Interchange Relief with OMEGA VT

July 30, 2015

When it comes to qualifying for lower interchange fees, the general rule of thumb is “the more information, the better.” Nowhere is this more true than with Business-to-Business (B2B) transactions. By including additional data, such as tax amount, customer code, merchant postal code and tax identification information, B2B transactions can qualify for lower interchange rates. And, OMEGA Processing’s industry leading virtual terminal product, OMEGA VT, can help.

Transaction Categories

Transactions fit into one of three different categories – Level I, Level II or Level III. Each level has its own data requirements and methods of verification and authorization, ranging from very limited to very detailed.

Level I processing refers to typical business-to-consumer (B2C) transactions, during which consumers use their personal credit cards. While the data required to process a Level I transaction is small, the interchange rates are higher.

Level II and III processing involve business-to-business (B2B) transactions and require completing extended data fields when completing the transaction. Including this additional data improves transaction security and allows commercial accounts to monitor and control credit card spending. In addition, merchants can save from 1 – 2% on their processing costs by having transactions qualify for Level II and III processing.

How Does OMEGA VT Help?

Level II processing options for B2B transactions come built-in to every OMEGA VT account – at no additional charge. By requiring a few additional data fields on B2B transactions, transactions may qualify for Level II processing and interchange rates between 0.05% – 0.50% lower than Level I transactions.

For those merchants who primarily process more detailed B2B transactions, Level III processing is also available, which offers even more interchange savings. While Level II processing has its own pricing schedule, these transactions can qualify for rates 0.25% -2.50% lower than Level I transactions.

Looking for more information on saving with B2B transactions with OMEGA VT?  Contact OMEGA Processing’s Customer Service team at 866.888.9724 Ext. 7.

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