Payment Options to Streamline Corporate Meetings and Event Management

GE corporate card unit debuts integrated settlement suite for corporate meeting planners

Three Options

  • Special Purpose Account (SPA) —A high-limit credit card, the SPA card is a centrally billed MasterCard embossed with the meeting planner's name. It has "adjusted velocity" controls, meaning it can handle dozens and dozens of transactions per day without being blocked. The card's limits refresh on a monthly basis, making it convenient for planners organizing multiple events on an ongoing basis, GE said.

  • Controlled Value Card — The Controlled Value Card is a credit-based payment tool that caps the amount of funds available on the account. Limits decrease with use and do not refresh at the monthly cycle, effectively providing a meeting planner with a card that sticks to a budget. These cards are typically used to manage one event before the card limit is refreshed for a subsequent project. For added control, the account can be set to expire in as little as two months.

  • vPayment On-Demand — The newest addition to the Meeting Planning suite, vPayment On-Demand uses GE technology comprised of a virtual credit account with single-transaction limits for increased control. An authorized user accesses the vPayment system via a secured Web site and requests an account number for a specific transaction. In the set-up, the user inputs the dollar value allowed and a date range. If the merchant attempts to charge more than the amount allowed or attempts to charge to the account after the approved date, the transaction is declined. vPayment On-Demand also captures an exact meeting identifier and appends it to the transaction record, regardless of the merchant's data capture capability (Level 1, 2 or 3). This can help increase accounting accuracy and efficient transaction reconciliation.

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