Thursday, August 11, 2022

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Should your business use purchasing cards?


Kevin Tiernan
VP, Treasury Management/Global Banking

Purchasing cards (p-cards) are a type of commercial credit card that allow a
company’s employees to make payments without using a traditional, paper-based
process. P-cards are popular among corporations due to a number of benefits:

1. Efficiency – P-cards integrate with a company’s existing expense management
systems and every transaction is automatically factored into an expense category.

2. Accuracy – P-cards help reduce errors since transactions are filed automatically
and electronically.

3. Control – Businesses can place dollar limits on how much an employee can
spend and select where employees can make purchases.

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4. Security – P-cards block transactions from unauthorized merchants, offering
more protection from fraud.

5. Profitability – Employees spend less time filing expenses and the accounting
team spends less time processing reports.

Whether you manage the finances of a large corporation or a mid-market
company, implementing p-cards can help improve the accuracy and security
of your employees’ transactions.

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