Paymentech’s commercial card unit introduced two major features to PaymentNet, its industry-leading Internet reporting system, at the National Business Travel Association convention this week. The company also announced the implementation of a MasterCard corporate travel and entertainment card program for Gap Inc..
Paymentech issues MasterCard and Visa commercial cards through its Salt Lake City-based First USA Financial Services unit. The PaymentNet enhancements, online expense reporting and electronic statement and payment, simplify travel and entertainment (T&E) reporting and payment for business cardholders using Paymentech’s commercial card products.
PaymentNet.ER (Expense Reporting), provides a simple, easy-to-use reporting module that allows cardholders to apply “trip based logic” and required IRS information to corporate card transactions while using PaymentNet’s core functionality to reconcile transactions. PaymentNet.ESP (Electronic Statement and Payment) allows corporate card users to receive, review and audit statements and make payments via the Internet. Employees securely view and pay corporate credit card bills, even when on the road.
“Proactive and knowledgeable client service magnifies the value of the Paymentech’s advanced technology,” said Calvin Chin, senior manager of expense and accounts payable at Gap Inc. “Service is integral to our business, and that naturally influenced our decision when looking at card programs. Successful companies require technology and ongoing support from their providers.”
PaymentNet Internet reporting tools provide secure access so companies and cardholders can manage commercial card activity data. With PaymentNet.ER, companies and cardholders who wrestle with different, inefficient processes for reconciling T&E and purchasing card transactions now have a solution for both. Whether documenting business meal attendees or allocating office supplies to multiple accounts, PaymentNet streamlines procedures and increases end-user satisfaction. PaymentNet.ER is designed for Paymentech customers with corporate card or combined corporate and purchasing card programs.
“For corporate and purchasing cards, PaymentNet.ER meets the company’s need for control and efficiency, and the employee’s desire for simplicity,” said James W. Baumgartner, president of Paymentech’s First USA Financial Services.
With PaymentNet.ESP, cardholders view their account(s) with protected access to current and past billing statements. They can sort items by date, amount, merchant, etc. With the click of a mouse, cardholders generate an “electronic check” via ESP. They then schedule an automatic payment to their Paymentech card account from a pre-established bank account(s).
“The employee saves time; the company saves money,” said Baumgartner. “The convenience factor encourages employees to pay promptly. They don’t worry with paper reports, mailed statements or handwritten checks. Companies can directly reimburse cardholders, based on approvals, through automated central pay.”
Paymentech also previewed future applications that will create the ability to download T&E notations from a hand-held personal digital assistant directly into PaymentNet’s database. “An executive could note ‘lunch with client, $50’ and then download from a PC into their PaymentNet expense report,” said Baumgartner. “Our goal is to create a start-to-finish virtual expense management process.”
With the PaymentNet cradle-to-grave product line, cardholders manage transactions (via a GUI interface for faster access) through the entire cycle to —
1. check and sort transactions, handle disputed charges, etc.
2. download transactions into the expense reporting system,
3. separate personal and business expenses and sort accordingly,
4. provide explanations for any out-of-policy expenses,
5. forward the expense report to their manager, and
6. use ESP to pay Paymentech, the commercial card provider.
Program administrators manage the life of a card online, from new card request through interim maintenance to final cancellation. Administrators can —
1. approve or decline an employee’s expense report online,
2. produce reports on spending patterns, etc.,
3. split charges between cost centers,
4. change cardholder profiles (address, credit lines, employee identification number, report hierarchy, etc.), and
5. adjust individual parameters for use (monthly credit limit, daily and monthly transaction levels and limits, merchant category blocking, etc.).
The latest version of PaymentNet is platform independent and requires minimal system integration. Users access the PaymentNet database via SSL compatible Internet browsers such as Explorer 4.x or Netscape 4.x.
Paymentech, Inc., founded in 1985, provides total electronic payment solutions for commercial card payment and information programs, and for merchant acquiring and third-party transaction processing. Paymentech is the nation’s third largest processor of bankcard transactions.Details