Author: Maria Line, Managing Director, Commercial Card Account Management
In recent years, as the global pandemic changed how and where employees work, there has been a significant push to find better tools for working remotely. The need to digitally manage accounts payable (AP) and accounts receivable (AR) has led to the continued adoption of B2B credit card payments. Companies of all sizes are seeking AP and AR automation while realizing the benefits of paying suppliers by card.
As businesses continue to move away from check payments, evolving digital payment options offer a fast and efficient way to pay suppliers and track payments. Credit cards, in particular, provide additional benefits that many companies find hard to ignore.
Before deciding to make card payments, businesses should involve all impacted parties in the decision-making process, including members of your sourcing, procurement and AP departments. By assembling a team of professionals from across your organization, you’ll be in the best position to formulate your strategy by answering critical questions, such as:
Once you’ve decided on your goals and how to implement card payments for your business, it’s time to select the commercial card program that will meet your company’s goals.
There are many commercial credit card programs on the market to choose from, so you’ll want to review your options carefully and select a program and financial institution that aligns with your goals.
Whether you’re a large or small organization, look for a card issuer that that has a reputation for strong servicing and building relationships. Find out how far they will support your organization, by considering critical topics, such as:
Finally, consider how innovative the card issuer is. The world of digital payments is evolving rapidly. A financial institution that stands on the cutting edge of innovation will be ready to support next-generation payments products as technology changes.
Contact FNBO’s Commercial Credit Card team to learn how we can help your business meet its payments needs.
As the Head of Account Management, Maria Line optimizes commercial card programs to help organizations streamline their payments processes. She is also responsible for building FNBO’s supplier enablement organization, an initiative designed to provide further value to commercial clients. Her goal is to create a best-in-class experience for each and every customer.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.