A Note from Jeff Felser
Welcome to the Spring edition of Payment Solutions News. As your Treasury Management bank, it's our goal to help you find new ways to become more efficient. In this issue, we'll discuss how the PNC Purchasing Card can help your company cut costs and improve recordkeeping ... and how the City of Newark, Ohio successfully implemented a Purchasing Card program with PNC.
We'll also share how new IRS reporting regulations make 2011 the ideal time to transition from checks to payment cards.
As always, thank you for your time. We appreciate your business.
Senior Vice President
City of Newark, Ohio, uses PNC Purchasing Card Program to cut costs and improve operations
Five years ago, Newark City Auditor Steven Johnson started a card program with a simple goal: improve the city's T&E process. The cost savings quickly became so evident that the card program was almost immediately expanded to include all general purchasing. Newark was able to streamline its vendor pool based on card acceptance, and reduce paper purchase orders by 80%.
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PRODUCT SPOTLIGHT: PNC Visa® Purchasing Card
Implement a payment program that's tailored to your company's needs
You can streamline your procurement process... without costly investment or reduced control. The PNC Purchasing Card program gives you added flexibility within your procure-to-pay and real-time access to online spending reports. You can also set individual spending limits by amount and purchase type to minimize overall exposure. Plus you'll receive one consolidated statement for all of the accounts in your program, eliminating the need to make separate payments for each employee card.
INSIGHTS FROM VISA
New IRS Reporting Rules: Simplify your Taxes with PNC Purchasing Cards
As of January 1, 2011, you no longer need to report your company's payment card transactions to the IRS. These transactions will instead be reported by merchant banks under a new set of rules. Check payments, on the other hand, continue to be subject to existing reporting and withholding requirements. This change provides an opportunity to dramatically simplify the way you track spending, and makes 2011 an ideal time to transition from checks to payment cards.
Streamline your reporting process with a customized solution from PNC
With a PNC Purchasing Card Program, our specialists will design a customized file interface that lets you download information directly into your accounting system. So you can eliminate the hassle of entering and managing expenses manually.
PROTECTING OUR ENVIRONMENT
PNC: A leader in eco-friendly development
Reducing the impact we have on natural resources extends to everything we do. From recycling over 400,000 pounds of computer equipment last year to using recycled construction materials, you can count on PNC to lead the way forward.
ACHIEVEMENT IN NUMBERS
Soon PNC's Purchasing Cards will be made from 25% recycled materials.* Because at PNC, we realize that small changes can have a big impact.
Online Training Sessions Available at PNC's Resource Center
You are able to register for ActivePay, CenterSuite, VIM and other online training classes on PNC's online Resource Center. You will need to register on the site before you can sign up for training.
Once you are registered on the site, sign-in using your email address. You will then be able to select from a range of training courses covering topics such as using reporting tools and setting up new program administrators.
Mark Your Calendars!
Look for PNC at these upcoming events
Trea$ury Initiatives 2011
May 8 - 12
IAPP-IARP-TAWPI Fusion 2011
Gaylord Palms Hotel & Convention Center
May 18 - 20
Annual Windy City Summit
Hyatt Regency Chicago
Treasury Management Assoc. of Chicago
No part of this publication may be reprinted without written permission.
Visa® is a registered trademark of Visa USA Inc.
PNC® is a registered mark of The PNC Financial Services Group, Inc. ("PNC")
Banking and lending products and services and bank deposit products are provided by PNC Bank, National Association, a wholly-owned subsidiary of PNC and Member FDIC. Lending products and services, including card services, as well as certain other banking products and services, require credit approval.
This letter provides general information only and should not be relied upon as specific legal, tax or accounting advice or recommendations.
©2011 The PNC Financial Services Group, Inc. All rights reserved.