With businesses large and small increasingly turning their attention toward recovery efforts, the commercial credit card market is exploring ways to help their corporate card holders. As this week’s Commercial Card Innovation Tracker reveals, the industry is increasingly showcasing the opportunity in value-added benefits and rewards, like cash back and partnership deals, to help organizations make their money go further.
American Express Expands Small Business Offering
This week, American Express debuted a range of new offerings for its customer bases, including small businesses. With a focus on helping small and medium-sized businesses (SMBs) recover, the company is rolling out new features for small business cardholders including up to $250 back on eligible business purchases and up to 400,000 Membership Rewards Points in a variety of purchase categories. “As the business landscape evolves, we’re focused on designing offers and solutions that give small businesses the continued support they need to navigate these uncertain times and come out stronger,” said American Express Senior Vice President and General Manager, U.S. Commercial Card, Global Commercial Services, Courtney Kelso in a statement. Additional new offerings include deals for business cardholders to use services from BigCommerce as well as Sprout Social.
Neat Debuts Its Visa Card For Small Businesses
Hong Kong-based Neat this week announced a new partnership with Visa to roll out its Visa business card designed to enhance spend control and connect small businesses to rewards. The product integrates expense tracking, spending limits and transaction notifications while offering 1 percent cash back on all purchases. In a statement, Neat CEO David Rosa said the card “gives SMEs [small and medium-sized enterprises] the flexibility and control they need over their spending.”
Divvy Lands $165 Million For Spend Management Tech
Divvy, based in Utah, offers businesses an integrated spend management platform connected with a corporate card offering. In support of its technology, investors have raised an additional $165 million for the company, with Hanaco, PayPal Ventures, Whale Rock, Schonfeld, NEA, Insight Venture Partners, Acrew and Pelion all participating in the Series D funding round. The firm’s CEO Blake Murray said Divvy is focusing on helping businesses manage spend by combining access to capital via cards, and financial software.
Hub-Suite Touts Card Perks For Corporates
While taking advantage of capital float and gaining greater control over payment timing are key benefits of commercial card products, a recent announcement by Hub-Suite is highlighting the importance of value-added perks and benefits businesses can earn by using card products. The company noted its SpendHub solution integrates spend control technology while offering 5 percent back when the card is used to purchase IT support and maintenance. The product also features additional corporate perks to cater to remote working needs, including video streaming and conferencing capabilities.
Conferma Pay Eyes The Value Of Straight-Through Processing
In a recent interview with PYMNTS, Conferma Pay Director of B2B Partner Development Nick Reid highlighted the value of straight-through processing — and the opportunity for virtual corporate cards to embrace the efficiency of the model. The most prominent benefit, he said, is for cards to no longer focus their benefits solely on the buyer: with straight-through processing, suppliers can benefit from getting paid via virtual cards without having to manually type in any card or card holder data. With STP, he said, you “can use a commercial card for a supplier payment in the confidence that it will not only be accepted by the [specified] supplier, but also, a large number of payments can be processed by suppliers in that manner.”