“The integration of text-to-pay is in direct response to growing customer demand for these services,” said Revolution, whose customer base is primarily in the business-to-business (B2B) and business-to-government (B2G) sectors.
This is in part due to the rising popularity of businesses seeking alternative payments during the COVID pandemic. With text messages seeing a 98% open rate, companies will get paid faster and more frequently.
“Text-to-pay gives our clients different payment alternatives to meet the growing needs of its customers,” Revolution Payments President Sean Jones said in the release.
As a plus to customers accepting credit cards from businesses or government, Revolution said, all B2B and B2G transactions are instantly reclassified to Level II and Level III interchange rates AKA Level III processing, including text-to-pay. Level III processing can reduce the interchange cost of accepting commercial cards by as much as 40%.
Companies that want to qualify for Level III interchange rates must typically manually enter up to 11 data fields of information, a time-consuming — and in some cases impossible — process for merchants. Revolution’s gateway automates this process, letting merchants significantly lower the interchange cost for accepting commercial cards.
