Global Cheque Usage Waning, While Commercial Cards on the Rise
Over the next year, 52% of respondents in Visa’s global survey plan to reduce reliance on cheques and 45% plan to increase their use of commercial card programmes. Almost three quarters (70%) of survey respondents rely on commercial payment cards to reduce processing and administrative costs; two-thirds look to eliminate paper-based invoicing; 57% want to facilitate receivables and payments; and just under half (46%) believe that commercial cards provide transaction data for better vendor pricing negotiation. Companies also use commercial card programmes to increase visibility into cash positions and improve forecasting. The survey also showed that 74% of respondents are satisfied with their commercial payment card programmes. Currently, 50% of respondents use commercial payment cards to make payments as part of their overall cash management strategies. The US leads adoption with 58% of respondents use commercial payment cards; Canada follows closely behind at 54%. Forty-six percent of respondents in Asia Pacific use commercial card programmes, whereas 44% of their counterparts in Central and Eastern Europe, Middle East and Africa and 38% and 30% respectively in Europe and Latin America and Caribbean rely on cards.