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There's A New Wild Card For Payables

Few finance executives think of p-cards when it comes to centralizing accounts/payable, but a handful of the big banks have developed programs that are making finance departments and treasuries take a second look

By Richard Gamble | Updated on September 01, 2006

Not so long ago, when a mechanic at a Pep Boys auto repair shop needed a part that was not in stock, he or she would call the supplier, place the order and then literally go to the cash register to retrieve enough money to pay for the delivery. Not only was that inefficient and hard to keep track of, it left the company more vulnerable to fraud.

Pep Boys didn’t want to hand out credit or purchasing cards to every mechanic or every supplier, but something had to be done to make sure that work was not held up and, at the same time, guarantee a level of control to the finance department. Then, PNC Bank approached the $2.4 billion, Philadelphia-based chain with ActivePay, and Pep Boys found its solution.

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