If you sell products or render services to different businesses or government, then you may be charged with very high processing fees. However, there is a workaround now. A business owner may not be able to control the card presented for the payment, but they can control the fees associated with Business card products. Simply choose the right partner which supports level 2 and level 3 processing. This way your cost on Business card products can be reduced up to 1.10%.
So what is level 2 and level 3 processing? Well! Level 2 field is associated with tax information whereas, level 3 data includes 12 additional fields of information. Since purchases made with a Business card product have a greater risk profile, it has a higher cost. However, this cost can be reduced up to 1.10% if Level 2 and level 3 data is provided with a transaction. The idea is to provide Card Brands with some extra information to make the sale look more authentic with that profile. Hence, the more information you provide the less it costs.
Clarity EPS is one solution that supports Level 2 and Level 3 data through its Virtual Terminal, Mobile App, and P2PE Terminal. Since a business owner cannot be expected to provide level 2 and level 3 information on every transaction, they automatically pass through the line item requirements needed for a business to obtain Level 3 rates on the back end, allowing them to save up to 1.10% on certain Business Card Products.