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Who wouldn’t want to optimize cash flow, improve purchasing convenience, control travel and entertainment expenses, reduce back office tasks and time, minimize fraud, and benefit from revenue sharing or other rewards?
If that sounds like you — consider the benefits of a purchasing card program.
Although many companies still maintain checks as a primary method of payment, those that move a higher percentage of their payments to a card program can improve their financial and competitive position without adding to the back office burden.
The typical mix of payment methods is skewed toward high-cost checks. Checks are more costly to process than other payment methods. Are they too big a share of your company’s disbursements?
A card program can help you:
Once you decide to implement a card program, how can you get the most out of it? Successful card programs make use of these four practices.
Support your program with policies like these:
Review your vendor management strategy:
Pay invoices using your commercial card:
Establish appropriate control and evaluation:
By following these simple steps, you can position your organization to get the maximum benefit from your card program.
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