Hello
CC fees are a major expense for me. I usually check competitor merchant processing rates about once per year. I've been doing this for around 12 years, I know the ins and outs, and the rate I'm at is a best I've had.
Another processor suggested he could match my rate but offer more savings if I could process B2B transactions with level 2 data.
Apparently level 1 data is CC #, CCV, address. Level 2 data includes granular detail on the sale; product type, sales tax amount, etc. Interchange rates go down for transactions sending L2/L3 data
Here's an explanation of level 2 and 3 from a quick Google search but I think it's sums it up
To be clear, level 2/3 is only for B2B transactions. That's the majority of my customers.
I use Mivapay and auth.net. The Auth.net gateway with Miva is not configured for sending level 2 data, I'm told that's on a long range plan at Miva. I'm told Chase gateway works, but that doesn't really help me as I've done considerable integrations with auth.net and my ERP (non Miva orders, same merchant account).
Merchant processor tells me based on my history I can save a few hundred bucks per month if I started sending Level 2.
Anyone have thoughts/experience on this?
Part of me is surprised V/MC discount interchange for L2/L3 data, is that just a short term thing to get us merchants to start sending that data and in a few years the discount will go away...
CC fees are a major expense for me. I usually check competitor merchant processing rates about once per year. I've been doing this for around 12 years, I know the ins and outs, and the rate I'm at is a best I've had.
Another processor suggested he could match my rate but offer more savings if I could process B2B transactions with level 2 data.
Apparently level 1 data is CC #, CCV, address. Level 2 data includes granular detail on the sale; product type, sales tax amount, etc. Interchange rates go down for transactions sending L2/L3 data
Here's an explanation of level 2 and 3 from a quick Google search but I think it's sums it up
To be clear, level 2/3 is only for B2B transactions. That's the majority of my customers.
I use Mivapay and auth.net. The Auth.net gateway with Miva is not configured for sending level 2 data, I'm told that's on a long range plan at Miva. I'm told Chase gateway works, but that doesn't really help me as I've done considerable integrations with auth.net and my ERP (non Miva orders, same merchant account).
Merchant processor tells me based on my history I can save a few hundred bucks per month if I started sending Level 2.
Anyone have thoughts/experience on this?
Part of me is surprised V/MC discount interchange for L2/L3 data, is that just a short term thing to get us merchants to start sending that data and in a few years the discount will go away...