Vendors, Did you know
Over 15 years ago, MasterCard & Visa created special rates to support Purchase Card programs reducing a vendor’s transaction costs (Interchange) if Level-3 line item detail information is processed with a transaction?
Yet, 3 out of 5 vendors are still not set up to participate.
By providing Level-3 data, a supplier may reduce their credit card processing fees (interchange) – often by 1%-.15% to 40% before processors add their fee.
Accept them w/o level 3 and these transactions qualify at different interchange codes and cost you up to 1.5% more for reasons that have nothing to do with your rate or your processor.
Here’s why. Commercial transactions have 1 of 3 different interchange rates? Level 1, level 2 or level 3, depending on whether or not level 3 payment detail was processed with a transaction?
The ONLY way you receive level 3 interchange rates is if Level 3 detail is provided.
Otherwise, the transactions qualify at level 1 interchange rate
Revolution Payments developed technology that automates this and helps businesses meet these requirements resulting in qualifying for MasterCard and Visa’s lower rates.
These reduced rates are passed on to you dramatically lowering your fees saving in many cases as much 1%-1.5%
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Don’t forget why banks issue credit cards, aside from the Interest on their cards, they also receive 100% of the interchange fees businesses pay to accept credit cards.
Interchange fees are responsible for the majority of the fees you pay to accept credit cards. 75% and more.
If your accepting credit cards form business or government recapture a large chunk of interchange revenue with level 3 credit card processing.