Commercial cards are slowly catching up to consumer cards when it comes to innovation, with some being supported by mobile wallet solutions and others morphing into virtual card solutions for better spend visibility. According to new research from Capital One, corporate treasurers have their eyes on these changes and are looking to upgrade their current commercial card tools.
In a survey of 116 treasury and payments executives attending the NAPCP's annual convention on treasury and finance last April, the majority (55 percent) said they expect their companies to adopt an updated commercial card tool or service this year.
Nearly half (46 percent) said their biggest priority when deciding which commercial card service provider to pick is one that can adapt to their corporation's unique needs.
"Corporate finance professionals want more tailored and specialized services and support to meet their unique needs as they implement new tools," stated Capital One Bank's head of treasury management and enterprise payments, Colleen Taylor. "Understanding our client's specific challenges is essential as we partner with them to solve the inefficiencies and problems their businesses face."
Just 16 percent said the impact on their bottom line was the biggest factor when choosing a commercial card.
Researchers at Capital One also uncovered a lack of mobile support when it comes to commercial card tools, with 66 percent reporting that they do not have access to a commercial card app that could strengthen their visibility of corporate spend on these payment products.
Only 28 percent said they regularly use a mobile app to submit expense reports; nearly half said they prefer a web solution to do so.
"While overall adoption of commercial card technology continues to grow, only a small minority of companies have already embraced the latest digital capabilities," the bank's head of the commercial card group, Rick Elliott, added. "These digital tools are increasingly effective, easy to implement and easy to use, making them attractive options for an ever-expanding set of clients."