These transactions do not require the physical presence of the credit card, just the credit card details, and, sometimes, the personal details of the cardholder. Virtual Terminals can be accessed from any part of the world from a PC with an Internet connection. This means that e-Commerce merchants can carry out sales and process credit card information while on holiday, on a business trip, etc. Virtual Terminals are also safe and secure. Statistical information can be accessed 24/7 via the Virtual Terminal website account. For more information on virtual terminals and savings on Level III transactions for B2B processing
What is a Virtual Terminal/Payment Gateway? Connecting a payment application to the credit card processing networks is difficult, expensive and beyond the resources of most businesses. Instead, you can easily connect to the one of our payment gateways, that provides the complex infrastructure and security necessary to ensure secure, fast and reliable transactions. Our Payment Gateway is available 24/7 for processing transactions. We also offer a number of value-adding services to assist merchants in managing their businesses and protecting themselves from fraud. Merchants log into a secure Web site called the Merchant Interface to manage their transactions, configure account settings, view account statements, generate reports and more. Since the payment gateway is a browser-based, hosted solution, there is no software to install or maintain. Contact us for more information on our industry leading Payment Gateways!
Specific interchange compliance requirements must be managed and include merchant category restrictions, authorization, clearing, timeliness and registration. For the card types that can qualify for Level 3, address verification, invoice number, tax amount, and line item detail fields like product code, item description, item quantity, unit of measure and extended item amount must be submitted with the standard sales information.
Interchange is always changing, and MasterCard and Visa are continuously making adjustments in both rate and qualification requirements. Currently Visa and MasterCard both require submitting a tax amount greater than zero to qualify for Level 2 / Data Rate 2 Interchange rates but for tax exempt transactions Level 3 / Data Rate 3 Interchange rates are available provided data requirements are met.
Qualifying for incentive Level 3 processing rates while eliminating Non-Qualified surcharge fees may reduce your processing expenses by an average of 15% to 20%! For example, the difference between a tax exempt MasterCard business transaction processed at Level 3 Interchange and hitting the next best Data Rate 1 Interchange is 85 basis points. This is a significant savings!!! Leading indicators that your processing costs are too high:
Contact us for a Level 3 Interchange quote detailing Visa, MasterCard and Discover commercial card rates, qualification requirements and next best rates.