Revolution Payments reveals a level III credit card processing platform that works across all payment channels, i.e.: swiped, keyed, internet, credit card terminal, payment gateway or wireless unit. This is a gamechanger for merchants using credit card terminals or gateways that do not support level III payment data. Unlike traditional level III requirements, terminal users were left unable to qualify for these lower interchange rates.
Previously, a merchant would be forced to pay higher interchange fees that vary from 80-150 basis points for accepting commercial cards without level III processing detail.
Other challenges businesses face when it comes to Level II & Level III processing include:
Not collecting the required information from customers
Accepting credit cards via a website
Outdated equipment that does not support level III data
Not working with a credit card processor that is certified to process Level II & Level III data
Revolution payments automated level III processing service allows any business to receive level III interchange rates without having to worry about entering level III detail or potentially skipping fields that kick the transaction out of qualifying for level II or level III interchange rates.
This service will automatically detect eligible transactions and auto-populate the required data to receive the lower interchange rates. This happens 100% behind the scenes before the transactions settle.
This helps businesses avoid downgrades while qualifying for the lowest possible interchange rates. Businesses should expect to see a reduction in interchange fees from 30%-40% as it relates to accepting commercial cards.
Merchants accepting purchase cards above $7,755.56 (non-government) or $7,555.14 (government) will automatically qualify for high-ticket interchange rates.
Source : https://www.newswire.com/news/revolution-payments-announces-level-iii-processing-through-any-device-21606084