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B2B Credit Card Payments Are On The Rise

Commercial credit cards hold only a fraction of the overall B2B payments market, but that fraction is quickly increasing in size as the demand for this payment method is on the rise, by all accounts. Mercator Advisory Group estimated the U.S. commercial credit card market alone to be worth $428 billion in 2015, an 8.6 percent year-over-year growth rate that has held strong for the past two years in a row.

But compared to the estimated $23 trillion of B2B payments transacted annually world-wide — including ACH, wire, check and credit cards — commercial cards continue to capture just a small fraction of the industry. Purchasing cards (p-cards) made up just 1 percent of total B2B payments volume in 2015, Mercator said.

Key industry players see this as a huge opportunity, and the latest research from Capital One’s Commercial Card Group will only fuel that vision.

Its survey, conducted at the 2017 NAPCP Commercial Card & Payment Conference earlier this year, found 91 percent of corporate finance professionals are planning to adopt and begin using commercial credit cards this current year. That’s 36 percent higher than the same survey taken back in 2016.

“We are seeing a big jump in demand for commercial cards among corporate finance professionals in just the past year, which demonstrates the demand for more customized and specialized offerings that support our clients’ varied business needs,” reflected Rick Elliott, Capital One Bank’s Head of Commercial Card Group.

The trend is clear...

Businesses want to use commercial credit cards as payment for goods and services, and that demand is only going to increase as commercial cards take a much larger share of the B2B payments market in the coming years ahead.

For this very reason, it's vital that wholesale distributors, suppliers and manufacturers be correctly setup with a B2B merchant account, so that they're able to process p-card and commercial card payments in a secure and cost-effective manner.

Tailored Transactions specializes in setting up customized B2B merchant accounts. Our B2B payment solutions include Cost-Plus Pricing and Level 3 Processing, which will ensure that your business pays the lowest possible interchange rate on every credit card transaction you process. We also provide state-of-the-art reporting and bookkeeping tools that will make your bank reconciliation process quick and easy.

Don't leave money on the table by not accepting commercial credit card payments. But on the other hand, don't lose money by paying high processing rates and fees to accept them. Give us the chance to show your business how you can have the best of both worlds, by allowing us to provide you with a no-obligation free rate quote.

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