4 ways a corporate card program modernizes your business

With the events of the past few years, many businesses, healthcare practices, schools and other organizations rushed to digitize. When it came to payment systems, however, a significant number of middle market companies stuck with legacy processes. That stagnancy occurred because many companies expected that switching required significant time, energy and IT resources.

We all know change is challenging. But when those same companies learn how easy implementing the right corporate card program can be, they quickly realize that the benefits of modernization far outweigh any perceived barriers.

Here are four ways companies benefit.

Greater efficiencies

Overall, there’s too much paper involved in legacy processes, whether that’s B2B payments or employee reimbursements. Companies that digitize payments realize quickly that they can achieve efficiencies – freeing up time for value-added tasks, instead of chasing receipts and sifting through other paper documentation.

Employee satisfaction

While it might seem like only the accounting or finance team would care about payment systems, it turns out anyone who travels, entertains clients or makes purchases on behalf of the company can benefit. In a time when attracting and retaining employees remains a top challenge nationwide, bringing ease to an everyday task matters. When the typical employee spends 20 minutes on each expense report and needs to spend another 18 minutes making corrections to nearly 20% of their reports¹, they can quickly get frustrated. A modern expense management program will save a lot of time and reduce friction. Having a corporate card program also reduces employees’ burden of carrying expenses on a personal card until reimbursement.

Cost savings

From salaries to raw goods, costs have risen and it appears they will stay high, even as inflation slows down. Combined with lingering supply chain issues, companies need to save money anywhere they can. The right corporate card program can help in a few ways. With a card program like the U.S. Bank Commercial Rewards Card, which is backed by the award-winning TravelBank platform, business travelers can access exclusive rates and save on outside booking fees because booking is built right into the platform.

Capturing more spend on a card program increases rebate potential, while reporting can help manage supplier relationships, monitor adherence with organizational spend policy and simplify analyzing spending patterns. In addition, moving more payments to credit cards – and choosing a card with higher reward potential – can bring more money in, improving cash flow or subsidizing expenses.

Widespread ease

Millennials now participate in 73% of all B2B purchasing decisions² and they’re driving a change in expectations. When employees shop for supplies, book travel or complete nearly any other purchasing task, they expect B2B experiences to feel like B2C experiences.

We believe middle market owners, CFOs and program administrators, who often juggle many tasks, should experience this same ease too. We’ve designed the Commercial Rewards Card platform to be incredibly intuitive, so anyone can log in occasionally without having to review an operating manual each time. Companies who implement our platform don’t have to spend time and money training employees on the system.

When considering a new card program, companies should expect intuitive platform design along with other features, such as a quick digital application, easy setup, low IT commitment and easy integration with other key programs, such as QuickBooks Online, Xero and NetSuite.

When discussing the Commercial Rewards Card, potential customers have been impressed with the minimal clicking it takes to navigate the system and complete a specific task. The fact they can see all of their cardholders’ transactions on one screen and filter out missing receipts and expense codes has also been well received. Being able to quickly integrate with QuickBooks Online is also a definite positive!

– Megan VanHouten, assistant vice president, business development consultant

Change is rarely easy for individuals or companies, so it’s understandable that some businesses have held onto legacy systems. Yet failing to modernize payment systems can have a negative impact – on time, money and employee satisfaction – making the leap attractive for any successful business. For those ready to modernize, look into all that the Commercial Rewards Card offers with its integrated card, expense and travel platform.