This benefits merchants using credit card terminals or gateways that do not support level III payment data. Previously, a merchant would have to pay higher interchange fees that vary from 80-150 basis points for accepting commercial cards without level III processing detail.
According to the company, other challenges businesses face when it comes to Level II and 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III processing include not collecting the required information from customers, accepting credit cards via a website, outdated equipment that does not support level III data, and not working with a credit card processor that is certified to process Level II and Level III data.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 lower interchange rates. This happens 100% behind the scenes before the transactions settles.
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