First Tennessee's Commercial Purchasing Card is a payment card for business expenditures. Spending limits and controls can be customized to meet your company's needs. The Commercial Purchasing Card streamlines the purchasing process, particularly for small-dollar purchases, and helps reduce the costs of procurement.
- Optimize working capital by extending the payment cycle up to 55 days
- Reduce administrative costs through simplifying and streamlining the payment process
- Significantly reduce fraud exposure through electronic payments
- Robust reporting to increase Management visibility of cash flow and cardholder purchases
- Automated spending controls can ensure cardholders’ adherence to corporate spending policies
- Increased spend visibility over multiple cardholders and/or locations
- Spending controls to include restricting spending by business category, single purchase limits, define the time of day transactions can be authorized, or how many transactions are allowed in a specified period
- Robust tools to help Accounts Payable staff manage transaction tracking such as automatic or manual allocations to general ledger codes, and the ability to export transaction/coding data to eliminate manual data entry in accounting software
- Enhanced reporting – Track spending by suppliers, increasing negotiation leverage on prices and discounts
- Expense reporting, receipt imaging, and routing/approval workflow available
- Spending controls based on each employee's purchasing authority
- Comprehensive Online Reporting – tracks spending by suppliers, employees, within departments, etc.
- Visa® Liability Waiver Program – protects companies from card misuse by terminated employees, up to $100,000 per cardholder
- Prevent fraudulent use by temporarily "freezing" card activity if lost or stolen*
Visa® Payables Automation is an electronic payment service that can be added to your Commercial Purchasing Card program to make paying suppliers more efficient. It allows you to send accounts payable files directly to Visa® from your ERP or accounts payable system, eliminating processing steps for you. Once you sign up, Visa® will assign a purchasing card account to each of your strategic suppliers to receive payments. Which means you'll have more time to focus on other responsibilities.
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* When you freeze your First Tennessee Bank credit card account, First Tennessee Bank will not authorize new purchases, cash advances, bills that merchants mark as recurring, or credit card balance transfer transactions. However, some activities and transactions will continue and are exempted transactions including returns, credits, dispute adjustments, payments to your account, account fees, interest, and rewards redemptions. For credit card accounts, all cards accessing that account will be blocked. By choosing to provide a mobile device number, you agree to receive alerts and other communications from us related to the Access Service at that number, by recorded/artificial voice message, call or text. Data and text charges may apply. Reply STOP to cancel.