Level 3 processing allows merchants to process commercial, B2B, and government credit cards at the lowest possible cost. Here’s the rub… you can’t do it with just any equipment and even with just any processor.
Just as important to your success processing level 3 payments as your equipment, you must absolutely choose a processing partner that understands the requirements of going from Level 1 to Level 3 processing.
How much will Level 3 processing save my business?
Level 3 processing offers the lowest possible interchange costs. With interchange making up anywhere from 80-90% of your processing fees each month, reducing interchange is critical to seeing real savings.
Level 3 processing rates will lower the cost of processing payments for your business by up to 1.5%. This all depends on how large the transaction dollar amount is, what type of card is used, what information is embedded in the transaction, and even how much spending is done with that card each year.