Procurement cards

A procurement card is a type of credit card that you use to procure goods for the organization. When you make a purchase by procurement card, you do not need to complete and forward a purchase request to purchasing services.

Each procurement card is assigned a default account number for general funds and an object code in the accounting system.

Payments for all transactions that are made with procurement cards are made directly to the suppliers by the bank that issued the cards for the organization. The organization then makes a single monthly payment to the bank. The procurement card provides authorized employees with a cost-effective and convenient method of procuring and paying for purchases that cost relatively little and are regularly used.

A purchase limit is set on every card that is issued, based on anticipated expenditures and employee designation. As purchases are made, cardholders maintain a log of all transactions.