LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global corporate purchasing cards market and the market is poised to experience spend growth of more than USD 200 billion between 2018-2023 at a CAGR of over 8% during the forecast period. Request Free Sample Pages.
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The implementation of technologies such as fingerprint authentication is boosting the security and reliability of a corporate purchasing card which is improving its acceptability among buyers. Buyers are exhibiting an incremental spend in the corporate purchasing cards market to experience seamless execution of payment processes with augmented security. This is playing as the key factor that is driving the market spend growth.
In terms of spend share, APAC will make the highest contribution to the corporate purchasing cards market. This is mostly attributed to the cost-savings of about 80% that buyers can achieve over traditional processing methods as corporate purchasing cards reduce the time required for the P2P process by eliminating requisition, purchase order, invoice, and check payment, which is used in traditional payment methods.
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The Top Corporate Purchasing Cards Suppliers Enlisted in this Report:
While the addition of security features such as chip-and-PIN technology, secure socket layer, and S-HTTP are preventing instances of fraudulent transactions, it is resulting in the increase in the processing fees that are directly passed on to sellers in the form of additional service charges. Considering this probability, this report has listed the top corporate purchasing card suppliers, SLA agreement insights, and the selection and negotiation strategies that buyers must undertake to achieve optimal and cost-effective procurement in this market.
HSBC- A prior evaluation of the benefits of a purchasing card is crucial for buyers to justify their spend on the same. Prior to finalizing a contract with this supplier, buyers are advised to implement a pilot program for 2-3 months to assess the benefits, test procedures, uncover issues, and refine the purchasing card implementation model. Cost savings through purchasing card usage, percent of payments eliminated in A/P are some of the measurable goals that buyers must identify prior to implementing this program.
Wells Fargo- Buyers are advised to assess the provision and the quality of customer support services offered by this corporate purchasing card supplier. Customer support services must include the availability of personnel to handle queries regarding the features and use of purchasing cards, provide value-added services, and offer personalized corporate discounts that engage buyers over the duration of use.
America Express- It is among those suppliers who are known to implement technologies such as big data analytics, AI, and blockchain, which help them offer improved services to their clients. In July 2018, American Express filed for a patent of a blockchain-based proof-of-payment system that would automate proof-of-payments by encrypting payment payload data. Similarly, the supplier collaborated with a leading technology provider that offers blockchain solutions to enable real-time cross-border B2B payments.
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Some of the key topics covered in this report are:
- Corporate purchasing cards market spend segmentation by region
- Corporate purchasing cards supply market analysis
- Regional spend opportunity for corporate purchasing cards suppliers
- Corporate purchasing cards suppliers cost structure
- Total cost of ownership analysis in the corporate purchasing cards market
- Corporate purchasing cards pricing models analysis
- Category management objectives
- Cost saving opportunities in the corporate purchasing cards market
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