A corporate payment program partnered with solid data reporting capabilities provides the travel buyer with visibility into travel spending, policy and preferred vendor compliance and spend data that can be beneficial when negotiating with travel suppliers. Implementing a company-wide program can appear daunting and can include lengthy legal contracts, complex configuration, and a minimum commitment of several years to deliver any ROI.
Payment card providers continue to target smaller enterprises with specific benefits that lure the small business market. For larger companies, payment card vendors are upgrading global delivery capabilities and data reporting, and providing additional benefits and savings for business enterprises that have a more mature program. Optimizing data capture is a constantly moving target, with new levels of spending data, including airline ancillary fees.
As with any centralized service program, there are key benefits that are available when a preferred payment vendor program is implemented:
- Improved financial and administrative processes
- Improved cash management
- Extending capital float
- Improved accounting reconciliation
- Currency exchange
- Streamlined business travel reimbursement
- Leveraging spend data for supplier negotiations
- Improved policy compliance
- Increased traveler productivity
- Enhanced management data