Majority businesses continue to use checks, wire transfers, and employee credit cards to pay for company purchases. New white paper sponsored by Visa and Mastercard highlights corporate payment program advantages to include reduced transaction charges, improved purchasing compliance, and able to negotiate volume discounts with suppliers.
I think it is common knowledge that teaming up with a company like Diners or American Express can save a company money by reducing the administrative costs of processing checks. Also, a company can get better visibility of employee purchases to minimize unauthorized purchases.
What I did not know is that you can use a corporate payment program to negotiate volume discounts with suppliers. For example with a corporate payment program, you can get visibility over how much you are paying for car rentals with a particular company and then negotiate for a volume discount. I would think this would be valuable for both small and large companies working with any type of supplier.