Getting the Most out of Your Corporate Card

Companies can boost A/P efficiency by moving payments from check to card. Here are key considerations.

When savvy consumers find a great credit card that allows them to accumulate points or earn cash back from their issuer, they look for every reasonable opportunity to get the most out of this benefit—at the grocery store, at the gas station, at restaurants, and wherever they shop. Some people are even more creative, using their cards to pay for home renovations, college tuition, or even a tax bill from the IRS. When you are being rewarded for using your credit card, every dollar counts.

Many corporate credit cards offer similar incentives for their customers. They may provide reward points, cash back, or even discounts with specific merchants—which raises an important question: Why aren’t more smart, well-run companies taking a proactive approach to maximizing these benefits from their corporate cards?

Extensive use of corporate cards is a more natural fit in some organizations than in others. Small businesses with more easily manageable revenues and work forces—and manufacturing and technology firms that work with an unusually large number of vendors—may find that the benefits of beefing up a corporate card program are well worth the costs. In addition, companies that work in professional and business services, health care, property management, and IT software solutions tend to use corporate cards more extensively than do other businesses.

 

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