Four Ways a Commercial Card Program Can Help Modernize Business

Brought to you by Elan Financial Services in partnership with Heritage Bank

In the last few years, though many organizations rushed to digitize, still others stuck with legacy processes for their payments because of the perceived time, energy and IT resources required to change. However, implementing the right commercial card program can be easy and the benefits of modernization far outweigh any perceived barriers.

Here are four ways organizations benefit:

Greater efficiencies. Whether it’s business-to-business (B2B) payments or employee reimbursements, there’s too much paper involved in legacy processes. Organizations that digitize payments with a commercial card program realize quickly that they can achieve efficiencies—freeing up time for value-added tasks instead of chasing receipts and sifting through other paperwork.

Better employee satisfaction. Simplifying daily tasks is crucial in today’s competitive job market. Take the expense reporting process. The average employee spends 20 minutes on each expense report and often spends another 18 minutes correcting 20% of their reports, leading to frustration and reimbursement delays. (1) A modern expense management program can save time and reduce friction. Additionally, a commercial card program can reduce the burden of carrying expenses on a personal card until reimbursement.

Increased cost savings. Costs have risen and it appears they will stay high even as inflation slows. Combined with lingering supply chain issues, organizations need to save money anywhere they can. Implementing the right commercial card program can help by reducing administrative expenses, streamlining the procure-to-pay process and providing enhanced spending control. Plus, capturing more spending on a card program increases rebate potential.

Widespread ease. Millennials now participate in 73% of all B2B purchasing decisions and they’re driving a change in expectations. (2) When they shop for supplies, book travel or make any other purchases, they expect B2B experiences to feel the same as business-to-consumer. When considering a new card program, organizations should expect an intuitive management platform that anyone can use along with modern features, like a quick digital application, easy setup, low IT commitment and easy integration with key accounting and HR software.

For organizations ready to modernize, consider implementing the Elan Commercial Rewards Card. It’s designed for scale and backed by an all-in-one card, expense and travel management platform powered by TravelBank. It replaces time-consuming, manual processes with a single, intuitive platform that helps companies better manage cash flow, provides core insights into spending and integrates easily with other business systems.

The Commercial Rewards Card’s platform optimizes operational efficiency, enhances financial control, supports better decision making, improves employee morale and so much more. To get started, contact one of our expert bankers.

1 Global Business Travel Association. Expense reports drain company resources. 7/20/22. 2 PYMNTS. Millennial buyers are driving force behind B2B digitization. 4/18/23. ©2023 Elan Financial Services. All trademarks are the property of their respective owners. (11/23) CAT-OOS