Online Features Help Broaden
Appeal of Purchasing Cards

Purchasing card programs are expanding beyond just the largest companies.

"A number of Fortune 500 companies and large institutions of higher learning adopted the purchasing card years ago," says John Smith, Vice President and Manager of Treasury Technical Sales. "Now, smaller entities in both the public and private sectors recognize the benefits of this product."

The purchasing card (P-Card) has become more popular as businesses have learned how it can help them reduce purchasing costs by up to 90% and streamline the accounts payable process. P-Card programs are being adopted at middle-market companies, counties, municipalities, colleges, universities, prep schools and other businesses with a high volume of small-dollar purchases.

P-Card enhancements
Last year, Commercial Bank of America announced two cutting-edge enhancements to its Visa® Purchasing Card program: the iTracer Internet-based reporting and analysis tool and On-Line Statement capabilities. Now, with the recently added On-Line Maintenance feature, clients are gaining additional control in monitoring their accounts payable. This trio of product upgrades has increased P-Card’s convenience, functionality and competitiveness. 

Commercial Bank of America’s P-Card is a credit card that eliminates the paperwork of traditional procurement and payment processes. No longer are purchase orders needed, nor are individual checks required to pay for each of the hundreds or thousands of items a company may order each day. P-Card frees employees to order electronically within certain limits and consolidates all transactions into a single payment per billing cycle.

Businesses seeking a one-card system to replace merchant-specific credit cards, petty cash accounts, small dollar purchase orders and personal travel cards will find P-Card particularly useful. In addition, more companies are using P-Cards to purchase manufacturing components and certain capital goods.

While eliminating paper checks and providing security, including fraud monitoring, P-Card gives managers a window into purchase detail. iTracer can generate over 50 customized reports to enable effortless data analysis, while the On-Line Statement function gives designated managers and employees access to statements anytime, from any computer connected to the Web. In addition, spending data downloads automatically into the company’s general ledger, facilitating data posting.

On-Line Maintenance
The new On-Line Maintenance feature enables clients to make changes to their program set-up—online and immediately. They can add and cancel cards, change limits and view pending transactions.

This feature is handy when, for example, a card user has reached his or her monthly card limit. On-Line Maintenance allows a program administrator to raise the employee’s limit if necessary. "Such efficiencies give clients full control and flexibility in the management of their accounts," Mr. Smith says.

Jane Jones, Treasury Management Technical Sales Specialist, highlights additional advantages of Commercial Bank of America’s P-Card program. "Competitive pricing and our willingness to provide in-person training is winning business today. This, combined with our ability to offer functionality that other banks cannot, has increased the appeal and application of P-Card."

To find out more about the Commercial Bank of America Visa Purchasing Card program, please contact your Relationship Manager or Treasury Management sales specialist.