ADVERTISEMENT FEATURE
Traditionally, companies handled the cost of airfare and hotel, leaving business travellers with the burden of handling incidental costs on their own – but this is changing
solutions, employees can submit their expenses effortlessly. Companies can also monitor spending, collect data for reporting and gain insights into travel costs. Lodge or virtual cards can enable companies to consolidate spending through selected vendors so they can benefit from discounts as their spend increases. With lodge cards, a 16-digit commercial credit account number is on file with the travel management company, making it easy to track travel expenses to a specific traveller. Companies use this data to reconcile expenses, ensure T&E programme compliance, analyse spending and control costs. Virtual cards use no plastic. Instead, a 16-digit number is used to process transactions. Companies can also set controls on transaction amounts and time frames to reduce fraud risk.
Passport for success As more and more employees combine business travel with leisure, companies can deploy sophisticated payment options that suit their cash management goals. By tailoring these payment tools based on their employees’ needs and their own need to establish controls, everyone wins.
Payment options make end-to-end travel easier
• Individual plastic corporate T&E cards • Lodge cards • Virtual cards
1Bridgestreet Global Hospitality survey, 2014
Melissa Gargagliano Head of EMEA commercial cards Bank of America Merrill Lynch
“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC (
sipc.org), and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2016 Bank of America Corporation.
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