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Huntington Bank Introduces Commercial Card Featuring Payables Automation and Monthly Rebates

Huntington Bank (NASDAQ: HBAN) this week began making it easier for businesses to save money each month by streamlining invoice and expense payment workflow processes using the new Huntington commercial credit card. The card combines online card and data management tools and differs significantly from other commercial cards by providing a unique monthly rebate payment.

“Huntington’s new commercial card will help enable businesses to improve working capital, streamline corporate invoicing and mitigate financial risk,” said Michael Anderson, director of Huntington’s treasury management group. “We believe that our business customers will also find that the commercial card makes it easier for them to manage their finances since they will be able to do their banking with one, local financial institution, where they know their bankers.”

The MasterCard-branded card is being introduced at a time when, total estimated U.S. commercial card spend on indirect and direct purchasing will reach $200 billion in 2013.*

With the addition of the card, Huntington is now offering a comprehensive set of products for its award-winning treasury management services.** The card will help businesses:

  • Improve working capital by paying suppliers today but deferring cash outflow for up to 50 days, without a finance charge.
  • Receive rebate payments up to 13 months sooner than those provided by typical card issuers with annual or single rate scheduled rebates that usually pay out in February of the following year. Huntington’s monthly tiered rebate measure and payment structure is unique, giving customers the opportunity to more quickly pocket higher returns corresponding with monthly spikes in spend volume during the year.
  • Decrease costs and reduce overall financial risk by moving costly manual payments processing to an efficient card-based workflow. Huntington’s commercial card solution is best suited for businesses with annual accounts payable volume of $5 million to $50 million, and it can support a wide range of user needs.
  • Reduce overall financial payments risk by leveraging real-time spending controls through MasterCard InControl/PurchaseControl to limit what employees can purchase; how often they can purchase; and how much they can purchase. Additionally, for transactions not requiring the physical swiping or dipping of a tangible plastic card, businesses can help prevent risk of a lost or stolen card through virtual cards that align a substitute card number with a real card number. Virtual cards are ideal for transactions such as e-commerce, telephone, mobile telephone or mail orders, and they include the ability to limit a card number to a specific supplier or invoice.
  • Know the who, what, where, when, how and why of their corporate spending with the MasterCard® smartdata.gen2™ solution. Businesses will be able to effortlessly manage everything from transaction reporting to data acquisition and accounting system export, as well as expense, operational and accounting reporting.

* First Annapolis Consulting
** Huntington’s treasury management capabilities are recognized by Greenwich Associates for excellence in overall customer satisfaction, service and product capability.