The ability to process line item Level 3 data has become an increasingly pressing need for vendors in the era of integrated systems and new technologies such as eCommerce and mCommerce platforms. Because these sales channels—which were primarily used for B2C purchases—are now used to facilitate many B2B and B2G sales, vendors want to ensure they are equipped with the right payment solutions.
Merchants need tools to help them meet the growing trend in business and government card purchasing, and the ability to qualify for the lowest Level 3, Data Rate 3, GSA purchasing and Large Ticket Interchange rates will help them regardless of the platform where the transaction takes place. This is a strong opportunity for developers.
Those creating ERP and other business software systems for vendors can help their customer base by obtaining an API that makes it easier for Level 3 processing. This will improve payment efficiency and can serve as a major selling point for developers. At Vantage B2B, we offer a detailed API integration guide and a free test account, which can help streamline the implementation process.
The ability to maximize profits with each transaction will provide vendors with a high return on investment. This is particularly true for companies that process a significant number of payments on a daily basis, as the more transactions that are processed, the quicker the solution will pay for itself. Developers can also benefit because delivering payment functionality supporting Level 3 data and tokenization will increase the value of their software system, which will result in a higher demand for their product. This functionality can allow developers to create a module for B2B payments, which gives them additional opportunities for recurring revenue.
Ultimately, developers have to set themselves apart from their competition. When standard features such as application integration and data processing speeds are relatively similar, it takes a little more for a particular solution to stand out in the crowd. The ability to fulfill the need to process Level 3 data and qualify for the lowest possible interchange rate by offering a fast and efficient system with hassle-free implementation will go a long way toward improving a developer's market position.