This month, improve your P-Card program using Card Integrity’s “Springtime Solution” mini-series! The second article of our series explains how the use of Card Integrity solutions to achieve compliance also leads to growth for your P-Card program.
Missed the beginning of the series? Click here to read the first article, “Straightening Up Data Reviews” and then return to this page for another Springtime solution.
You chose to use purchasing cards (P-Cards) for your company’s expenditures, and it’s been the right choice. Now, you’d like to take full advantage of all that P-Cards can do for your business. You’re ready to see your P-Card program grow. And yet, despite your efforts and desires, it’s not.
Compliance is the key to growth
Have you looked at how your program deals with compliance? You might have related processes that are standing in the way of your program’s growth. In order to clear the path to successful growth, here are three ways Card Integrity can help your business keep compliance in check.
Spend less time reviewing and more time on data analysis.
Reviews are necessary, but should your company be the one to do them? Where would your efforts be better directed? Which tasks should stay within the business? And which can be delegated to an independent third party such as Card Integrity?
If you want your P-Card program to grow, your business’s priority should be data analysis. Specifically, you need to focus on the data that identifies high-risk, questionable behavior on the part of cardholders.
To free up your in-house resources, hand off the transaction reviews to Card Integrity. We’ll take the results of your data analysis and apply them to every review. You’ll receive a monthly report, revealing just how well your P-Card is doing overall in terms of compliance.
Keep in mind that as the number of P-Card holders grow, so will the number of transactions that need to be reviewed. That growth puts a strain on your internal workforce. In contrast, Card Integrity handles up to five million transactions per client. You concentrate on compliance. We’ll concentrate on reviews. As a result, you’ll encourage growth and reduce its burden at the same time.
Hand over communication of data findings.
Data analysis is a powerful resource. But your findings won’t mean a thing if they aren’t communicated to the parties who need that information and will put it to work to promote growth. Communicating your data findings to your departments is an important next step.
However, just because communication is important doesn’t mean that your company has to be directly responsible. Card Integrity provides communication of data findings as one of its many services. By using Card Integrity to communicate your data, you release your P-Card program of yet another duty that needn’t fall on preoccupied personnel.
Delegate training of new cardholders.
P-Card program growth equals new cardholders. But if you want compliance within your P-Card program to continue — and if you want the program to continue to grow with as few glitches possible — your new cardholders need to be trained properly in an efficient manner.
To avoid this particular growing pain, delegate the training of all your new cardholders to Card Integrity. Our training educates your employees on your program’s specific policies and procedures, which is built using your all-important data. To ensure full compliance and introduce any newly developed standards, we design training for your current cardholders as well.
Of course, if training doesn’t happen in a quick, efficient manner, its usefulness to the program is diminished. To make its training programs as effective and convenient as possible, Card Integrity takes full advantage of computer technology. All courses are online and include functions such as testing, attendance tracking, and the ability to sign off on documents. You’ll know who’s been trained, who hasn’t been, and if your policies and procedures are being understood and fully implemented.
Prioritize focus for achievable growth
P-Card program growth isn’t just desirable, it’s achievable. Concentrate on compliance, and leave the “heavy lifting” of reviews, communication, and training to Card Integrity. A cleared path to compliance, allows for program growth to commence, quickly and easily. Give your P-Card program the chance to grow successfully. Call Card Integrity at 630-501-1507 or contact us via our website.