SALT LAKE CITY--(BUSINESS WIRE)--Aug. 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 has developed a suite of payment solutions for corporate meeting planners. The different options 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, said Jeffery R. 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 the following three options. 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.
Special Purpose Account (SPA) - A high-limit credit card, the SPA card is a centrally billed MasterCard(R) 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.
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-patented 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 greatly increases accounting accuracy and efficient transaction reconciliation. In combination with our SAM(TM) 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.
About Corporate Payment Services
Corporate Payment Services, the commercial card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium-, and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc.
For more information, visit www.gebusinessmarketplace.com.
GE Consumer Finance, a unit of General Electric Company, with $150 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 47 countries around the world.
GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance.
More information can be found online at www.geconsumerfinance.com.
GE (NYSE:GE) is Imagination at Work -- a diversified technology, media, and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and advanced materials,
GE serves customers in more than 100 countries and employs more than 300,000 people worldwide.
For more information, visit the company's web site at www.ge.com.
Contacts
Tag Team Global, New York Rebecca Cisek
Mobile: 913-963-3344
GE Consumer Finance Corporate Payment Services, Salt Lake City
Michael O'Malley Office: 801-517-5711
Mobile: 801-652-5578
Cristy Williams
[email protected]
678.518.2596