Corporate Purchase Card Policy - April 2024

Purpose

The purpose of this policy is to set out the requirements relating to the use and application of Purchasing Cards (“P-cards”) at Checkout.com, and the responsibilities of P-card holders, their line managers, and approvers.

Scope

This Policy applies globally to:

• All colleagues of Checkout.com and its subsidiary companies who have been issued with a P-card

• All line managers who have reports with purchasing cards

• All managers responsible for approving P-card applications

All Purchasing card spend will be incurred on behalf of Checkout.com and approved in line with the Travel and Expenses Policy.   Cardholders, line managers and approvers are required to read and comply with this policy, which shall be read in conjunction with the following Company policies:

• Travel and Expenses Policy

• Code of Professional Conduct

• Anti-Bribery & Anti-Corruption Policy

Policy

In allowing colleagues the independence of direct purchasing, it is necessary to establish responsibilities and to follow consistent policies and procedures. Adherence to this policy is essential.

There are two principal methods of purchasing within Checkout.com;

1. PO and/or Invoice via Coupa, or

2. Purchasing card (“P-card”).

P-cards should only be used when it is not possible to pay via PO and invoicing.  For all other spend, requesters should raise a Purchase Requisition via Coupa. Further guidance can be found here.

P-card Categories

Specifically, where invoicing is not an option, a P-card can be used for one-off, miscellaneous, or urgent purchases for the following categories: 

• Office food and beverages 

• Cleaning services & supplies

• Medical supplies & services

• Computer accessories & peripherals

• External events and related costs

• Office supplies and stationery

• Printing 

• Books & periodicals

• Postage & courier services

• Software that can not be invoiced - ALL software purchases MUST be run through the IT service desk. 

A P-card should explicitly not be used for the following categories:

• Air and rail travel, which shall be booked through Checkout.com’s preferred travel management provider (Navan). Refer to the Travel and Expenses Policy

• Hotels and accommodation, which shall be booked through Navan.

• IT equipment, such as laptops which shall be purchased via the IT Hardware catalogue on Coupa

• Software/SaaS that can be invoiced

• Bulk office furniture orders or office equipment

• Cash withdrawals (either from ATM or Branch)

• Personal items

• Personal services, such as legal advice or medical treatment, to an individual

• Financial Services, such as financial advice and investment related services

• etc.

If you are unsure of the most appropriate way to purchase goods or services, please use this link to complete a service request. 

P-card Limits

Each P-card has a maximum monthly limit based on team, budget and category. For all inquiries and change requests, please use this link to complete a service request.

In the event a higher limit is required, please use this link to complete a service request.

before you incur the spend.   This will trigger approval from your line manager and Financial Control (Finance).  If approved, your limit will be increased temporarily to enable the purchase.

P-card Application

If you believe you require a P-card in your role at Checkout.com, please use this link to complete a service request. The card holder, manager and Financial Control will review and approve as needed.

Accountabilities and Responsibilities

• P-cards shall not be used to circumvent any other Checkout.com policy (e.g. Code of Professional Conduct, Travel & Expenses Policy)

• P-Cards should remain under the full control of the cardholder and should not be shared with any other team or Checkout employee. If there is a purchase needed by a non-card holder or team, they should complete a service request for the specific purchase. The safeguarding and security of the card is the responsibility of the cardholder to minimise any risk of fraud. All cardholders and line managers must adhere to the Checkout.com Purchasing Card Policy.

• VAT/tax receipts shall be obtained by the cardholder for each transaction. The cardholder shall be responsible for ensuring they provide the correct documentation and submit within Coupa Expenses before the end of the billing cycle. If the Accounts Payable team does not receive receipts this may result in P cards being frozen or cancelled.  You can find full guidance on the expense submission process here 

If a cardholder fails to submit the fully completed expense report, including VAT receipts before the end of the billing cycle, their card will be suspended.

• Line managers are ultimately responsible for monitoring cardholder use of the card and ensuring compliance to this Policy. Line Managers shall only approve transactions that have a valid justification

• Accounts Payable are responsible for monitoring applications and limit requests, and ensuring compliance to this policy. Requests will only be approved with valid justification

• Accounts Payable will undertake monthly checks to ensure cardholder compliance to this Policy.  All purchasing card activity is monitored and is subject to regular audit checks, any breach of policy will result in the card being frozen. 

Consequences of Policy

Any non-compliance to the Checkout.com Purchasing Card Policy by P-card holders is likely to result in the withdrawal of the allocated P-card and may lead to disciplinary action.

Failure from any stakeholder to ensure P-card usage is effectively monitored and controlled may also be treated as a disciplinary matter.

Communication of Policy

This policy will be published on Confluence and will be provided to all P-card holders before they are issued a card.  Cardholders and line managers by way of completing the Service Request form, will agree and confirm they acknowledge and will abide by the terms set out within.

Any updates to the policy will be issued to all P-card holders prior to implementation.

Management Review of this Policy

This policy will be reviewed on an annual basis by Procurement and Financial Control. Overall sponsor of this policy is the CFO.