Level 3 refers to a level of credit card processing that requires even more detailed transaction data than Level 2, providing the most granular information about purchases. This level is often used by larger businesses and government agencies to optimize their financial tracking.
Providing Level 3 data can also potentially reduce the interchange fees charged to the merchant. It is the most detailed level of data capture available and is designed to meet the stringent reporting and accountability requirements of large corporations and government agencies.
This can be a crucial factor for businesses in securing contracts with these entities, as they may require suppliers to be able to provide Level 3 processing.