Payments Glossary
Payments language demystified.
Let us help you navigate the world of payments.
Level 2 and Level 3 Processing (L2/L3)
Rich data transaction requirements specified by Visa and Mastercard for corporate and commercial card transactions. These levels allow merchants to provide detailed transaction data, including itemized purchases and shipping information, which result in lower interchange rates. This enables businesses to save on processing costs, and payment platforms to save on reduced fees if they support these data fields.