Meramak Bankcard Merchant Account Services
Level
II Data Credit Card Processing for Government and Corporate Cards
Most
government agencies such as HUD, and corporations in the private sector,
now require Level II Data to be included with a sales transaction if
accepting their purchasing cards.
Level I Data is a simple standard transaction. It only includes "total purchase amount" and "date of sale." A Level II credit card has additional information that is required for each purchase. For instance, an "authorization code" required by agencies and corporations.
The
easiest way to accept a Level II credit card from a government agency
or a private corporation is to use an online Virtual Terminal.
A Virtual Terminal is accessed through the Internet. It consists of
a form to fill in with the information from your sales transaction.
Enter the information and submit it. Within seconds the transaction
is approved and your money will be deposited in your business bank account.
Internet processing requires a standard merchant account combined with an Internet Gateway.
Shortcut for HUD Inspectors -- See Below
HUD Business Rules -- Attachment 2
MasterCard
Vendor Fact Sheet
MasterCard Vendor Account Definition:
* A MasterCard Vendor Account is an electronic
payment system, commonly referred to as a “merchant account.”
* This account enables a business to accept
credit card payments
through a “virtual terminal” (Internet web site) or a
“physical terminal” (storefront) for services rendered.
Reverse Auction Program Requirements:
* To participate in the Reverse Auction Program,
each bidder must establish and maintain a vendor account with a MasterCard
credit card company or merchant account provider.
* This account must be able to process payments
through an online terminal with a Merchant Category Code (MCC) of
“9399-Government Services.”
The Payment Process:
* The business first establishes a private bank
account, which includes a business checking account.
* The business receives credit card information
in the form of an “authorization code” from the Reverse
Auction Program.
* The authorization code is entered into the
virtual terminal, which initiates a direct deposit into the private
bank account. This is similar to the “swiping” of a credit
card through a physical terminal.
* The credit card information is sent to a processing
bank.
* The processing bank ensures that there are
appropriate funds in the account and transfers the money to the business’
account within 2 to 3 business days.
Establishing a Vendor Account:
* A business can establish a MasterCard Vendor
Account through any merchant account provider or through a MasterCard
company. For more information, please go to www.mastercard-visa.com
or call 1-888-336-4872.
* To apply for vendor status, you must provide
your business information by completing an online application.
* Approval usually occurs within two to three business days and virtual
terminal setup occurs within five to six business days.
* There are fees associated with establishing
and maintaining a vendor account. These fees vary according to the
business needs and the provider. (The Reverse Auction Program does
not pay activation or transaction fees associated with an account;
the bidder must factor any additional costs into the bid per inspection.)
Level II Data (POS/Customer Code):
* Your account must use the requirements under
“Level II Data.”
* A Level I credit card is insufficient for
the Reverse Auction Program. It is a standard card for a purchase
transaction and only includes information such as “total purchase
amount” and “date.”
* A Level II credit card has additional information
that is required for each purchase. This additional information includes
the “authorization code,” which is necessary for payment.
If you need to accept a Level II credit card, call us at 1-888-336-4872 toll free or fill out an online pre-application.
If you would like to download the entire Business Rules document, please click here: HUD REAC Inspector reverse auction Business Rules
