What is a Level 3 purchase card capable at?

Unlocking the Power of Level 3 Purchase Cards: A Granular Transaction Data Bonanza

Level 3 purchase cards, a significant advancement in the world of business spending, empower organizations with unparalleled granularity and transparency into their transactional data. Unlike traditional purchase cards that provide limited details, Level 3 purchase cards capture a wealth of information, including:

• Itemized Purchases: Each transaction is meticulously broken down into individual items, quantities, and unit prices. This allows organizations to pinpoint specific items and their costs, facilitating precise budgeting and expense management.

• Order-Level Data: Level 3 purchase card data includes merchant-specific order information, such as purchase order numbers and invoice details. This enables organizations to directly match purchase card transactions to specific orders, streamlining reconciliation and payment processes.

• Enhanced Reporting: The granular data captured by Level 3 purchase cards provides a rich source for advanced reporting and analysis. Organizations can analyze spending patterns, identify cost-saving opportunities, and make informed financial decisions.

Benefits for Organizations

Leveraging Level 3 purchase card data offers numerous benefits for organizations:

• Improved Expense Management: Itemized purchase data empowers organizations to track and control spending at a micro-level, reducing the risk of overspending and misuse of funds.

• Streamlined Reconciliation: The inclusion of order-level data eliminates manual reconciliation efforts, saving time and resources while improving accuracy.

• Cost Optimization: Detailed itemization allows organizations to identify and eliminate unnecessary purchases, reducing overall expenses.

• Enhanced Fraud Detection: Granular transaction data provides valuable insights for fraud detection systems, enabling organizations to identify suspicious activity and protect their financial assets.

How It Works

Level 3 purchase cards function as a payment mechanism integrated with a data exchange network. Transactions conducted using these cards automatically capture itemized and order-level information, which is then transmitted to the organization’s financial management system. This data can be easily accessed and analyzed, providing real-time visibility into spending activities.

Conclusion

Level 3 purchase cards are a transformative tool for organizations looking to optimize spending, improve expense management, and enhance financial visibility. By capturing granular transaction details, these cards empower businesses with a wealth of information to make informed financial decisions, streamline processes, and reduce costs. As organizations continue to embrace the digital age, the adoption of Level 3 purchase cards is expected to become increasingly widespread, unlocking the true potential of granular transactional data.