If you are at the helm of a business-to-business (B2B) company, payment processing may not be at the top of your list of concerns because there is a traditional way of invoicing clients and waiting for your check but nowadays online options are much faster. Merchants are moving to the digital world of online payment processing also known as e-commerce.
B2B merchants nowadays take payments through debit and credit card for products sold and services rendered. With highly reputed, experienced and skilled merchant processors who are active in the B2B segment, companies like iPayTotal providing services to B2B companies are properly set up to streamline the ways you accept payments. Big savings on fees acquired from Visa and Mastercard are not only possible with this technology but can be accomplished with very little effort from the merchant.
There are several incidents when iPayTotal and encountered such wholesale merchants who did not know anything about Level 2 and 3 data and how much they can save from this. What is more is our various case studies that show where a merchant saved $20,000 and $30,000+in fees just by adding level 2 and 3 data. However, boosting business and payment processes with ACH and replacing it with physical checks.
For Business-2-Business companies, payment processing plays a key role and one must know below key points –
- Your payment gateway could be stalling online sales if it does not have advanced functionality. It might not have a good system in place to ensure most payments get authorized or have the capability to fully support subscriptions.
- Your payment gateway could be contributing to the obstacles standing in the way of sales, or doing little to address them. It could be that your menu of payment options is limiting sales, or if you do not have a website, that your gateway cannot support phone orders or invoice payments.
- Your payment processor might not be giving you the right tools to create a seamless customer experience. Can buyers pay in multiple ways? Does your payment processing platform allow you to handle orders within the business software you are already using? Details like these make the payment process almost invisible, so your customers would not think twice about buying.
- Your payment gateway could be complicating B2B payments for both you and your customers. You should not need more than one payment gateway to get everything you need for successful processing. It should also make things like reporting and reconciliation a snap.
Same Day ACH
Including high risk merchant accounts, Banks are also on same day ACH bandwagon competing for the current market of credit and debit card as technology propels merchant accounts into the future. The Electronic Payments Association is the steward of the ACH Network – one of the largest, safest, and most reliable payment systems in the world of payment processing. NACHA is National Automated Clearing House Association, it is an organization that is responsible for all standards and rules followed by financial institutions for transferring payments.
NACHA adopts a new rule that allows better and more capability in moving money and processing ACH payment much faster. This will enable ACH payment the same day processing option. And B2B payments has huge significance in same day ACH payments. There this will make trade simpler and faster than ever. There will be seamless payment processing and businesses. The invoices payments will be settled faster.
What Exactly is Level 2 and 3 Data for B2B Merchants
It is overwhelming to learn ins and outs and core benefits for level 2 and 3 data. iPayTotal will help you recognize why this option will be a great one for the long-term success of businesses. Putting level 2 and 3 data in payment processing is simply attaching more data points to credit card transactions. This makes payments more readily available to wholesalers and B2B merchants.
This is understood that higher the level of payment processing, more will be data points added. Merchant account has more saving on interchange rates after adding level 2 and 3 data points. So more the data points more is savings on interchange rates and more saving on business profits.
Level 3 processing utilized by government transactions for processing payments in B2B business. Level 3 data processing cab bring serious savings on interchange rates which can include an overall rate of saving in at approx 1% lower than with standard transactions.
For example, you take a $20,000 sale to a large industrial buyer, using a typical MasterCard interchange schedule – with Level 3 data, that merchant account can save net over $200 in interchange savings – a huge saving on a single transaction. So, what are you waiting for? Team up with iPayTotal to save your money and get your payments more secure and your transactions processed faster and your business grow faster.