Companies seeking one product for their corporate and purchasing card programs can turn to NationsBank (NYSE: NB) for the convenience of its combined card for purchases, travel and entertainment expenses.
“The new program was developed for customers who requested one card for all business expenses,” said William Glascock, senior vice president, NationsBank Card Services. “It is a ‘re-engineering’ of the way companies traditionally use their purchasing and corporate cards.”
By combining purchasing and corporate card features, companies can customize their card program to best fit their needs. The combined card allows companies to implement different controls and authorizations according to how they plan to use the card.
“Companies have control at the cardholder level and flexibility over where and how employees use their card,” said Glascock.
The combined card program uses a software reporting package developed by Visa called InfoSpan. It allows companies to report and manipulate card transaction data on-line. Data can be generated in tabular, graphic or chart format and can be exported for linking to companies’ accounts payable or general ledger systems. InfoSpan software from Visa helps monitor purchasing, travel and entertainment activity and simplifies administration.
Another unique feature is the settlement and payment process. Companies receive one bill from NationsBank, which includes all credit card expenses incurred by their employees.
“Our payment and settlement process with this product makes our clients’ accounting much more efficient,” said Glascock. “There is a high degree of automation and considerably less paperwork.”
The combined card which became available last month, also is a cost- effective alternative to having multiple card programs set up. Companies receive one billing statement and competitive pricing on one program.
“Since we introduced the combined card concept to NationsBank corporate and purchasing card clients, the response has been overwhelmingly positive,” said Glascock. “The Dow Chemical Company (NYSE: DOW), one of the first companies to request this program, is moving more than 13,000 purchasing and travel cards to the combined card. “
Lael Nussbaum of Dow Chemical said that the combined card was a key criteria in selecting a supplier for this service.
“He were looking for a card program that allows us to tie together our purchasing and travel/entertainment cards, as well as incorporating variable purchase limits for both types of transactions,” said Nussbaum, director of Global Information Systems Purchasing for Dow Chemical. “NationsBank was able to meet our criteria. This program will save our employees time and reduce processing costs.”
Glascock said, “He believe this program will revolutionize the way many companies handle their expenses.”
The Dow Chemical Company is the fifth-largest chemical company in the world, with annual sales of more than $20 billion. Dow operates 113 manufacturing sites in 30 countries and employs about 41,000 people around the world. The company provides chemicals, plastics, energy, agricultural products, consumer goods and environmental services to a global market.
NationsBank is the fourth-largest banking company in the United States with $187 billion in assets and full-service banking offices in nine states and the District of Columbia.