Topic Thread

Vendor/PO Purchasing via Credit Card

  • 1.  Vendor/PO Purchasing via Credit Card

    Posted 10 days ago
    All -

    We are looking at putting larger (concrete) purchases on a Credit Card, but have never done this in the past.  Obviously, we would do it assuming there is a net benefit (cash back > CC fee).

    Does anyone else have experience with this?  What credit card company did you use?  Did the vendor charge a fee?  How did you go about paying the credit card balance, but also ensure proper and accurate tracking in the event that there was a dispute with the vendor after the fact?

    Any information and input is much appreciated!

    Thanks,

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    Cory Rickard
    Controller
    Max J. Kuney Company
    Spokane WA
    (509) 535-0651
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  • 2.  RE: Vendor/PO Purchasing via Credit Card

    Posted 7 days ago
    Depends on the cash discount they offer. The discount offered by most of our concrete suppliers outweighs cashback/points from credit card. Purchasing via credit card does give you longer to pay if you need the extra time for cash flow.

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    Alex Lee CPA/CITP, CCIFP
    Treasurer
    Roy T. Goodwin Contractors, Inc.
    Nashville TN
    (615) 242-5448
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  • 3.  RE: Vendor/PO Purchasing via Credit Card

    Posted 6 days ago
    We maximize credit card payments to vendors who don't charge a fee. We then use the credit card points to fund a 'safety rewards program' for our field workers.
    I recently added a credit card specifically for this purpose and found that the 'Chase Business Preferred'  pays good points and offers lots of ways to redeem.
    Regarding tracking/avoiding disputes - the vendor typically provides a receipt but I guess an unconditional release referencing the specific invoice(s) paid should clarify everything.

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    Adam O'Donnell
    Controller
    Fontenoy Engineering, Inc.
    San Francisco CA
    (415) 740-0268
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  • 4.  RE: Vendor/PO Purchasing via Credit Card

    Posted 5 days ago
    ​Adam would you be willing to share your Safety Awards Program.

    Thanks
    Ursula

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    Ursula Polanowski
    Controller
    Ironshore Contracting LLC
    Linthicum MD
    (443) 552-5732
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  • 5.  RE: Vendor/PO Purchasing via Credit Card

    Posted 3 days ago
    Sure,

    I'm not sure exactly how out Safety Officer has it sent up, but the general idea is each employee earns 1 point for each hour worked. If there are any safety violations on site or an employee is observed not wearing adequate safety gear then points will be deducted.

    We'll send out quarterly points balance to each employee along with a list of items available can order. We'll include hi viz T shirts, waterproof pants, jackets, baseball caps etc... (all with company logo) as well as the option to order gift cards from Target/Home Depot/Starbucks etc....

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    Adam O'Donnell
    Controller
    Fontenoy Engineering, Inc.
    San Francisco CA
    (415) 740-0268
    ------------------------------