PurchaseAnywhere® is a cloud-based payments solution that provides a cost-effective and comprehensive way to automate, reconcile, and manage day-to-day business operational spending. It does this through using Purchasing Cards (P-Cards) or Reloadable Prepaid cards, making the entire process from end-to-end simpler and more efficient.
With PurchaseAnywhere, businesses can mitigate risks and make strategic decisions that help reduce costs while balancing compliance requirements. This solution empowers businesses to make informed capital and resource decisions, leading to improved efficiency and cost savings.
Issuing and managing a single purchase order can cost businesses upwards of $80. The entire process of creating, approving, and paying for supplier invoices can often be more expensive than the value of the items purchased. Additionally, managing, storing, and retrieving the associated documents can be a costly and time-consuming task for entire organization. To avoid these expenses and risks, many businesses keep funds on hand for routine day-to-day purchases. However, this increases the potential for theft, loss, or mismanagement of funds. In distributed environments, the management of cash poses an even higher risk.
Using prepaid cards to pay for these types of purchases offers a low-cost alternative that includes enhanced spending controls and purchasing oversight, as well as a streamlined payment process that minimizes the risk of fraud.
Many businesses have distributed centers of operations with different investors connected to them. Managing and reconciling the day-to-day expenses associated with these centers can be challenging, daunting, and expensive. Financial management becomes even more complex because investor relations often prohibit the commingling of funds.
Issuing corporate cards for each center involves a lot of paperwork for both investors and management, which is not operationally practical. It's also not practical to ask all employees at each operations center to incur ongoing expenses for reimbursement. As a result, businesses often send money (via check, wire transfer, or cash) directly into the personal accounts of select individuals at these centers. However, this practice can increase the risk of fraud and other financial risks for the business.
ExpenseAnywhere mitigates risk and drastically reduces reconciliation costs by providing reloadable prepaid cards (VISA or MasterCard) integrated with the PurchaseAnywhere solution to manage cards and card charges. In addition, the solution offers: