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Friday August 20, 07:31
B2B market grows

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(by M. Riley)

B2B payments give new opportunities for card companies as MasterCard got 360 per cent growth on it and Visa achieved $30 billion in 2003 against $10 billion in 2001.

Banks see commercial cards as a new payment product for SMEs. Users of PeopleSoft’s Enterprise Expense Management system are given a chance to settle p-card transaction data and reduce expenses, MasterCard says, foreseeing to spend for it up to 60 per cent of the total sum of company’s spending.

Some corporates are expected to catalyze commercial card use. E.g., corporate travel managers using card data in negotiations with suppliers lessen yearly costs by 9 per cent.

As for the companies with professional travel card programs they were more expected to automate financial processes and maximize savings from administrative costs or vendor negotiations.
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