Travel managers have never had it all their own way when their company chooses a corporate payment provider.
If it was just a question of generating the best possible travel spend data, the tendering process would be pretty straightforward.
However, a look at key stakeholders’ requirements below demonstrates that an increasing number of hands want to stir the pot.
That is why we have listed the key card requirements for stakeholders in your company:
Finance
• Treasury
• Better cashflow
• Relationship with existing banks
• Spend visibility
• No cash advances
• Rebate
Other finance departments
• Efficient, reliable payment process
• Mechanism for cost reallocation
• Low cost of making payments
• Streamlined integration with expense management and accounting systems
• Tracking budget
• Good governance through clearly auditable spend
Security
• Verifying privacy of data generated through payments
Legal
• Compliance
Travel manager/procurement
• Data for supplier negotiations
• Data for tracking contracted spend
• Data for tracking policy compliance
• Data for identifying cost savings
• Integration with TMC and other service providers
Travellers
• Convenient way to pay, including high levels of acceptance and automated upload into expense reporting
• Safety through avoiding carrying large amounts of cash
• Access to instant cash
• Ability to track spend online
• Card benefits – eg lounge access or reward points
Human resources
• Convenient and reliable payment method for employees
• Consistent payment method
• Avoiding employees paying out of personal funds
• Encouragement of compliant spend
• Ability to track employees via their card spend
Read the full article from our latest corporate card supplement
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