MD-based Revolution Payments debuts a new B2B payment gateway allowing merchants to receive the reduced level 2 and level 3 interchange rates without requiring manual entry.
Commercial cards have tiered interchange rates and fit into three levels. Level 1, Level 2, and Level 3. Each level is defined by the additional information included with the payment transaction.
Level 2: Requires tax amount and customer code on most transactions.
Level 3: Level-3 line item detail defines what’s being purchased, how and when the transaction takes place, with whom, and up to 12 additional fields that are captured and passed along with the payment transaction.
When this information is captured and passed with a transaction, a merchant can lower interchange transaction costs by 40% or more.
Since Level 3 reduces interchange costs, a merchant can capture a large chunk of revenue not related to the rate their processor charges. Capturing this additional line item detail can be difficult, time consuming and impossible at times.
Revolution Payments’ Level 3 payment gateway has made qualifying for the reduced interchange levels very easy.
Their B2B gateway automatically sends both level 2 and level 3 payment detail on a merchant’s behalf, without requiring the merchant to manually enter any of this data.
For the last twenty years, Revolution Payments has been a leading advocate and Level III payment processor to government vendors, contractors and companies selling to other businesses.
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