MINNEAPOLIS U.S. Bancorp has introduced a second-generation purchasing card, the U.S. Bank Visa e-Procurement Card, that is meant to give companies a more sophisticated mechanism to buy supplies electronically.
The new card, which U.S. Bank showed Thursday at its annual Payment Systems National Customer Conference, differs in several ways from a traditional purchasing card, the bank said. It automatically reconciles transactions from the time an order is taken to when it is billed; it lets a company set up a purchasing card account online that will track purchases from a specific supplier; it tracks detailed data for sales tax reporting purposes; and it offers suppliers price discounts for large-ticket and large-volume transactions.
