How does Level II and Level III Card Data Impact Interchange Plus Pricing?
Level II and Level III Card Data, also referred to as Level 2 and Level 3 Card Data, is additional information that can be attached to a credit card transaction.
Level II and III Data provides additional information about commercial, corporate, purchasing, business, and government cardholders.
Transactions submitted with Level 2 and Level 3 card data qualify for lower Visa and MasterCard Interchange rates. Transactions with Level II Card Data can clear at rates between 0.05% to 0.50% lower than the exact same transactions submitted without it. Transactions with Level III Card Data can clear at rates between 0.25% to 2.5% lower than the exact same transactions submitted without it. Many government and institutional cardholders, like those paying with GSA SmartPay, are starting to require vendors to submit Level 3 Card Data.
Level II Card Data is relatively easy to submit, and can be attached to credit card transactions using most retail, mail order/telephone order, and e-commerce capable payment terminals, virtual terminals, and payment gateways.
Level III Card Data is line item detail similar to the information on an itemized invoice, and can only be submitted via specialized payment applications. Only merchants doing business with large government and institutional cardholders should consider submitting Level 3 Card Data.
Please call 1-800-758-1002 or contact us to learn more about Interchange Plus Credit Card Processing, or get a quote for an Interchange Plus Merchant Account.