A Top-Notch Software Must Provide Level 3 Processing!
One of the best ways through which a B2B business can save more money is to receive payments through level 2 and level 3 processing. And the best way to make use of this opportunity is to find a payment processing company that offers a payment gateway compatible with these types of processing. But what are these alternative methods of payment processing?
When a bank transaction is made, there is a fee named interchange. This fee covers over 80% of the total value of all the fees paid for each transaction. The cards used by the government, businesses, and corporations are type 2 and type 3 cards. And the fees made through these cards can have a much lower fee in the transactions are set up properly. And the easiest way to set them up is through a payment processing software that can take care of this task for you.
Of course, you can set up these types of transactions manually. But it is a very complex process that will make you lose a lot of time. It may not even be worth it to set them up manually because that time could be used to receive more payments and make more money. So, instead of getting a headache from trying to do this task manually, it is in your best interest to make use of a payment processing software. And let it do the task for you. Not only is the process automated, but it is also fast, and it does not require any time and effort.
What Benefits Can You Get from a Software That Provides Level 3 Processing?
But what exactly are the benefits that you can get from using software that automates the level 2 and level 3 processing ? Well, the interchange fee that you will pay through using these types of transactions is up to 50% less than the level 1 processing method. So, you can save a lot of money from not having to pay so much for every transaction.
To make it easier to understand and calculate how much money you can save through this alternative, you need to know that the standard interchange fee is 2.95% for every transaction. On the other hand, for the ones processed through level 2 or 3, the fees are only 1.9%. That is more than 1% for every transaction that your company will make. Depending on the size of your company, this amount may seem too little or too very much. But to put things into perspective, you will be able to save more than 1000$ for each 100,000$ in transactions of your company.
It may not seem a lot. But if your company transactions amount to more than 100,000$ every month, then you could even hire one more person in the company from the savings. Doing this will help your company generate even more money. Or, you can consider that you got the software for free, even getting paid for using software that will help you grow your company even more. Keep in mind that a payment processing software will offer many more features and benefits besides this opportunity to save money.
What Other Features and Benefits Can You Expect from a Payment Gateway Software?
Most of the time, a B2B company will sell services to another company. And the best payment alternative for this type of business is to use recurring billings. So, you need to find a payment gateway that offers this type of feature. There are three essential benefits that you can make use of by using this billing method.
• Improve billing efficiency. As a business owner, you should already know how important convenience is for humans. Even for productive people, a high level of convenience that will save them time is very appreciated. For this reason, if you are going to use a recurring billing method, you will improve the efficiency of the process and save time for both you and your clients. Most of them will most likely appreciate this time saved. And you will be able to keep them as clients for longer periods.
• Reduce costs. Level 2 and 3 payment processing are not the only way to save money. By using this type of billing, you will also be able to save some money. How so? Manual billing requires you to pay specific fees. But with a recurring method, you will not need to pay those fees. So, you can save even more money for every transaction that you made using this method.
• Enhance loyalty. As mentioned above, convenience and time saved will leave a positive impression on your customers. And if your company can provide everything that it promises, then this positive impression will increase the loyalty of your clients. Moreover, it will be much harder for them to change a provider that offers a high level of convenience. So, you can almost guarantee that you will be the only provider of your clients for as long as they need this type of service.
But there is another feature that you can get from the leading payment processing companies on the market that will satisfy your potential clients even more. That is a massive increase in the security of your payment systems. All the billing information will be kept online in places where it is impossible to be hacked and stole. And this increase in security will also increase the trust that your potential clients will have in your company.
With so many features and benefits, what stops you from searching for the best payment processing company for your business? All you have to do is to search on the internet and check as many software as possible. You can even test them until you find the best alternative for your company. But the best method is to first research the websites on the companies and only test the alternatives that provide you with all the necessary features and benefits for your business.
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