Browse Definitions :
Definition

procurement card

Contributor(s): Matthew Haughn

A procurement card is a type of company charge card used for smaller purchases to achieve greater cost efficiency, control and convenience. Procurement cards are also known as purchasing cards, P-Cards or PCards.

Procurement cards can be tied to either a credit card or a bank account. The bank that manages a procurement card will issue payments to payees within days, while providing monthly invoicing to the client company. Procurement cards offer greater cost efficiency over traditionally paid purchase orders because they avoid the more time- and resource-intensive purchase order process, which involves more employees creating and reviewing documentation and invoices and issuing checks.

Security measures for procurement cards include setting per-purchase and per-month dollar limits. P-Cards may also feature spending restrictions for the types of purchases allowed and merchant category codes that define where purchases can and cannot be made. The card issuer usually sends the client organization an single invoice for all transactions at regular intervals; employee purchases are typically reviewed on a monthly basis.

This was last updated in May 2016

Continue Reading About procurement card

Start the conversation

Send me notifications when other members comment.

Please create a username to comment.

-ADS BY GOOGLE

File Extensions and File Formats

Powered by:

SearchCompliance

  • risk assessment

    Risk assessment is the identification of hazards that could negatively impact an organization's ability to conduct business.

  • PCI DSS (Payment Card Industry Data Security Standard)

    The Payment Card Industry Data Security Standard (PCI DSS) is a widely accepted set of policies and procedures intended to ...

  • risk management

    Risk management is the process of identifying, assessing and controlling threats to an organization's capital and earnings.

SearchSecurity

SearchHealthIT

  • telemedicine (telehealth)

    Telemedicine is the remote delivery of healthcare services, such as health assessments or consultations, over the ...

  • Project Nightingale

    Project Nightingale is a controversial partnership between Google and Ascension, the second largest health system in the United ...

  • medical practice management (MPM) software

    Medical practice management (MPM) software is a collection of computerized services used by healthcare professionals and ...

SearchDisasterRecovery

SearchStorage

  • hot plugging

    Hot plugging is the addition of a component to a running computer system without significant interruption to the operation of the...

  • M.2 SSD

    An M.2 SSD is a solid-state drive (SSD) that conforms to a computer industry specification and is used in internally mounted ...

  • kilobyte (KB or Kbyte)

    A kilobyte (KB or Kbyte) is a unit of measurement for computer memory or data storage used by mathematics and computer science ...

Close