UK: DataCash Launches Corporate Purchasing Card Processing Service at the Online B2B Market
Last Updated: 10 May 2002

DataCash, a subsidiary of Auxinet plc., and the UK’s leading processor of Business-to-Consumer Internet credit and debit card transactions, today announced the launch of its Corporate Purchasing Card (CPC) processing service targeted at the Business-to-Business online markets.

The DataCash CPC service addresses strong demand from B2B procurement organisations, retailers, local and central government who want to be able to process Corporate Purchasing Cards via the Internet and other cardholder not present markets such as call centres.

Corporate Purchasing Cards are designed to help large corporates and government organisations cut the cost of ordering high volume, low cost products. Allowing business to save time, money and effort on a daily basis through streamlined procurement. This is possible because CPC supports Level-3 line item detail which provides specific purchase information such as description, quantity, unit of measure, price, and more. This information is useful to key government and business finance departments to help streamline accounting and business practices and to merge payment data with electronic procurement systems.

Cardholders also receive a consolidated VAT report from their card-issuing bank. In other words, the buyers’ card statement is the equivalent of a VAT invoice. This eliminates the need for them to collect and submit conventional VAT invoices for VAT reclamation for all transactions irrespective of value.

According to research firm DataMonitor, the CPC market in the UK will grow by 49% compound annual growth rate between 2001 and 2006. DataCash is first to market with a CPC service allowing online merchants to take and process CPC transactions from their web sites and call centres.

NatWest Streamline say, "We are pleased to have accredited DataCash as a processor of CPC transactions."

Gavin Breeze, Business Development Director at DataCash says: "DataCash already process more Business-to-Consumer internet-driven credit card transactions than anyone in the UK. By adding support for Corporate Purchasing Cards to our portfolio of bank card and direct debit payment services, DataCash now provides B2B retailers, utilities and government organisations access to total enterprise-wide payment solutions through one easy-to-install XML API."

Full details of DataCash’s services can be found at http://www.datacash.com

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