At NAB we're always listening to our customers and creating new solutions to make doing business that bit easier.
Managing payments is crucial to running any successful business.
That's why we've developed procure-to-pay, our new virtual card payment capability for businesses offering the same convenience and benefits as a corporate credit card.
But now with unrivalled prepayment control and security, designed to make it easier for your organisation and its employees to make payments safely and conveniently, ensuring your business processes and policies are followed.
Let's face it, running a business has its challenges.
Do low value payments cost your business the same amount as high value payments?
Are suppliers onboarded onto your accounts payable system even when they're only used once?
And how often are purchase orders raised after the goods have already been provided?
It's with these inefficiencies in mind and more that we've developed procure-to-pay.
Here's how it works - Natalie needs to purchase a projector for a presentation.
She has quotes from two different suppliers in line with the organisation's purchasing policy.
After selecting the best value offer, Natalie now needs to get approval to make that purchase.
Natalie creates a request via procure-to-pay.
She selects the date she needs the virtual card for and then selects the purchase type from preset and approved options.
She enters the total value and attaches the quotes.
Natalie's line manager Casey receives an email notification immediately after Natalie has submitted the request.
Casey can view all the details on her mobile, including the attached quotes before she approves the request.
Once approved, Natalie receives an immediate notification and the virtual Visa card is now ready to be used.
She can even view the card details on her mobile app.
Natalie opens the suppliers website and enters the virtual card details to make the payment.
It's as simple as that.
With procure-to-pay you're in control.
You can process low value payments more easily, pay suppliers faster, realise working capital benefits, reduce the costs of making payments, enhance spend controls and visibility, and integrate with your existing finance and HR system.
And the virtual cards are credit cards, so the 55 day interest free term associated with your corporate cards still applies.
To find out how procure-to-pay can streamline payments in your business, speak to your NAB banker today.