Enterprises are consistently looking to glean more intelligence from their systems, processes, employees, and of course, their customers. One area rarely addressed, but mission critical to the success of any business, is found in the accounting department. Here, payments are issued on a daily basis for everything from travel to vendors. Until now, the amount of intelligence collected by these organizations was significantly smaller amount than what is really needed. Technology, in areas that are typically not early adopters, is now bringing this additional knowledge to areas that, until recently, were literally paper and pencil-based.

Products like CSI Enterprises’ globalVCard platform are changing the way companies process their payments in multiple industries. From advertising companies to sports teams to corporate entities, sweeping changes are occurring across the board, as enterprises realize the real benefits of automating payments, with the latest technological advancements. Electronic payments and virtual card capabilities go hand-in-hand, saving businesses money, eliminating compliance and fraud issues, and most importantly, making the process of paying bills a lot simpler.

Every business can benefit by using payment cards, regardless of their size, location, or what they do. Travel agents, for example, have found multiple benefits associated with CSI’s globalVCard, which specifically address their primary pain points, including: lost hotel authorizations, rogue employee spending, and cumbersome expense reconciliations. These issues are virtually eliminated with payment cards. The more they are used, the more corporations are realizing significantly more real-time benefits from their employee’s travel and spending. This ultimately saves time and money for each company using them.

Concur’s Compleat, the customizable travel agency automation system is another excellent example of the impact of payment cards on enterprise-wide travel. Prior to the user of payment cards, a manager had to collect and manage literally hundreds or even thousands of receipts, auditing them, and ensuring all documents matched each other, before issuing vendor or employee payments. The fraud risk was significantly higher and the travel demands were greater. In contrast, payment cards, like the globalVCard Travel Solution, give travel managers powerful spending controls and benefits, which increase compliance, reduce fraud, simplify reconciliations, and solve direct hotel billing challenges. In other words, they make life easier for everyone.

While the travel-minded are traditionally more forward-thinking, banks, on the other hand, may have been holding out a little longer on collaborating with FinTechs. It is only recently that banks have embraced they using these services. Mutual of Omaha Bank, for example, just entered a partnership with CSI Enterprises, which enables them to provide virtual credit card and e-payment services to their corporate clients. Mutual of Omaha Bank has white-labeled the globalVCard product, so there aren’t any changes on the face for their customers. The best part of this partnership is that now Mutual of Omaha Bank can piggyback on CSI’s proven track record of increasing revenue for bank customers. This is truly a win/win for everyone, especially for their customers.

As the needs of companies grow, regardless of what area they are in, so does the risk, as well as the amount of payments that are made on a daily basis. Payment cards offer companies a no-cost solution to their payment challenges, thus, enabling companies to process invoices faster and with far less risk. Regardless of the type of business you are in or the amount of employees you have, gaining more insight into how your company functions is always important. The task becomes easier when technology is utilized the right way, and in real-time. As our roles and the way our businesses do business changes, so do our information needs. It is the way we manage those informational challenges, from accounting to customer service and beyond, that set the stage for our continued success.