As business owners continue to look for ways to streamline their business and improve cash flow, they might consider a corporate credit card to help manage expenses. But, there are other commercial payment solutions that might provide even more benefits to business owners. A Purchasing Card is a type of commercial credit card that allows businesses to simplify the procure-to-pay process while providing added detail of transactions. Purchasing Cards help provide flexibility while maintaining control over employee spending. ePayables is another payment solution for businesses that is designed to create efficiency and added security to the accounts payable process through automation. ePayables allow a business to replace costly paper checks with single-use virtual card numbers that are generated when the invoice is processed.
Benefits when utilizing Purchasing Cards or e-Payables:
Streamline & Automate your Procurement & Accounts Payable Process: Utilizing a card program helps to track expenses, reduce employee re-imbursements, and automate processes. You can also reduce time and money processing checks by issuing single-use credit card numbers.
Cash Management Control through Restrictions and Spending Limits: Establish credit card limits by card, set spending limits and manage card controls for purchases each month.
Lower Risk of Fraud: Restrict card purchases from unauthorized merchants and track transactions through real-time reporting. Also potentially reduce risk of check fraud by issuing single-use card numbers in lieu of check or ACH for recurring vendor payments.
Earn Cash Rebates: Using a Purchasing Card or utilizing ePayables can earn cash back on everyday businesses purchases or expenses.
By implementing a Purchasing Card or ePayables program into your business, it can help improve the accuracy and security of your employees’ transactions by simplifying the process of purchases. For information about the benefits included with Arvest Purchasing Cards or ePayables, please contact us at (855) 250-8508.