Huntington Launches Commercial MasterCard
YOUNGSTOWN, Ohio -- Huntington Bank is introducing its MasterCard-branded commercial credit card this week to small businesses that it says “will make it easier for [them] to save money each month by streamlining invoice and expense payment workflow processes.”
The card combines online card and data management tools, says Michael Anderson, director of Huntington’s treasury-management group. It sets itself apart from similar cards that other banks offer “by providing a unique monthly rebate payment,” he said.
Other benefits Anderson claims for users of the card are helping their businesses improve working capital, streamlining corporate invoicing and mitigating financial risk. “Our business customers will find that the commercial card makes it easier to manage their finances,” he said, “since they will be able to do their banking with one local financial institutions where they know their bankers.”
Huntington customers who want the commercial card need simply call their banker or wait until he calls on them, a Huntington spokesman said.
Among the benefits Anderson says the new commercial card offers:
- Improve working capital by paying suppliers today but deferring payment to Huntington for up to 50 days without a finance charge.
- Receive a rebate up to 13 months sooner than those paid by other financial institutions that offer commercial cards. Where other banks typically pay an annual rebate in February of the following year, Anderson says, “Huntington’s monthly tiered rebate measure and payment structure is unique,” that is, business owners will receive rebates monthly instead of annually.
- Reduce cost and overall financial by moving costly processing of manual payments to the more efficient card-based workflow.
- Reduce overall financial payments risk by leveraging real-time spending controls through MasterCard InControl/Purchase Control to limit what, how much and how often employees can purchase.
Source: Huntington Bank
Published by The Business Journal, Youngstown, Ohio.
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