Setting Up A Purchase Card Management System

If you are an information technology (IT) practitioner, your probable first job, regardless of your specialization in college, would be setting up a system that the company will require from you. In fact, being an IT professional is all about managing and setting up various systems that are related to the industry you are working for. In case you are working in the banking industry, there’s the possibility that you’ve probably heard to say the least, about the bank’s card management system which manages the life of smart cards such as the debit and credit cards of the bank’s clients. For some, it may sound as simple as managing paper cards but it’s more than that.

To begin with, setting up a company’s card management system is a huge work to even start. It will require you to use every IT skills you’ve picked up during your college years. Now, let’s say you’re working at a company which is planning to give away smart cards to make purchasing of clients easier. Your boss remembers that you’re an IT expert and thinks that you’re the man for the job. You must now lead a team that will set-up and continuously manage the company’s purchase card management system. Below is the step-by-step of the procedures when setting up this highly-complex system:

  • The first thing you will need to do is to identify the basic information that your system will manage. This information will include whether or not you will track the merchants your cardholders will buy from, the location where you will store vital information of the cardholders, whether or not you will employ the use of additional security features among other things.
  • The next step is defining the codes that will fit the needs of your company. For example, you need to define the type of credit card you will be giving away. Or, you will need to keep the basic information of your employees.
  • You now need to set-up or import a four-digit code that must be unique. The code must be set up or imported according to descriptions of a specific merchant.
  • Decide whether or not you will assign merchant category codes to every employee type that you have in your company.
  • Set-up the bank institution from where you will receive details about purchase transactions.
  • Decide the type of employee who will receive smart cards
  • Decide which merchant you will contact for business purposes.
  • Provide an expense account for the purchase card
  • Decide what additional information you will keep track in the system.