This a more flexible option for business cards as companies can find it sometimes risky to issue a business card for every employee. Purchasing cards: Purchasing cards, also called P-cards, Procurement cards or Payment Cards are a smart and controlled way to give employees access to company money in a defined environment. It not only allows to set control and limits for the spending but also provides tracking and reporting options, which considerably reduces the overall fuelling costs. It’s a smart and easy way to manage fuel and maintenance expenses. However, like business cards, corporate cards offer multiple types of rewards and cash back options.įleet cards: Commonly referred to as Fuel cards – they cover a specific use case: fleet cards are business gas cards, where money is only spent on fuel for the business's vehicles. This is explained by the fact that there is a minimum spending expected and the annual fees are higher than for business cards. Indeed, these cards are generally designed for corporations with high annual revenues. Any type of business is eligible, irrespective of the size of the company, making this type of corporate card very accessible and flexible.Ĭorporate cards: On the other hand, although corporate cards deliver the same offer as business ones, the requirements to obtain one are stricter. This type of cards also usually offers rewards such as cash back or earning points for specific purchases. Under the term “Corporate cards”, a large variety of card types exist to cover many use cases in terms of offer, eligibility, and requirements.īusiness cards: According to American Express, a business credit card allows business owners or authorized employees to pay for company expenses, including office supplies, utility bills to travel or even dining expenditures. The report shows a high demand that needs to be satisfied: it creates an opportunity for issuers (from small to large and global financial institutions, banks, credit companies, retailers, and private card processing companies, etc.) to enter or reinforce their positioning in this growing and flourishing global corporate card market.Ĭorporate card types - the difference between corporate, business, fleet, purchasing, and lodge cardĬorporate cards represent great financing options for companies by offering easy access to capital, topped with multiple other benefits and rewards. On the other hand, Latin America, Middle East, and Africa have the smallest estimated market share at $3.4 billion but is expecting an approximated 7% growth. These markets are largely driven by high demand from the government and large corporations and expect a 7.5% growth for Europe and Asia and a 4% to 7% growth for North America. This considerable growth is due to multiple factors: businesses’ shift towards non-cash payment for a better visibility and control over their capital, but also merchants' acceptance of receiving globally adopted network providers such as Visa or Mastercard.īreaking down the regional corporate card markets, the North American one is the largest with an estimated size of $14.1 billion in 2020, followed by $7.8 billion for the European one and $7.1 billion in the Asia-Pacific region. According to a report published by Beroe, the global corporate card market is expected to witness an annual growth rate of 7.3% between 20, while its projected market size in 2020 represented $32.3 billion.
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