Lowering operating expenses is an ongoing management challenge. The Visa Purchasing Card Program helps companies manage the purchasing process more efficiently to meet this challenge head-on. This not only helps to lower costs, but also speeds up the delivery of goods and services and frees up time for more strategic business priorities.
Streamline The Procurement Process
By automating and simplifying time-consuming, paper-based procurement processes, the Visa Purchasing Card Program reduces the need for requisitions, purchase orders, invoices and cheques.
The numbers speak for themselves. A study of medium- to large-sized Canadian businesses shows that it takes an average of 5.3 days and $55 to complete a single purchase order. With the average company processing 4,835 purchase orders a year, the costs add up.1 By simplifying and speeding-up the process, the Visa Purchasing Card Program can lower internal transaction costs by as much as 76%.2
Manage Company Spend More Effectively
Detailed transaction and spending data, customized reporting features and data tracking tools give managers more detailed purchasing information and the ability to monitor vendor purchasing activities and individual cardholder purchases over time. This allows you to fine-tune your internal purchasing process and negotiate better deals with external suppliers.
Control Employee Spending
Beyond the savings that flow from a streamlined procurement cycle, Visa Purchasing gives you the tools to maintain control of employee spending. Variable transaction authorization limits and Merchant Category Code blocking allow management to establish spending guidelines and approve merchant types in advance to ensure greater control of the process. Detailed transaction and spending data give you a clearer picture of individual cardholder and overall company spending and vendor costs. This will help to identify maverick spending and cost over-runs to ensure compliance with company spending policy, budgets and limits.