April 27, 2017
BMO launches new suite of commercial Mastercard offerings
TORONTO -- BMO Financial Group today announced the launch of a new suite of Commercial Mastercard products that offer a range of reward benefits, including CashBack. These integrated card products combine convenience, flexibility and functionality into a comprehensive payment solution.
Commercial Mastercards from BMO now include five unique offerings tailored to the specific requirements of organizations:
BMO Commercial Mastercard: The ideal choice for organizations that do not require a rewards program
BMO CashBack Commercial Mastercard: Earn 1 per cent unlimited CashBack – with no cap – on all eligible purchases credited to your account every January
BMO AIR MILES Commercial Mastercard: Earn 1 AIR MILES reward mile on every $20 of eligible purchases
BMO Not-for-Profit Commercial Mastercard: Available for not-for-profit organizations only
BMO U.S. Dollar Commercial Mastercard: Ideal for employees who travel frequently to the U.S. or purchase products and services from U.S. suppliers, to help manage exposure to exchange rate fluctuations and avoid the foreign exchange mark-up fee
By consolidating purchasing, travel and fleet spend, these Commercial Mastercards provide a range of benefits to businesses and organizations seeking to improve efficiency and productivity. Each card provides peace of mind by streamlining back-end processes, and simplifies accounts payable while enhancing spend visibility and data analysis. Commercial card clients will also have access to BMO Spend Dynamics, a user-centric, online card program management and reporting tool that provides intuitive navigation as well as control and visibility into commercial card spend. The synergy between BMO's line of Commercial Mastercards and Spend Dynamics helps organizations with errors and administrative costs.
"The card benefits allow organizations to maximize their cash flow and turn business expenses into great rewards," said Steve Pedersen, vice president and head, North American corporate card products at BMO. "Our priority with every new offering across our extensive suite of products is to provide organizations with the flexibility needed to succeed in an ever-changing business environment, and empower their employees to achieve greater control through a range of valuable features and benefits. The convenience of these cards can be felt at every level of an organization, right down to the individual cardholder."
Each commercial Mastercard from BMO is built on more than 200 years of experience providing businesses with options that are best suited to help their organizational focus on growth. "Our goal when it comes to managing expenses on this card is simple: make the process easier for businesses and their employees. The consolidated purchasing and comprehensive visibility makes this card a win-win from both a payment and reconciliation perspective," said Pedersen. "Reporting across all expenditures also allows for improved leverage for supplier negotiations through transparent and centralized spend analysis."