Commercial cards haven’t seen the same diversity and innovation as consumer card products, but new research by Mercator Advisory Group, released Wednesday (Nov. 25), says there are a few strategies that can help the commercial card market — namely, focusing on security.
Reports announcing the research said Mercator concluded the need for corporate card products to balance the needs of issuers, companies, employees and solution providers to ensure commercial cards have robust security features.
“While commercial card fraud may not be in the headlines as much as fraud in other segments of the market, it is still a reality with many unique nuances that require attention,” Mercator said in its announcement.
According to Mercator Commercial and Enterprise Payments Advisory Service Director Richard Hall, the commercial card sector has unique problems when it comes to payment security and fraud protection.
[bctt tweet=”Commercial cards have unique problems in payment security and fraud protection.”]
“Corporates with card programs have a variety of fraud tools to leverage, but they require strong levels of education from issuers and networks to become more comfortable using them,” he said in a statement. “Fraud activities follow the money, and the complexity of commercial payments from invoice to payment requires diligence and understanding for potential weaknesses in the system.”
The report declares that collaboration among all interested stakeholders in the commercial card market will be key in developing stronger safeguards for the payment tool.
Such a conclusion mirrors recent partnerships and tie-ups between commercial card players, like TSYS and ING Bank, MasterCard and Payment Data Systems, BP and WEX and American Express and Apple Pay.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More