12/17/2007 — See how the MasterCard Commercial Card Program's level of service, local and worldwide acceptance and fee savings helped support a mid-size company's traveling employees. Its officers overwhelmingly feel the Commercial Card Program helps their organization save money and simplify financial transactions.
Global service companies need a credit card with global reach. That's why MasterCard is an ideal fit for a mid-size East Coast construction firm whose employees often cross borders while on the job.
"We'd had some difficulty with [another credit card company's] acceptance by certain vendors or locations where our travelers would go," the company's treasurer and financial officer says. "We found MasterCard was much more widely accepted worldwide."
He says he could count on one hand the number of problems travelers had with MasterCard's acceptance. That meant a lot, given his overall strategic goal: to support the travelers. Part of his job is to make sure that the people who travel for his company have a product that works for them, whether they travel domestically or internationally.
Beyond its global acceptance, MasterCard offers abundant administrative services to the firm's headquarters, and an absence of card fees. Unlike the business’s previous credit card company, which charges fees, MasterCard has saved his company around $5,000 annually, the officer says.
The services his company can access are even more important to him. "[MasterCard has] a strong administrative team that can get service support to a corporate financial executive who has to deal with several hundred cards of employees all over the world," he says. "That includes an online system for reports, account balances, charges and credits. And it's vital when reconciling an account of several hundred thousand dollars per month," (His firm has a monthly credit spend of $250,000 to $300,000 and annual revenues of $200 million.).
"It also enables us to turn around the payment to our employees, who then pay off the MasterCard charges every month," he says. "They just have a very smooth system of operating."
MasterCard's online reporting system is easy to use and available on a daily basis so you can check account activity, he says. The company gets its monthly statements through the online reporting system, as well.
Rather than issuing unlimited credit capacity, as with the company’s previous credit cards, MasterCard allows business users to set limits internally for each cardholder. Most employees at the construction firm have a $5,000 limit. But people who travel internationally have a $15,000 limit and senior management has $25,000.
MasterCard cards also have location codes, so employees are limited to authorized types of purchases. The card is only accepted at places on the list. Employees can use cards at hotels and restaurants, but not high-end department stores, for example.
Three areas set MasterCard apart from its competitors: service, card acceptance and fee savings, he says.
"The most valuable is service," he said. "That element is key. Also, with a fluctuating work force depending on projects, it's important to have flexibility with lines of credit, and that comes back to a service team that understands what we're doing."Visit Professional Services Resources & Tools