Banks are facing challenges with issuing commercial cards, as legacy tech can’t deliver timely updates to a card program. But banks have strengths they can leverage: existing infrastructure, the ability to issue cards at scale, and a strong portfolio of business customers. Banks can benefit from customer recognition and trust in their brand to deliver a modern commercial card program customers will love.
Here are five reasons your customers will love a modern commercial card program:
1. Flexibility
Commercial cards offer unparalleled flexibility, empowering businesses to manage expenses with ease and precision. Whether it's purchasing supplies, booking travel arrangements, or paying vendors, these cards provide a convenient payment method accepted worldwide. With customizable spending limits and controls, businesses can tailor card usage to suit their specific needs, ensuring greater financial control and accountability. With a modern commercial card program, banks can configure any combination of features and card types to create the card they want, based on flexible terms, rewards, fees, and product types.
2. Segment Customization
One size does not fit all in the realm of commercial cards. These versatile tools can be customized to cater to different segments within a business, from travel to expense management. By aligning card features and benefits to designated employee tiers, companies remain efficient and compliant while minimizing administrative burdens. Companies can set up a bespoke hierarchy and build a commercial card to match any business structure or spend policy requirement. Ultimately, your customers will have access to greater visibility and control of the usage and needs of their business.
3. Speed and Convenience
Forget time-consuming reimbursement processes and paper-based transactions. Commercial cards offer unparalleled speed and convenience, facilitating real-time payments and expense tracking. With instant access to transaction data and reports, businesses can gain valuable insights into spending patterns and identify cost-saving opportunities.
Commercial cards streamline payment workflows with straight-through processing, eliminating manual intervention and accelerating transaction processing times. Commercial cards can facilitate enhanced data capture, granting businesses access to detailed transaction information such as vendor details, invoice numbers, and purchase descriptions. By leveraging this data, companies can increase visibility on expenses, enhance reconciliation processes, and lower the risk of fraud.
Beyond cost savings and operational efficiencies, commercial cards have the potential to drive revenue growth for businesses. By leveraging rewards programs and cashback incentives, companies can unlock additional value from their card spending. Commercial cards also allow businesses to build credit, enabling access to more funds in the future. Some commercial cards offer exclusive discounts or rebates on purchases made with specific merchants or within certain categories. These discounts can enable businesses to reduce their procurement and enhance their bottom line.
Ultimately, commercial cards represent a savvy investment for businesses looking to optimize their payment processes, streamline operations, and drive sustainable growth. With their flexibility, customization options, speed, and revenue-enhancing capabilities, modern commercial cards enable banks to offer a dynamic product their customers will love.
With E6, it’s easy to rapidly build and launch any commercial card use case – credit, debit, charge, virtual, multi-currency, and installments. You can configure bespoke card programs that align with your clients’ organizational structure. Card offerings are easy to customize with flexible terms, rewards, fees, and product types. Learn more about growing your business by issuing commercial cards with E6 in our white paper, Commercial Cards: Capitalizing on a Growing Opportunity.
Episode Six (E6) is a payments technology provider with solutions for card issuance, ledger management, and payments processing. Whether you want to offer credit cards, digital wallets, virtual accounts, commercial cards, installments, or anything in between, our cloud-based and API-powered TRITIUM® platform can make your wildest payments use cases come to life.
At E6, we give you the keys to success. Contact us today.