Special Feature - What Business Travellers Want

In today’s globalised business world, corporate travel is the norm. It’s not surprising therefore that travel and entertainment (T&E) is a big part of a corporation’s business. However, a recent whitepaper from Mastercard and RFi Group has revealed the propensity of business travellers to use their personal cards over their corporate cards.

The reasons for this preference were the convenience of buying personal and business items in a single transaction, card acceptance constraints and taking advantage of earning rewards on their personal cards. The desire to redeem points and earn mileage is the reason that some corporate travellers will start using their own card.

"The high proportion of corporate cardholders using personal cards for T&E expenses highlights that current propositions in the market do not completely meet the needs of corporate travellers."

The high proportion of corporate cardholders using personal cards for T&E expenses highlights that current propositions in the market do not completely meet the needs of corporate travellers. With T&E spend increasing for corporations, providing a corporate card solution that solves key customer pain-points around travel expenses is critical to avoid leakage to personal cards, again, underscoring the lack of appealing or suitable corporate card propositions in the market.

Another important finding drawn from the whitepaper was the importance that travellers placed on access to health and accident insurance. These were some of the most sought-after features of a corporate card.

These challenges highlight the need for a corporate solution that offers a clear value proposition to drive usage and corporate preference, and one that provides protection and peace of mind to employees. The whitepaper deep dives into a solution that meets the needs of today’s corporate traveller - the Mastercard World Corporate Card™.

The Mastercard World Corporate Card provides enhanced benefits for travellers to minimize stress and ensure peace of mind. Unique benefits such as giving travellers access to over 1000 lounges around the world, access to a dedicated airport concierge service post-flight, as well as a comprehensive suite of insurance coverage for travel accident and medical benefits. Providing travellers with these travel-related benefits reduces the incentive to switch spending to a personal card to earn personal rewards program benefits.

"Unique benefits such as giving travellers access to over 1000 lounges around the world, access to a dedicated airport concierge service post-flight, as well as a comprehensive suite of insurance coverage for travel accident and medical benefits."

Maintaining control of expenses is another pain point for both travellers and businesses. The corporate card solution cuts expense-processing costs through effective back office expense management. The card also offers greater visibility around expense management, making it easier for businesses to get a better understanding of the spending habits of their corporate travellers.

Increased usage of cards for T&E demands more robust card management solutions, with access to the data and controls companies need to make more informed decisions. Mastercard Smart Data offers a complete suite of features for a one-stop solution for Corporate card customers ensuring controls, robust data and reporting as well as effectively manage T&E expense reporting and approval workflows. It is a single, scalable, and highly configurable global platform with proven market leadership.

"Corporate card solution and can result in a 37% reduction in cost processing time per report compared with paper-based methods."

Another key finding from the whitepaper was that corporate card solution and can result in a 37% reduction in cost processing time per report compared with paper-based methods. This approach also means improved analytics around T&E spend allowing businesses to better negotiate discounts from suppliers leading to cost reductions.

Developed with the needs of corporate travellers in mind, the Mastercard World Corporate Card is designed as the go-to card for organizations with significant T&E expenditure. Delivering powerful value propositions for both businesses and individuals alike.

 

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