2016 State of Commercial Credit Cards in AP
The use of corporate credit cards in AP should be an integral part of a business’s Cash Management strategy, but it is not. To uncover the current state of commercial credit card use in AP, we conducted an online survey over a two-week period in late Summer 2016. Almost 200 finance and AP professionals, from two separate audiences: MineralTree customers and MineralTree prospects, completed the online survey.
Segmenting the respondent profile allowed us to look at the data in two ways. We encourage our customers to move their AP spend from check to credit card, so we were interested in comparing customer data against a population of finance professionals who do not use the MineralTree solutions. It is not surprising that the results showed that MineralTree customers, who, by automating some or all of their AP function are “best in class,”: outshining their peers and impacting the bottom line of their business.
Some of the most significant findings of this report include:
- More than one-third of respondents are not using corporate cards for vendor payments
- The reasons businesses give for not moving more AP spend to commercial credit cards are varied and plagued with misconceptions
- Impacting the bottom line is the number one reason cited by respondents for moving more spend onto commercial credit cards