If your staff often need to make quick purchases from a range of suppliers, but you don’t want to give them each a purchasing card, Barclaycard Precisionpay may work for you. This integrated virtual card solution is like having an office drawer full of cards: simply select one, set a limit, and use it at once.
A virtual card solution that keeps you in total control
Barclaycard Precisionpay lets you monitor precisely who’s spending what, where and when, with a fully integrated virtual card solution for ad hoc or B2B spend.
The system works by creating a unique card number for each transaction, or a specific set of transactions, such as meetings and events. It’s underpinned by robust pre-approval and a simple reconciliation process. So you can save work for your accounts department, whilst still retaining full control:
Interest-free settlement periods and monthly account cycles which can effectively extend 10 days of working capital to 14.7 days
Integrates seamlessly into your existing system with no disruption to your business, with real-time secure connection
Web-based access with pre-approval workflow and reconciliation and reporting tool
Automatic reconciliation against a unique virtual account number, and a reference for each transaction, to bring simplicity to your back office processes
Compliance is improved and maverick spend is reduced by setting payment amounts and dates, and by pre-approving all payment requests
Cardholder Misuse Indemnity
In the event that one of your employees uses their virtual payment solution inappropriately, and you can’t get reimbursement from them, our Cardholder Misuse Indemnity covers you for up to £15,000 per employee and up to £1,000,000 each year for the business as a whole, as long as the charges are not of either direct or indirect benefit to your organisation (subject to indemnity terms).
Idemnity terms & conditions
For full details of how Barclaycard Precisionpay works check out our demo video below.
A reporting tool called SNAP is offered to Barclaycard Precisionpay customers for reporting and reconciliation purposes. You can view a video showing more information on SNAP below.