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Acumatica Credit Card Processing Cost Savings with Level 3 Payments

Acumatica_Logo_FullColor_RGB (2)Are you under pressure as a finance and accounting leader to find ways to cut costs? One of the most overlooked, but easiest to implement, is the acceptance of Level 3 payments. If you’re like most B2B companies, you have a number of customers presenting commercial cards for payment and that presents a tremendous opportunity to cut processing costs that contribute directly to the bottom line.

Definition of Acumatica Level 3 Credit Card Processing

The phrase Level 3, sometimes called Level III, indicates the line-item details that are required with a payment transaction. While the highest level of detail, Level 3 is typically the lowest tier of interchange rates, which means you save money on your transaction processing, but only if you provide the right level of detail.

Examples of Level 3 Line-Item Details

There are 11 line-item details for Level 3 that must be passed in order to qualify for the best possible rates. By comparison, there are 5 for Level 2, and 3 for Level 1:

Detail

Level 1

Level 2

Level 3

Merchant name

x

x

x

Transaction amount

x

x

x

Transaction date

x

x

x

Customer code

 

x

x

Total tax amount

 

x

x

Ship from postal code

 

 

x

Destination postal code

 

 

x

Invoice number

 

 

x

Order number

 

 

x

Freight Amount

 

 

x

Purchase line item detail

 

 

x

While that may seem like a lot of data to collect, most of this information is made available when the purchaser uses any card that is issued by a business or government agency for business purchases. The other data, such as transaction amount, date, customer code, invoice number, order number, etc., can be pulled directly from your accounting system.

Level 3 Acceptance is Automatic with Acumatica Integration

Using an accounting system integrated for payments makes capturing and providing Level 3 payment details seamless. Users of Acumatica, for example, enjoy a system that is already enabled and fully integrated so that you can provide Level 3 data without a lot of extra, manual steps. The system automatically gathers the data and transmits it with the card transaction. It will be easy to cut operational costs at a time when companies are looking for creative and critical ways to tighten their belts.

Calculating Cost Savings

Let’s take a closer look at how to calculate and estimate your bottom-line savings by adhering to Level 3 data standards:

Level 3 Example:

  • Commercial Level 3 would be charged 1.90% + $0.10
  • Commercial Level 2 transaction would be charged 2.50% + $0.10.
  • Your total estimated savings for providing full Level 3 detail would .60%

The single most expensive fee downgrade, and one you can easily avoid with Acumatica integrated payments, is the Commercial Standard Interchange Reimbursement Fee category. If you accept a commercial credit card, don’t provide level 2 or 3 data, and also fail to pass minimum requirements, you can expect to pay 1.05% more than you could have paid with Level 3.

Start Saving Today With Integrated Payment Experts

The team at VIP are experts with integrated payment technology solutions for North American merchants, differentiated by their strategic partnerships and multiple platform model. VIP provides a broad suite of end-to-end payment solutions and superior US-based customer support. They have spent more than 10 years integrating and developing relationships.

VIP’s credit card processing solutions integrate seamlessly with your Acumatica system, allowing you to accept credit card payments inside your software. The integration automatically posts payments to invoices, so there’s no need to go back into your program at the end of the day to reconcile your invoices or balance your general ledger. How much time could that save you every day?

Contact the experts at VIP Integrated Payments today to start saving time and money with Level 3, Acumatica integrated credit card payments. You can reach VIP by phone at (888) 791-9390 ext. 101, or email them at info@vipintegratedpayments.com.