MasterCard officials announced plans this week to attract more corporate accounts by allying with a leading provider of expense automation software. A partnership with CyberShift will allow credit card issuers to offer leading edge travel and expense management tools as added value features to business accounts.
CyberShift CEO Robert Farina commented to reporters that MasterCard's data collection platform already tracks the kind of data that can "help travel managers identify areas for cost reduction." Farina remarked that the partnership's proposed offering can help small to medium business managers control spending more effectively by reviewing and managing more types of purchases in real time.
Though some MasterCard issuers may make CyberShift tools available to individual cardholders, company officials emphasized that organizations can achieve larger savings by standardizing their purchasing programs with a single payment platform. As SMB customers enjoy fast ROI from advanced expense management, MasterCard issuing banks hope to lure entire workgroups away from competing credit card issuers.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.