When implementing a Commercial Cards programme, it is crucial to choose a banking partner who can work with you to ensure that the change runs smoothly and efficiently. When making this decision, several key factors emerge. First, it is essential that your banking partner can support your geographical footprint, providing a consistent platform in every country where your company operates. Remember that your international needs could grow as your business expands into new markets.
Second, it is advisable to choose a partner where you have an existing relationship. It is also advantageous if your provider has robust risk controls in place and strong credit fundamentals, making it well prepared to support your company’s growing financial needs.
Finally, and perhaps most importantly, it is essential to take full advantage of the automated solutions available to you, which is why it is necessary to choose a bank, such as HSBC, that offers an end-to-end digital and banking solution that incorporates direct and indirect expense reconciliation. This will prevent you from having to work with multiple vendors.
The future of banking is increasingly digital, as businesses have growing expectations that technology will deliver cost savings and efficiency. As a result, treasury looks set to evolve over the coming years as more companies adopt new and innovative solutions to improve their working capital position. Operating a Commercial Cards programme is a simple and effective way to ride the wave of change, and achieve all the benefits associated with it.
In this series of articles, we have examined from a variety of angles the utility of Commercial Cards, and the many ways that they can free up cash in an organisation, simplify processing, and digitalise your treasury.
In a difficult and uncertain business environment, treasurers are heavily involved in realising a number of strategic objectives – such as managing costs savings and optimising working capital. Commercial Cards are an essential tool that allow treasurers to achieve these goals with all the efficiency you would expect from a digital solution. Start using HSBC’s Commercial Cards today or contact your Relationship Manager for inquiries.
*Days Payable Outstanding (DPO) extension of up to 55 days interest free. The number of interest-free days is dependent on the agreed billing cycle. Utilization of the card facility is subject to the terms and conditions which govern that facility and HSBC’s credit and risk policies.