Cloud software company Blackbaud has launched new Purchase Cards with spend controls for individual users.
The cards also have a feature to track business expenses across organisation.
The Blackbaud Purchase Cards is intended for travel and operational expenses of social good organisations. The new product will offer an alternative to paper-based payables such as cheques, purchase orders and invoices.
The company has partnered with Regions Bank to issue the new cards on Visa platform.
In addition to zero annual fee and automatic annual cash back, the Purchase Cards will come with Visa Signature Business benefits such as travel coverage, liability waiver and online management.
Blackbaud president of enterprise market group Kevin Gregoire said: “We are excited to work with Regions Bank to deepen this commitment with the introduction of Blackbaud Purchase Cards, which help enable social good organisations to make the transition to automated purchasing and employee expense processes-drastically reducing administrative costs and fraud risk.”
The company will further integrate the new cards with Expense Management in Blackbaud Financial Edge NXT.
Non-financial staff can use the new capability to track and submit their own credit card transactions and invoice requests. This will cut down the time associated with process management.
A survey by RPMG Research found that annual use of purchasing card will rise by 10.5% each year through 2021.
The report also showed that purchase cards can minimise procurement cycle time, increase savings, and improve working capital and cash flow, compared to standard payment methods.
Blackbaud intends to cater to the growing purchase card market with its new product integrated with expense management.