Is your purchase process a time consuming activity? Do you want to have more control of your purchase-to-pay cycle and retrieve valuable transaction information? Then ING Purchase Control is the answer.
With Purchase Control, part of ING Commercial Card Solution, you gain more control of your purchase-to-pay cycle by having more insight in your corporate expenses and prevent maverick spending. It enables the enforcement of compliance policies, ensuring process efficiency.
- Control your expenses. Take control of your corporate expenditure by pre-setting buyer profiles for employees, enforcing compliance policies and pre-defining payment conditions
- Control your processes. Accelerate procurement by reducing time consuming manual approval processes and simplifying the reconciliation process by accurate data matching
- Control through insight. Purchase Control enhances analysis and reporting through detailed data capture of purchase orders, providing you with a total overview of your business expenses.
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Frequently Asked Questions
What is the ING Purchase Control Solution?
The ING Purchase Control Solution, part of ING Commercial Card Solution, is a payment tool using a virtual card number to make supplier payments with enhanced security and control. The solution allows the buyer to generate multiple card numbers for specific purchases or invoice settlement with suppliers. Each card number can be used for a specific transaction with parameters defined by the buyer. For instance parameters for transaction controls on amount, time of purchase, number of transactions, and merchant/supplier.
Is ING Purchase Control a global solution?
Yes, the ING Purchase Control Solution is a global solution. Virtual card numbers can be used for online purchases, catalog purchases, and phone orders.
How does the Purchase Control work?
A user requests a virtual card number and sets the authorization controls via a web interface, a batch file or an XML API interface. The request with the controls details is sent to ING, where a unique card number is created and sent back to the user. The card number is used for a transaction, which flows like a regular card transaction. However, the unique transaction controls set for that specific card number would be verified in addition to the regular verification. Once the transaction is complete, it posts with custom data elements populated per the user’s request. The transaction report is available to the user for easy reconciliation with the help of Smart Data (SDG2), ING’s Corporate Card reporting tool.
Is ING Purchase Control a real-time process?
Yes, this is a real time solution. An organization has the ability to request virtual card numbers as required.
Do I need a new virtual card number for every purchase?
That is depending on the restrictions that apply to the specific virtual card number. In general the card number should only be used once, set against the controls (transaction amount, validity period etc) the buyer has specified. If however, the purchase is broken up into multiple transactions by the supplier, the purchase will still be accepted as long as the total amount and/or the validity end date for the purchase are not exceeded. Restrictions can also be set to only allow a specific merchant or merchant type (e.g. a airline or airline companies in general). If someone attempts to use your number with another merchant that is not allowed by the controls attached to the card, it will automatically be declined.
Are the virtual card numbers real card numbers?
No, virtual card number are unique numbers that are generated by the Issuer Virtual Card Account solution. These unique numbers are linked back to a real card billing account for credit management and billing.
How many unique virtual card numbers can be generated?
An unlimited number of virtual card numbers can be created against a given real billing account.
Can I return items that I have purchased with a virtual card number?
Yes. Return policies may vary depending on the merchant, but all transactions will be treated as if you had used your real credit card number. Just be sure to provide the virtual card number you used at time of purchase.
How is the security of the virtual card?
The solution minimizes risk of fraud and misuse. Each virtual card number generated has authorization controls, which will be verified during the transaction process. The card number cannot be used for any transaction that does not meet the user set controls and parameters; this reduces fraud risk. In addition, the real card number is never shared with the suppliers. For the web interface, batch file or an XML API interface multiple measures are in place to prevent misuse.
Customised to your company's purchasing needs
Purchase Control creates a solution fully customised to your company’s purchasing needs. It offers a solution for a efficienct procurement workflow, ease of use for your employees and facilitates payments and simplifies the reconciliation process for your accounts payable department.
Optimise the management of your business travel expenses
With the Corporate Card Solution you can optimise the management of your business travel expenses. It helps you control and monitor expenditure, keeps your employees spending in line with your travel policy, and makes your processes faster and more efficient.