In the last few years, though many organizations rushed to digitize, others stuck with legacy processes for their payments because of the perceived time, energy and IT resources required to change. However, implementing the right commercial card program can be easy and the benefits of modernization far outweigh any perceived barriers.
Here are four ways your company can benefit from a business credit card program:
- Greater efficiencies. Whether it’s business-to-business (B2B) payments or employee reimbursements, there’s so much paper involved in legacy processes. Digitizing payments with a commercial card program can help you achieve greater efficiencies – freeing up time for value-added tasks, instead of chasing receipts and sifting through other paperwork.
- Better employee satisfaction. Simplifying daily tasks is crucial in today’s competitive job market. Take the expense reporting process. The average employee spends 20 minutes on each expense report and often spends another 18 minutes correcting 20% of their reports,1 which can lead to frustration and reimbursement delays. A modern expense management program can save time and reduce friction. Additionally, a commercial card program can reduce the burden of carrying expenses on a personal card until reimbursement.
- Increased cost savings. Costs have risen and it appears they will stay high even as inflation slows. Combined with lingering supply chain issues, it’s important for organizations to save money anywhere they can. Implementing the right commercial card program can help your business by reducing administrative expenses, streamlining the procure-to-pay process and providing enhanced spending control. Plus, capturing more spend on a card program increases rebate potential.
- Widespread ease. Millennials now participate in 73% of all B2B purchasing decisions2 and they’re driving a change in expectations. When they shop for supplies, book travel or make any other purchases, they expect B2B experiences to feel the same as business-to-consumer (B2C). When considering a new card program, you should expect an intuitive management platform that anyone can use along with modern features, like a quick digital application, easy setup, low IT commitment and easy integration with key accounting and HR software.
A Commercial Rewards Card program can replace time-consuming, manual processes with a single, intuitive platform that helps companies like yours better manage cashflow, provide core insights into spend, and integrate easily with other business systems.
If you’re interested in learning more about how you can optimize operational efficiency, enhance financial control, support better decision making, and improve employee morale with this all-in-one card, expense and travel management platform, contact one of our First Mid Treasury Management representatives.
1. Global Business Travel Association. Expense reports drain company resources. July 20, 2022.
2. PYMNTS. Millennial buyers are driving force behind B2B digitization. April 18, 2023.
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