Revolution Payments Announces a Level III Credit Card Processing Solution for Credit Card Terminals
When it comes to your money, it makes sense to find ways to keep as much of it as you can.
ASHBURN, Va., April 7, 2021 (Newswire.com) - Revolution Payments reveals a new service that is helping businesses who use credit card terminals to accept payments, qualify for level III interchange rates.
This is a game changer for the industry since credit card terminals do not have the memory to capture the additional information Visa that and MasterCard require to qualify at level III interchange rates.
Previously, merchants using terminals would pay anywhere from 50 to 150 basis points more in additional interchange fees, regardless of a processor's rate.
This is because Visa and MasterCard apply higher interchange rates to commercial, B2B and government cards that are processed without level II and level III detail.
Revolution Payments' optimization service automatically detects whether a transaction is eligible to qualify for lower interchange rates; if so, Level II & Level III details are populated and applied to the transaction before settlement.
Every transaction is optimized to the lowest possible interchange rate. This can reduce interchange on commercial cards by up to 1.5%, depending on the type of card and size of the ticket.
The fees for credit card processing are a part of doing business, however, programs exist that can help reduce interchange fees on commercial & B2B transactions.
Given the current low profit margin derived by processors today, the focus should be to better manage the interchange cost of accepting credit cards.
Businesses interested in learning more about Revolution Payments should contact Sean Jones at sean@ revolution-payments.com.
Source: Revolution Payments