Accounts Payable - Purchasing Cards
Purchasing Cards are credit cards which will be allocated to named staff of the college who are authorised to use them. It is a fast, flexible purchasing method for processing orders from suppliers that accept credit cards. The purpose of the Purchasing Card System is to establish a more efficient and cost-effective method of handling purchases and the related payment procedures. Used to its potential, the Purchasing Card System will result in a significant reduction in low value invoices valued at €1,000 (incl VAT) or below and a reduction in related documentation such as cheques and remittances. Currently within the college domain low value invoices account for 82% of the processing time yet only account for 12% of the total turnover.
The Purchasing Card System will enable you to purchase goods and non-professional services directly from approved suppliers. Payment of all Purchasing Card transactions are performed electronically as like a credit card, which eliminates the need to process purchase orders and to issue cheques for payment of each invoice.
The Purchasing Cards will have specific controls put into place to reduce misuse. Along with these administrative controls the Purchasing cards will all incorporate the new Chip-&-PIN technology.
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