your bottom line will empower you to may more informed decisions Questions? Give us a call 888 790 3450 [email protected] www.revolution-payments.com