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MIVEY
Occasional Member - Level 1

Frequency of Payments to Credit Card Company?

Hello all - First time posting here.   Currently, we send payments for all expense reports to American Express only once per week - Tuesdays.   Wondering if any of you send payments to card companies daily or, if the majority sends once a week only like we are. 

Trying to find out the cost of the actual payment submission and how that actually works.  Like does Concur charge us each time they debit our account and sends funds to the card company and if so, is it a minimal charge to do so?     Our fear is if we do go to a daily funding to Amex, is it going to end up costing our company a lot more in the long run.

No clue where to begin so, if anyone has any insight how the whole payment transfer between corporation and card company goes and also, what practice your company has found to work best, it would be much appreciated!  Thanks.

 

 

1 Solution

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KimB
Occasional Member - Level 1

Re: Frequency of Payments to Credit Card Company?

Hi there, I'm new as well.

We pay Amex once a week on Thursdays.

I'm not sure how anyone else's system is set up, but in ours, Concur doesn't debit our account or send funds to anyone; our A/P System does that. 

Here's how it (basically) works here...

We process expense reports through Concur, and we receive daily feeds from Amex for card transactions. On Thursday mornings, a job is automatically scheduled to create an IBCP file out of Concur.  That file holds the account number and amount to be paid by cardholder.  The file is uploaded into our SAP Accounts Payable system and payments are generated to Amex and/or the cardholder (if there are any out of pocket expenses).  We authorize the payments from our bank, not Concur.

I'm not aware of any charges by Concur for providing this file more frequently than weekly, but I suppose you could check your contract with Concur for that information.

1 Reply
KimB
Occasional Member - Level 1

Re: Frequency of Payments to Credit Card Company?

Hi there, I'm new as well.

We pay Amex once a week on Thursdays.

I'm not sure how anyone else's system is set up, but in ours, Concur doesn't debit our account or send funds to anyone; our A/P System does that. 

Here's how it (basically) works here...

We process expense reports through Concur, and we receive daily feeds from Amex for card transactions. On Thursday mornings, a job is automatically scheduled to create an IBCP file out of Concur.  That file holds the account number and amount to be paid by cardholder.  The file is uploaded into our SAP Accounts Payable system and payments are generated to Amex and/or the cardholder (if there are any out of pocket expenses).  We authorize the payments from our bank, not Concur.

I'm not aware of any charges by Concur for providing this file more frequently than weekly, but I suppose you could check your contract with Concur for that information.