Level 2 and Level 3 processing are the classifications given to credit card transactions that pass along additional payment data. If you are taking credit cards now, you are already participating in this spectrum as level 1 and likely didn’t know. (We should note, Level 1 Processing is not the same as PCI Level 1)
Only transactions made with corporate cards, government cards, and some business cards are eligible for the second two levels.
Passing the extra transaction information reduces the calculated risk. The three credit card companies have a lot of overlap between the required data but card-specific requirements exist. We recommend setting yourself up to pass all of the data through.
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Here is something to keep in mind. If you are working with a payments expert or consultant, they may suggest filling the required field with the “dead data.” We would strongly suggest against that. In recent years there have been systems developed to analyze that. Like most things in life, It’s best not to take shortcuts.