Printer Friendly

VISA EXPANDS BUSINESS CARD PROGRAM FOR COMMERCIAL MARKET; ANNOUNCES PROCUREMENT CARD FOR ISSUANCE BY FINANCIAL INSTITUTIONS

 SAN FRANCISCO, June 22 /PRNewswire/ -- Visa U.S.A. today announced the expansion of its business card program, unveiling a new strategy for the commercial market that features three distinct products tailored to three separate market segments: procurement, corporate travel and entertainment (T&E), and small business/professional. This three-pronged segmentation strategy is the first of its kind to be introduced by a card company for the commercial market.
 As part of its strategy, Visa will launch a procurement card in the fall of 1993 designed for corporate purchases that are typically less than $5,000. At the same time, Visa will introduce a new card for the corporate T&E market that provides more comprehensive billing, reporting and authorization controls than any other product. And, for the small business market, Visa will reposition the current Visa Business Card -- which is already used by more than 350,000 small businesses -- to address the needs of small companies.
 "Since the introduction of the Visa Business Card, Visa has had significant success in the commercial market because we deliver a product that has more utility and value than the competition's," said H. Robert Heller, president and chief executive officer, Visa U.S.A. "With this new commercial strategy, we will provide specialized products for unique market segments, expanding even further the efficiency, flexibility and power the Visa brand delivers."
 It is estimated that, on average, procurement cards -- representing a $300-billion market -- can save businesses at least 25 percent in administrative costs every time they use Visa. With more than 10 million acceptance locations worldwide, the Visa procurement card has an unsurpassed acceptance rate and is therefore better positioned than any card company to save companies millions of dollars.
 The first credit card company to launch a procurement card for the commercial market, Visa reports that several of its member financial institutions already have conducted successful pilot procurement programs with Fortune 500 companies. In addition, through I.M.P.A.C., the only U.S. government procurement program, Visa procurement cards are being used by more than 50,000 government employees.
 Visa's procurement card will feature a series of spending controls designed to provide companies control over the type, size and amount of purchase a cardholder is authorized to make. In addition, the product will provide flexible billing procedures (including centralized billing) and multiple reporting levels, designed to streamline purchasing procedures for companies while dramatically reducing the costs associated with traditional payment methods. As an example, for companies which are looking for a unique transaction identifier to assist in the reconciliation of company purchases, Visa will make the order number an integral part of the transaction.
 For its new corporate T&E card, the product's management information system (MIS) capability will be expanded, furthering the distance between Visa and its competition in MIS superiority. The comprehensive Visa merchant tracking system enables companies to know where money is being spent and at which specific merchants. This delivers unprecedented power in vendor negotiation, volume commitment monitoring and approved vendor policy compliance. Other valuable enhancements currently included with the card, such as travel and emergency services, corporate liability protection and auto rental insurance, will continue.
 Visa is also enhancing its Visa Business Card for small businesses and professionals such as physicians and attorneys with enhancements designed specifically for small businesses. These new features will make available to small businesses many of the tools and much of the buying clout previously reserved only for large corporations. The recently announced Visa Business Card Hotel Discount Program is the first of these benefits.
 "In addition to introducing new products, our investment in the commercial program calls for new internal systems and resources to provide added support for our members," said Richard H. Hagadorn, senior vice president of credit products at Visa U.S.A. "This initiative reflects the high priority Visa has placed on the commercial market and our commitment to making Visa the leader in each of the three market segments."
 Visa is the largest payment card system in the world with more than 10 million acceptance locations and 304 million cards issued worldwide, including 149 million in the United States. Visa also has the leading global ATM network.
 -0- 6/22/93
 /CONTACT: Debbe Stern of Visa U.S.A., 415-570-3510/


CO: Visa U.S.A. ST: California IN: FIN SU:

GT -- SF004 -- 4414 06/22/93 09:08 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 22, 1993
Words:733
Previous Article:BURLINGTON ENVIRONMENTAL INC. RESOURCE RECOVERY CORP. WINS AWARD
Next Article:AMERICAN ENTERPRISES SIGNS AGREEMENT TO MANAGE INDIAN CASINO IN NORTHERN CALIFORNIA
Topics:


Related Articles
VISA AND FIRST DATA RESOURCES TEAM UP TO PROMOTE DEBIT CARD ISSUANCE
VISA CHARTS STRATEGIC DIRECTION FOR RELATIONSHIP-BASED PRODUCTS AND SERVICES USING MICROCHIP TECHNOLOGY
elcom.com and VISA Announce Systems Link to Offer B2B Ecommerce Solutions.
VISA TARGETS $1.2 TRILLION B2B E-COMMERCE PAYMENTS MARKET.
Visa Reaches One Billion Cards Worldwide.
Bank of America to Offer all-in-one Visa(R) Commercial Card.
New Payment and Information Solutions Boost Efficiency For Governments and Businesses; Government and Business Leaders Tap Visa Expertise at Global...
Governments announce cost savings, innovative programs at Visa conference.
Governments Announce Cost Savings, Innovative Programs at Visa Conference; Banks, Governments, and United Nations Discuss Billions of Dollars In...
Visa: innovative corporate payment solution now available across Latin America: Visa Central Travel Account Program.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters