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According to The Nilson Report, total U.S. commercial card volume passed the $1 trillion milestone in 2015. Between 2009 and 2015, commercial card volume almost doubled, as more companies switched from checks to electronic payments. However, the rate of growth in commercial card volume has been slowing in recent years, and fell to just 8% in 2015. Among the top 10 Visa®/Mastercard® commercial card issuers, PNC had one of the strongest growth rates, increasing 10% to $22.7 billion.
This slowdown can be attributed to a number of factors, including organizational inertia, reluctance to overhaul legacy payment systems, or the belief that suppliers will not accept electronic payments. PNC enables clients to overcome these barriers through our relationship model and program optimization support, which clearly illustrate the bottom-line benefits of fully embracing electronic payments.
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This Payments Solution News was prepared for general information purposes and is not intended as legal, tax or accounting advice or as recommendations to engage in any specific transaction, and does not purport to be comprehensive. Under no circumstances should any information contained in this newsletter be used or considered as an offer or commitment, or a solicitation of an offer or commitment, to participate in any particular transaction or strategy. Any reliance upon any such information is solely and exclusively at your own risk. Please consult your own counsel, accountant or other advisor regarding your specific situation. Neither PNC Bank nor any other subsidiary of The PNC Financial Services Group, Inc. (“PNC”) will be responsible for any consequences of reliance upon any opinion or statement contained here, or any omission.
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