Revolution Payments is streamlining the process of commercial cards and interchange fees with its new NetSuite Level III Credit Card Processing Solution, the company announced on Friday (Feb. 21).
The NetSuite card processing solution simplifies payments and reduces the interchange cost of accepting commercial cards by up to 43 percent. Incorporating credit card processing functions into an accounting solution also makes work-flows operate more efficiently and reduces double entry.
The new integration also marks invoices as paid, automatically posts payments and archives data offsite. Transactions can be run at any stage, such as deposits, refunds and credit.
The Revolution Payments NetSuite module also knows immediately if a transaction is level II/III eligible as soon as it is accepted. It then updates automatically, and adds level III detail and lowers “business interchange costs before the transaction ever reaches a processor.”
“It’s regrettable that many in the contracting industry are unaware of the advantages that correct processing solutions can present,” Revolution Payments said in a blog post.
“To support acceptance of corporate and government P-cards, MasterCard and Visa have reduced interchange rates associated with these cards if Level-2 and Level-3 data is included in the transaction report.”
The company’s post continues, citing the GSA website, “MasterCard and Visa have created special rates to support Purchase Card programs reducing a vendor’s transaction costs (Interchange) if Level-3 line item detail information is transmitted with the card payment file. By providing Level-3 data, a supplier may reduce their credit card processing fees — often by 30 to 40 percent.”
Launched over 20 years ago in Hagerstown, Maryland, Revolution Payments is focused on delivering reliable and secure payment solutions for clients, including Ramada, Holiday Inn Express, Volvo, Kenworth and Mack trucks.
In December, Revolution Payments announced its interchange optimization service to help B2B companies reduce interchange fees by optimizing Level 3 data processing. Level 3 data is an elevated level of information about a transaction, which can lower interchange fees compared to processing that only involves Level 2 or Level 1 data.
