First Tennessee's Visa® Purchasing Card is a payment card for business expenditures. Spending limits and controls can be customized to meet your company's needs. The 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
Visa® Payables Automation is an electronic payment service that can be added to your Visa® 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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* Source: "2007 Purchasing Card Benchmark Survey Results" – RPMG Research Corporation.