B2B payments are complex, but saving money on them doesn’t have to be. If your business accepts B2B and B2G credit cards, even if it’s only a fraction of your overall business, interchange optimization can help you reduce your credit card processing fees.
In our recent webinar, we take a look at how interchange optimization helps B2B companies get better processing rates by qualifying transactions for Level 2 and Level 3 rates with Visa and Mastercard.
Watch the video below to learn:
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An overview of interchange and the value that optimized rates provide to merchants and cardholders
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How to leverage Level 3 processing to reduce the costs of card acceptance on B2B and B2G credit cards
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The recent changes to Level 3 processing introduced with Visa’s Commercial Enhanced Data Program (CEDP) and how merchants can comply with the requirements
Visa CEDP Update Reminder
As of April, Visa has officially sunset the legacy Level 2 program. Now, to qualify for preferred B2B rates, companies must meet the stricter CEDP "Product 3" standards. However, transactions that previously qualified for Level 2 rates are now eligible for the better Product 3 rates that CEDP provides, as long as they include accurate and verifiable data.
How PayTrace Helps with CEDP Compliance: The Product List Feature
B2B companies often don't have time to manually type in product descriptions, unit costs, and quantities for every single sale that goes through. That’s why we built the Product List feature.
Instead of manual work on every transaction, the Product List allows companies to:
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Save a list of all items sold—complete with descriptions, SKUs, and more—directly in the PayTrace system
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Bulk upload your inventory list via a CSV file in seconds, eliminating the need to enter them one by one
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Comply with CEDP by submitting the enhanced transaction data that Visa requires
Using the PayTrace Product List saves companies valuable time and resources, while also supporting the verification process that enables qualification for the lowest possible processing rates.
Get Started Today
Make sure your business is submitting the data necessary to qualify for the best B2B processing rates by reaching out to our team today or logging into the Virtual Terminal to upload your product list today.
The B2B payment experts, PayTrace specializes in accounts receivable automation and credit card processing, making accepting secure payments affordable and easy. With solutions for ACH, interchange optimization, surcharging, and more, the PayTrace platform is built on the solid foundation of a B2B payment gateway that’s trusted by 40,000 merchant businesses.
