The Corporate Card Seeks Broader Value Propositions
There is more than one reason that a business may want to adopt a corporate card, and this week's Commercial Card Innovation Tracker looks at a few of them. From Mastercard touting its expense management capabilities to Capital on Tap zeroing in on its working capital potential, the corporate card is seeking adoption through widening its range of value propositions.
Plastiq, Ramp Collaborate On Corporate Card Adoption
B2B FinTechs continue to tackle one of the largest barriers to commercial card penetration today: a lack of vendor acceptance. The latest collaborators to target this issue are Plastiq and Ramp, which recently announced their partnership to allow businesses to pay for more products using a card solution while also managing spend and gaining visibility into expense data.
Targeting larger-value transactions like supplier payments and rent, the collaborators noted that Ramp will lend its business card product while integrating Plastiq processing technology that moves money to sellers via ACH, wire or check when they don't accept cards.
Plastiq President and COO Sameer Gulati said in a statement, "For businesses looking to scale rapidly, access to credit and the ability to intelligently manage their payments are paramount."
Mastercard Expands Biz Card Presence In Saudi Arabia
Mastercard is working with National Commercial Bank to expand its corporate card presence in Saudi Arabia, the organizations recently announced. Together, the firms are rolling out the Mastercard Corporate World card with a focus on expense management for corporate end users, enabling businesses to access more robust financial control and spend visibility.
Mastercard's Country Manager, KSA, Bahrain & Levant, J.K. Khalil, said in a statement that the company is "delighted to collaborate with NCB to expand inclusion for best-in-class financial control, B2B expenditures and corporate travel benefits."
NCB Chief Executive Office and Retail CEO Majed Al Ghamdi said in another statement that the product is addressing corporates' and small businesses' working capital needs while also driving payment digitization and spend management features.
Capital On Tap Brings Its SMB Card To The US
U.K.-based Capital on Tap, which connects small businesses to its corporate card solution to help support working capital needs, is launching its card product in the U.S., according to an announcement. Reports said the company will be collaborating with card issuer and lender WebBank to facilitate the U.S. rollout, which offers a 1 percent cashback reward program for all purchases made on the card. The product also nixes foreign exchange fees, and offers a premium rewards program with 2 percent cash back and a $199 annual fee. The solution connects small businesses with a credit line of up to $50,000.
In a statement, Capital on Tap Head of International Expansion Zoe Newman said the card "will provide access to crucial working capital and also a range of features built just for SMBs."