Definition
A company payment card for low-value purchases, with spending limits and merchant controls, that replaces a purchase order and invoice for small buys.
Also called: p-card, procurement card, corporate purchasing card
Key points
- A supplier paid by p-card and also sent an invoice can be paid twice: once on the card, once through AP.
- Card statements and AP payments to the same supplier should be compared.
- Some suppliers add card surcharges; check what the card agreement and the supplier contract allow.
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