GE Corporate Card unit offers integrated settlement Suite for corporate meeting planners
Salt Lake City — August 4, 2005 — While studies show budgets for corporate meetings and events to be on the rise, so is the need to track and control expenditures. GE Consumer Finance's Corporate Payment Services unit said today it has developed a suite of payment solutions for corporate meeting planners. The different options are expected to provide increased control and streamlined accounting for complex, large-budget events.
The solutions include special purpose credit cards as well as vPayment On-Demand, an electronic settlement tool that uses virtual accounts without physical cards.
"More than ever, businesses need controllership and transparency when it comes to events and meetings," commented Jeffery Dye, president and CEO of Corporate Payment Services, the commercial card unit of GE Consumer Finance. "With good payment controls and accounting processes in place, organizations can keep costs down and within policy. Our payment suite helps meet these needs."
The Corporate Payment Services' Meeting Planning suite includes three options: Special Purpose Account (SPA), Controlled Value Card and vPayment On-Demand. With all options, the client organization can specify restrictions, such as certain merchant codes or dollar amounts. Set-up options can also ensure that all transactions are coded to a limited set of general ledger accounts, for efficient cost accounting.
"In combination with our SAM reporting system and other technology, these options give the meeting planner the ability to control and track meeting spending in an efficient manner," Dye said.
For more information on the current state of the payment solutions market, see the article "The Analyst Corner: Payment" in the December 2004/January 2005 issue of Supply & Demand Chain Executive.
Also read "Enabling the Financial Supply and Demand Chain" (from the April/May 2005 issue of Supply & Demand Chain Executive) to learn about the progress being made in the effort to bring together the financial and physical supply chains for more efficiency and cost savings.