Commercial Cards, the different types and what they are used for!
Commercial Cards and how they help businesses and their employees.
- Allows for emergency cash and card replacement
- Enhance travel security and convenience while saving you money
- Improve reporting with data consolidation that allows your company to group and analyze spending data by expense type, Merchant Category Code, geography, and more.
- Quickly and easily pay for travel and entertainment expenses such as hotels, meals, and rental cars, without using personal funds or company cash advances.
- Provide company travelers with benefits including access to cash via millions of ATMs.
- Monitor compliance with spending policies and purchases toward negotiated volume thresholds.
- Capture up to 40% and more of additional revenue on commercial transactions from Level-3 line item detail
From detailed auditing to electronic approvals and pre-population of expense reports, Visa Corporate card programs eliminate unnecessary administrative steps.
The Visa centralized and individual billing and payment options help ensure that your payment program aligns with your business needs. And, with the ability to download data right into your own expense management systems, the Visa Corporate card helps streamline your company’s administrative process.
Commercial cards have three types of cards:
- Purchasing Card – issued to corporations. It allows the corporation numerous parameters to control daily and monthly spending limits, total credit limits and where the card may be used. Many employees may be issued the same card number. Most state agencies and the government use P-Cards along with level-3 detail
- Business Card – similar to the Corporate Card, but issued to a business with fewer employees. Each employee is responsible for his or her purchases.
- Corporate Card – usually issued to the employees of a large corporation where the corporation assumes all liability for the card’s usage
These cards have the potential to add a tremendous amount of additional revenue. Everything but Visa Business cards qualify for level-3 line item detail. Level-3 detail allows you to to lower your transaction costs by 40% and more for including level 3 data with the payment transaction.
Level-3 requirements you use payment technology capable of supporting the level 3 payment requirements. Terminals do not support level III. If your business accepts credit card transactions from other businesses and Are Not set up to send level 3 detail, your losing 40% of potential revenue on each of these transactions.
Have questions or interested in learning more about level-3 processing? Give one of our experts a call at 888 790 3450 or email info @revolution-payments.com