X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

When John Garcia, assistant controller of Toyota Motor Insurance Services Inc. (TMIS), pays a local repair shop to replace a bad alternator on one of the cars his company insures, he uses a corporate purchasing card that is good only for that shop, only for the amount his claims people have agreed to pay, and only for a few weeks. No plastic changes hands–Toyota Motor Insurance just gives the shop the amount and a card number it can use to be paid through its merchant bank.

If this sounds like a substitute check, welcome to the wacky world of p-cards, where the market is getting broader by offering narrower applications of the product. Purchasing cards were invented to aggregate purchases, get around costly purchase orders and ultimately replace checks. Now, they’re being used instead to mimic checks, settle single transactions and work with purchase orders. Why? Because it’s a more fraud-proof way to use p-cards for larger transactions that require more controls, but can earn higher rebates.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.