P-Cards
P-Card Features
P-card offers cost control, reduce administrative time and encourage cost reduction. The following factors make purchase card ideal for the University:
• Spending Controls
With spending controls, university can request as many cards as it likes and set spending limits and restrict purchases to specific categories on each card.
• Fast-track Reconciliations
By increasing the use of single campus-wide accounts, reconciliation and auditing can be automated and streamlined.
• One-stop Data Access
P-card statement provides detail equivalent to that of an invoice. As P-Cards use increase across the campus, the statements will provide an increasingly comprehensive view of monthly spending by users (“Purchase Cards 101: What is a Purchase …show more content…
For low-priced item, the processing cost often exceeds the value of the item being …show more content…
On the buyer side, the convenience of a P-Card program is for small items, where it is difficult to justify the high cost of using requisitions, POs, approvals, matching and settlement by check, is the number one benefit. By simply using a P-Card for small items, university can shave a lot of overhead from the process and provide the convenience of simply swiping a card. Further increasing the attraction of P-Card is the rebate that buyers can obtain from the P-Card provider. Rebate is based on the dollar amount spent on the card, and can add up to significant savings.
Card Providers attribute the increase in the average value of transactions processed using P-Cards to the fact that many universities are purchasing higher-priced items with P-Cards to streamline the traditionally paper-laden purchase process, which results in time and cost savings and reap the rewards of rebates Additional buyer benefits of P-Card programs include:
1. Convenience of purchasing without a PO – reduce cycle time of purchasing transactions
2. Increased efficiency through automated payments in a result of utilizing P-cards as a strategic form of payment.
3. Increased employee satisfaction and reduced labour hours.
4. Payment requests, petty cash and personal funds are eliminated.
5. Lower overall transaction processing costs per
P-card offers cost control, reduce administrative time and encourage cost reduction. The following factors make purchase card ideal for the University:
• Spending Controls
With spending controls, university can request as many cards as it likes and set spending limits and restrict purchases to specific categories on each card.
• Fast-track Reconciliations
By increasing the use of single campus-wide accounts, reconciliation and auditing can be automated and streamlined.
• One-stop Data Access
P-card statement provides detail equivalent to that of an invoice. As P-Cards use increase across the campus, the statements will provide an increasingly comprehensive view of monthly spending by users (“Purchase Cards 101: What is a Purchase …show more content…
For low-priced item, the processing cost often exceeds the value of the item being …show more content…
On the buyer side, the convenience of a P-Card program is for small items, where it is difficult to justify the high cost of using requisitions, POs, approvals, matching and settlement by check, is the number one benefit. By simply using a P-Card for small items, university can shave a lot of overhead from the process and provide the convenience of simply swiping a card. Further increasing the attraction of P-Card is the rebate that buyers can obtain from the P-Card provider. Rebate is based on the dollar amount spent on the card, and can add up to significant savings.
Card Providers attribute the increase in the average value of transactions processed using P-Cards to the fact that many universities are purchasing higher-priced items with P-Cards to streamline the traditionally paper-laden purchase process, which results in time and cost savings and reap the rewards of rebates Additional buyer benefits of P-Card programs include:
1. Convenience of purchasing without a PO – reduce cycle time of purchasing transactions
2. Increased efficiency through automated payments in a result of utilizing P-cards as a strategic form of payment.
3. Increased employee satisfaction and reduced labour hours.
4. Payment requests, petty cash and personal funds are eliminated.
5. Lower overall transaction processing costs per