Level 3 Payment Processing
What is Level 3 Credit Card Processing?
Level 3 credit card processing is utilized in B2B and B2G transactions to help secure lower interchange rates and monitor spending. It involves the input of additional data through extra line-item details that further outline transactions for both the business and credit card companies.
At Payway, Level 3 payment processing is automated for all clients
Level 3 payment processing retrieves detailed transactional information along with the sale to send to Visa and Mastercard, which, in turn, provides access to lower interchange rates for those that participate. For more information on level 3 data requirements, read our blog: How to Lower Interchange Rates with Level 3 Payment Processing.
At Payway, Level 3 payment processing is automated for all clients – right from the start – to reduce as many interchange fees possible for the duration of our partnership. We can autodetect if a payment is made with a procurement or corporate charge card, enabling the networks to identify which transactions qualify for the lower interchange rates.
The Star Tribune relies on the power of Payway
We performed an analysis of the Star Tribune’s transactional data to see what impact Level 3 processing would have on interchange fees. A three-month sample revealed that of the nearly 3,000 transactions processed, 4.6% qualified for Level 3 processing reductions, which translated to 60% savings on qualified transactions. To learn more about how The Star Tribune saved with Level 3, read our full story.
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As a courtesy to our Level 3 payment processing customers, we will provide you with an Annual Savings Analysis Report so you can see how much you save every year in interchange fees.
“Payway’s Level 3 processing saved us more than $45,000 in just three months’ time”
– J. Mersch, Controller, Star Tribune
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