Contents tagged with Commercial Cards

  • Business executives may opt to give vendor gift cards this holiday season

    November 21, 2012
    In the coming weeks, two major events will have some effect on virtually every business, and executives will be busy trying to come up with solutions for each one. First, it's the holiday season, which means many bosses will be giving their employees gifts, probably right before Christmas. Second, it's the end of the year, which means 2013 budgets and spending policies will have to be updated and finalized very soon.

    There may be a way to satisfy both needs, which is something vendors must be cognizant of. As businesses plan their expenditures for next year, they will look at procurement specialists and determine what each individual may need to buy. They may end up giving these employees a new purchasing card or even a gift card for their top suppliers. These cards can help set up next … more

  • Why vendors should convince customers to comply with their preferred payment methods

    October 24, 2012
    Customers are at a crossroads. Regulatory measures and an uncertain economic climate have forced individuals and businesses to be conscious of the way they pay for goods and services. While many innovations in the payments industry have been catered towards helping the buyer, vendors have found themselves struggling to accept certain payment methods.

    However, vendors now have the opportunity to steer customers towards their preferred payment methods. According to an article in the online publication Bank Tech, today's state of uncertainty has made now a good time to convince customers to adjust their own preferred payment solutions.

    "What is clear is that the future of payments remains unclear, with still more changes to legislation, consumer payment preferences and interchange rates … more

  • Level 3 data assists both sides of government spending

    October 19, 2012
    In an uncertain economy, the public is becoming increasingly concerned with government spending. Yes, it's important to ensure that all payments funded by tax dollars are legitimate, but that is only part of the equation. Even expenditures on the up-and-up could evoke a negative reaction if they are considered wasteful.

    Citizens want to know that their government is spending efficiently and that public offices are getting the highest return on investment. Taxpayers will always have a vested interest in their local, state and federal government's actions, and public officials that can maintain payment transparency should give their constituents peace of mind in knowing that their money is being used wisely.

    That's why vendors working with government offices must ensure that they are … more

  • Why vendors have a responsibility to promote payment transparency

    October 16, 2012
    As long as the purchasing card system exists in the public sector, taxpayers are going to be concerned about the way the cards are used. Vendors have a responsibility to alleviate those concerns by accepting level 3 data while processing p card payments.

    Doing so releases line item detail, which increases payment transparency and catches inappropriate p card usage before its too late. In Ohio, an investigation conducted by the Inspector General found that one state employee was using a government-appointed p card to pay for his home heating. According to an article in the Marion Star, this went on for years before it was found out.

    Deputy Inspector General Carl Enslen expressed concern over the fact that it took so long before this activity was uncovered.

    "The bigger concern grows out … more

  • Despite tech advancements, cards still rule payments

    October 12, 2012
    Technological innovations have transformed payments as we know them. Cash and checks are slowly dying, though the rate of death varies depending on the industry. More and more individuals are turning to virtual solutions and electronic transfers. Even mobile is getting deep into the payments game. However, despite these advancements, one technical correspondent suggests that credit cards are still the energy that powers the payment ecosystem.

    Brad Hill, the former vice president of audience development at America Online, wrote a recent piece in the online publication Engadget about the state of modern payment solutions and how they fit into today's society. Hill spoke of a number of innovations including near field communication (NFC) technology and mobile payment processors such as … more

  • Representative calls for swipe fee reform

    October 09, 2012
    Credit card swipe fees have been a major issue for quite some time. As previously mentioned in this blog, lawsuit against the major credit card companies has resulted in a decision that many believe is not doing enough to alleviate concerns held by vendors, especially in the SMB sphere. And as lobbyists go to Washington to call for credit card swipe fee reform, they will be happy to know that at least one politician is on their side.

    Representative Peter Welch, a Democrat from Vermont, wrote a recent post in The Hill, in which he stresses the importance of regulating credit card swipe fees. It appears from the article that perhaps the primary issue holding back full-fledged support of swipe fee reform is a lack of knowledge of how credit card processing really works. Welch admitted in … more

  • NAPCP aims to promote B2B payments education

    October 08, 2012
    In virtually every business to business relationship, there are often challenges related to a lack of understanding of the other party's methods and solutions. Different organizations have different ways of doing things, and if their business partners, clients or vendors don't adapt their own principles to comply, there could be several issues that hinder the relationship.

    B2B payments are one of the primary culprits, as several companies, both on the merchant and customer side, have traditionally failed to realize the benefits of various payment solutions. However, the National Association of Purchasing Card Professionals (NAPCP) is making efforts to change that.

    According to an article in Pymnts.com, the NAPCP is making a concentrated effort to encourage user understanding of the … more

  • Moving payments to the 21st century without the burden of processing fees

    October 05, 2012
    The world has moved into a digital age, and payments are no different. Paper, whether it is in the form of a check or cash, is becoming increasingly removed from the equation and replaced by credit cards, online fund transfers and, in some cases, mobile payments. Yet, there are still those who are holding onto traditional methods.

    This is done for a number of reasons. As previously mentioned in this blog, there are several companies that are hesitant to adopt modern technology into their business workflows and thus still prefer to be paid via check. Additionally, many vendors are preferring to stay away from credit cards due to the amount of fees being placed on processing.

    However, it's important for businesses to understand that in order to maintain economic viability in the coming … more

  • Despite payout, vendors argue need for processing fee reform

    October 03, 2012
    The lawsuit that will force Visa and Mastercard to pay $7.5 billion for what companies deem as "unfair swipe fees" is currently in jeopardy. The payout total was determined in July, but now many of those scheduled to receive this money are not happy with the results.

    As reported last month in this blog, many are arguing that the amount is too little. But, perhaps more important to some of the plaintiffs in this case, the payout appears to be a one-time solution that doesn't really fix the problem.

    Many small businesses are arguing that any substantial swipe fee is too much of a burden on their organization. According to a report from NBC News, they are stressing that they will not be able to maintain economic viability if they are to continue paying banks and credit card companies, even … more

  • Do businesses spend more with credit cards?

    September 27, 2012
    We have all been there. You're out at the mall, credit card in hand, and you find yourself spending more money that you would have if you were only carry cash. When consumers use paper money, they can physically see it go away the more they spend. When credit cards are used, it is harder to keep track, which means that it's much more difficult to stay on a budget. Businesses have this same problem, which is why company spending is usually monitored and vendors have provided the ability to keep payments transparent.

    A collaborative study conducted by the University of South Carolina and University of Kansas found that individuals who pay by credit card change the way they evaluate products. When paying via cash, people are more conscious about cost because they know exactly how much money … more