If your business accepts payment from customers using business credit cards, you could be looking at a very expensive monthly processing bill. For most business credit cards, the interchange cost is commonly very near 3%.
Enhanced Data, as long as it is passed through to the card brands, allows businesses to reduce the cost of taking those expensive business cards, especially on B2G large ticket purchases (like on ePayables Network). Enhanced data fields are numerous and many are required in order for the transaction to qualify, but depending on your business, it can provide some serious savings.
Most B2B transactions are eligible for cost reductions of 0.2% to 0.5% but some can save up to 1.05%. The process of entering this data can be cumbersome, but with our platform’s machine learning, we automate these savings for you.