For different types of buyers, there are different measures required by payment processors to safeguard a transaction. B2B and government procurement transactions are often the most complex because payment processors require greater detail about a purchase in order to verify and complete the transaction. But these complexities can create time-wasting burdens for corporate and government sellers.
In an announcement made Tuesday (July 21), Revolution Payments revealed the launch of its B2B payment gateway that eases friction when it comes to the data entry associated with B2B and B2G payments, while at the same time offering a way for sellers to save on interchange fees, charged by a card issuer every time the card is used.
Commercial cards, Revolution Payments explained, have been categorized into three levels of interchange rates, with each level requiring varying degrees of data about the purchase. The company’s new B2B gateway allows businesses to accept lower levels of interchange rates — saving them money — without having to manually enter a greater volume of data associated with that tier.
Level 2, designed to support B2B transactions, requires customer code and tax data, and Level 3 requires information on what is being purchased, when the transaction occurred, how payment occurred and several other items. Manual entry can leave companies with a significant time burden. But Level 3 reduces interchange costs, so businesses must choose either saving time or saving money.
But Revolution Payments is automating this data entry so businesses can accept these lower interchange rates and take advantage of the savings, which can reach as high as 40 percent or more, the company said. The new gateway automatically sends both Level 2 and Level 3 data on behalf of the seller, without the company ever having to manually input this information.