Traditional P-Cards are typically used by multiple employees and aren’t pre-approved, so they must be manually coded and reconciled by Accounting. Corporate controls typically require approval for each expense transaction. Without POs or invoices to specify the accounting, it is very difficult for accounting teams to code purchases to the appropriate GL account. Such challenges with traditional P-Cards lead companies to restrict usage, forgoing potential benefits. Using Coupa Pay Virtual Cards treats the pains of P-Card use by automatically getting approvals and budget information up-front. Furthermore, suppliers are restricted on what they can charge on virtual cards, thus reducing risk on employee and supplier abuse.
Extend budget checks and manager pre-approvals from the purchase request process to card spend. Deep integration between BSM and your card provider enables automatic reconciliation of card statements.
Using Virtual Cards, you can reduce the invoice processing volume by giving suppliers a virtual card at the time of issuing a purchase order. Since they have already been paid, there’s no longer any need to on-board these suppliers or process their invoices.
Increase virtual card adoption and supplier acceptance to maximize rebates. Leverage existing rebate programs and bank spend tiers to increase card rebates. Use your billing cycle to extend DPO, alone or in combination with an early-payment discount program.
Coupa Virtual Cards for Invoice Payments lets customers generate virtual cards to pay approved invoices by leveraging Coupa's existing leading card issuer relationships. There is deep integration between POs and invoices, which drives adoption to improve visibility and control over spend, thus reducing fraud risk, automating reconciliations, and maximizing rebates. Furthermore, you can batch and approve different suppliers and payment rails all within the same centralized experience, without having a need to touch the card itself. This native virtual card experience is shared across rails.
Coupa lets customers generate virtual cards as part of pre-approved spending on purchase orders (PO's). Requester Cards are sent to requester where the supplier is unknown at the time of PO creation. Company employees use these cards to make one-time purchases, without the need to be assigned a corporate card. Supplier Cards are used for higher volume and trusted suppliers who are ready to accept payment via virtual cards.
Coupa consumes the charges and statements from the company’s credit card account to automate the reconciliation and create corresponding journal entries associated with those transactions. Thus, companies have total visibility into all of their spend by using virtual cards, since all charges come into the Coupa platform and are associated with a PO, a virtual card, and the supplier/employee who charged the card.
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Learn how companies can increase back-office efficiency, streamline supplier payments, and maximize rebates with Coupa Pay Virtual Cards.
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