MasterCard Introduces New Payment Tools For Mid-Sized Organizations

Tuesday 4 November 2003 06:08 CET | News

MasterCard International has introduced a new payment and expense management tools specifically designed to improve financial efficiency for midsized organizations.

The turnkey program, called MasterCard Middle Market Focus, optimizes current relationships across diverse industries for member financial institutions, while stimulating interest from new business customers. A number of MasterCard issuers currently offer the MasterCard Middle Market Focus program, including Bank of the West, Bank One, BMO Financial Group, Comerica, Comdata Card (issued by AmSouth Bank), Fifth Third, First Hawaiian Bank, GE Corporate Payment Services, JPMorgan Chase, LaSalle Bank, Standard Federal Bank, Volvo Commercial Credit, and Wells Fargo. According to a recent study by Barlow Research, a consulting firm that provides market research and analysis of the financial services industry, the U.S. middle market is comprised of more than 137,000 companies. In addition, the study states that midsized companies are becoming more sophisticated about new tools and services for managing business finances, bringing enhanced demand for personalized offerings. MasterCard Middle Market Focus extends personalized and flexible options to midsized companies through their issuing financial institutions. For midsized business - typically defined as companies with annual sales between $10 million and $250 million - MasterCard Middle Market Focus offers many new benefits, including unprecedented savings on business travel through an exclusive relationship with Travelocity Business and MasterCards new travel expense reporting program, MasterCard ExpenSys. Midsized companies using a valid MasterCard card that register for Travelocity Business will have the standard registration fee waived for a period of time, in addition to receiving Travelocity Business. savings of up to 84 percent on traditional service fees and up to 26 percent in average airline costs. Additionally, a customizable Travelocity Business reservation site displays company-specific travel policies, streamlining compliance for all registered employees. At the core of MasterCard Middle Market Focus is the MasterCard Corporate Multi Card, an innovative card program enabling businesses to manage employee purchasing, travel and fleet expenses with a single payment card. The MasterCard Corporate Multi Card is accepted at more than 32 million locations. Additionally, the offering introduces MasterCard QuickLaunch, a new, online interactive tool that simplifies cardholder account set-up for the program administrator and enables a company to customize its card program from a personal computer through a secure website that is accessible virtually anytime, anywhere. Through this service, available only from MasterCard, business owners may set up new cards for employees, set spending limits and adjust merchant category restrictions according to individual requirements. A user-friendly Implementation Guide complements the program, offering a detailed overview of best practices and key steps in implementing and managing a successful MasterCard Corporate Multi Card program. Additional tools and benefits include: - MasterCard Exclusives Online, offering significant savings specifically designed for middle market companies at select vendors, including Airborne Express, Hyatt Hotels, and Office Depot; - MasterCard Smart Data OnLine (SDOL), a web-based reporting tool available in 12 different languages, supports all major currencies and delivers employee spending activities directly to administrators, helping to boost productivity and reduce costs; - MasterCard ExpenSys, a travel and entertainment reporting solution, simplifies expense reporting through automated delivery of electronic travel expense data to software providers Concur, Geac, Gelco, Necho, Oracle, Outtask, PeopleSoft and SAP; - Sales and Marketing Support, including customizable direct mail templates, a Quick Reference Guide and a sales presentation for bu

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce