Level 3 processing is important to you as a merchant. This is due to the increasing number of shoppers, about 12 percent, who use a mobile device to visit an online retail. Approximately 6.7 percent then make a purchase. This is double the 2010 numbers.
Cloud based payment processing, including level 3 processing, works well in online shopping transaction because they can happen through the payment processors integrated receivables management platform. This will lower cost, accelerate the time to market, and improve transaction quality or the Transaction Processing Quality.
Using Level 3 processing also lets you apply PCI DSS or Payment Card Industry Data Security Standards. This set of standards applies to any merchant or organization, no matter its size or number of transactions, that accepts, stores, or transmit cardholder data.
Level 3 processing is part of the financial supply chain of B2B that includes ERP vendors, billing and collection providers, commercial banks, and business process outsourcing firms. The security of online credit card processing, payment processing services, or any online payment system is important to customers. It will also help protect your reputation as a business.
A lot of benefits can be reaped from large corporate or government buyers when using level 3 processing. Detailed transaction information can be tracked and recorded at a lower fee rate than level 1 or level 2 purchases. To receive this lower rate using level 3 processing, there is a lot of information that is required including merchant name, transaction amount, destination postal code and more. The information provide allows the merchant and the customer to keep tighter control on ensure that all purchases are correct and legitimate. It also helps the customer with recordkeeping. Level 3 processing also provides merchants to build stronger relationships with their large scale customer using merchant accounts, thus increase sales and boosting profits.