Corner Office – What to do when your card company turns out the lights

colleen-blackBy Colleen Black, Partner

With the exit of JPMorgan from the international corporate card market, are you suddenly looking for a new payment provider for your overseas travelers?  Unless your company has the correct processes in place, choosing a global payment provider that is the right fit for your corporation can seem daunting.

Below are GoldSpring Consulting’s top five recommendations to consider when choosing a global payment provider:

Consider the following key requirements for both local and global programs –

  • Data integration
  • Traveler convenience
  • Expense integration
  • Liability
  • Security for both corporation and traveler

Corporate pay vs. individual pay in each market

  • What is the impact of new rulings on interchange?
  • How and when do fees change?
  • What is the cost to your company?

Local laws and regulations

  • Do you understand the impact on your travelers?
  • What is the impact to your program?

What are the pros and cons of central bill vs. individual card?

  • What is the standard within each country with regard to acceptance, data integration capabilities, traveler security and risk mitigation?

Where can virtual/mobile cards be used?

  • What is the reality and what is next?
  • How is it being used for air, hotel and car?

Understanding your traveler’s level of satisfaction with your current program should be part of a global review along with benchmarking against like companies, which will in turn help mitigate risk for your company as well as increase security for your travelers.

This article originally appeared in the May 2015 edition of GoldSpring Insights, the official email newsletter of GoldSpring Consulting. To sign up for our mailing list, please click here.

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