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.
- 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
- Keeps you in control and gives your employees the ability to buy the items they need
- Reduces administrative costs for procuring and paying by as much as $69 per transaction*
- Increases your purchasing efficiency and reduces cycle time through decentralized purchasing and empowered employees
- Improves managerial control by providing transaction spending reports
- Improves your relationship with suppliers through faster payment without negatively impacting your cash flow
- Provides spending data by supplier – useful for price negotiation
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.