Corporate Card Innovators Bank On Continued Business Spend
Corporate travel may still be at record lows, but that doesn’t mean corporates aren’t making good use of their commercial card products. In this week’s Commercial Card Tracker, PYMNTS looks at the latest corporate card solutions that reveal the opportunity of rapidly digitizing commercial payments. From a mobile app to beefed-up rewards, the latest solutions are embracing the shift of spend to the card.
Emburse Debuts T&E Cards
Expense management and accounts payable (AP) automation solution provider Emburse is rolling out new card solutions designed to help organizations manage their travel spend. The company recently announced its new Emburse Cards alongside the debut of the Tallie Travel platform, solutions that target small businesses that traditionally rely on employees’ personal cards to fund business trips. The Emburse Cards come integrated with spend policy controls, the company noted, and are looped to a platform allowing for professionals to create physical and virtual cards for employees.
Pleo Centralizes Card Spend Data
Spend management FinTech Pleo has rolled out a new platform for users’ mobile devices aimed at consolidating data from spend on Pleo credit cards. Pleo Pocket, as it is called, streamlines spend management for card users while also offering an array of added features, including the ability to generate virtual Pleo cards for other employees. Pleo has also added support for ATM cash withdrawals on its cards, while the company noted in a blog post that it also plans to roll out expense reimbursement capabilities within Pleo Pocket in the near future.
Brex Beefs Up Rewards Program
Targeting eCommerce startups, commercial card company Brex has revamped its rewards program. The new initiative allows startups to earn 1.5x points on digital ad spend, “a major spend category and powerful driver of growth,” the company said in its announcement. The program is also offering 8x points on rideshares, 5x points on travel and 4x points on restaurant spend. The new incentives were announced the same day that Brex revealed its newest offering, which allows eCommerce businesses selling on Amazon to immediately access earned revenues. Dubbed Instant Payouts, the solution is designed to support businesses’ cash flow, Brex said.
FLEETCOR Preps For M&A Spree
Commercial payments technology firm FLEETCOR is reportedly looking to continue its merger and acquisition spree, reinvigorated by the pandemic that has accelerated the digitization of B2B payments. Recent reports in Barrons said FLEETCOR Executive VP of Corporate Development and Strategy Steve Greene spoke about the corporate payments modernization trend, noting that “B2B payments migration to the cloud has been a long time coming, but COVID-19 – and the immediate need to go virtual – has accelerated the pace of innovation for corporations.” The publication highlighted several recent takeover deals by FLEETCOR, including 2017’s Cambridge Global Payments acquisition and September’s AFEX takeover agreement, expected to close in the first quarter of next year. While the pandemic has led to a slowdown in M&A activity, Greene told the publication that the company will seek to spend $1 billion in acquisitions this year.