Take advantage of the lowest merchant processing rates for your business with Level 3 Payment Processing for Sage BusinessWorks by Century Business Solutions.
Level 3 Payment Processing drastically reduces processing fees and helps businesses manage and track their spending.
Many merchant service providers don’t offer Level 3 pricing, resulting in higher interchange rates by as much as 1.5% per transaction. Century Business Solutions provides Level 3 pricing to qualify credit cards at the lowest possible interchange rates and decrease fees for your business.
Credit card issuing banks assign certain interchange fees for different types of cards, and these rates make up 80-90% of credit card fees.
To qualify for Level 3 interchange rates, you must pass very specific details about the transaction, invoice, and line-item details along with standard transaction information.
Level 3 was originally invented to prevent excess government spending. It allows invoice information, including line-item details, to be passed to the cardholder’s bank statement.
Levels 1 and 2 are fairly easy to achieve. Level 1 only requires standard transaction details such as date and amount, and can be achieved through any processing method. Level 2 includes the same details plus the addition of sales tax.
In order to achieve Level 3, there are nearly twenty fields of line-item data that must be sent along with the transaction, including: invoice number, PO number, freight amount, item commodity code, unit of measure, tax detail, and many more.
Level 3 pricing is available for purchasing, corporate and government spending accounts (GSA). Businesses who wish to receive Level 3 must send all line-item data and transaction information to the card-issuing bank.