U.S. Bank Introduces New Solution to Help Businesses Control and Track Card-Based Expenditures

Managing spend just became a lot easier for business customers of U.S. Bank, a financial services company that serves local and international businesses from its more than 2,000 branches across 26 states.

On April 14, U.S. Bank announced its new spend management platform, which helps businesses keep tabs of their card-based spend. The platform — officially known as Spend Management — is now available for businesses that use U.S. Bank’s business credit cards.

The tool “provides our cardholders with the convenience of monitoring, controlling and tracking business spending – while continuing to enjoy the great rewards and benefits already associated with their business credit cards,” said Courtney Kelso, Head of U.S. Bank Payments: Consumer and Small Business, In a press release announcing the platform.

“With Spend Management, those same cards are an even more enriching tool for operating a business,” Kelso added.

Business owners often have more on their to-do lists than they can accomplish in a single day. And any solution that helps them stay organized and keep expenses in check can be a boon to their ability to grow.

The bank offers an abundance of credit cards to suit businesses of all sizes, from options for businesses looking to earn points on credit card purchases to a card suited for businesses seeking a lengthy introductory 0% APR.

All U.S. Bank business cardholders can access a free version of the tool. For $79 per month, businesses can access the bank’s enhanced spend management platform, which allows businesses to manage and update users in bulk, set tailored rules for categorizing card transactions, and create parameters for approval requests and expense policies.

Many businesses require a tool that allows them to extend payment flexibility to their employees. And employees of those businesses need access to a company card program that allows them to manage their expenses without spending an excessive amount of time wading through cumbersome reimbursement processes. 

U.S. Bank’s spend management platform has features that serve both parties. The tool enables businesses to:

• Access custom reports and real-time analytics on employee card spend. Dashboards enable users to interpret large quantities of information through data visualization capabilities.
• Assign cards to various end-user groups, including departments, job sites, and specific employees.
• Capture receipts with a streamlined uploading feature.
• Enable and disable employee credit cards remotely with one click.
• Export information from the spend management system to external accounting programs.
• Set spending controls that dictate the types of transactions that employees can make with their company card. Administrators can update these controls as roles, responsibilities, and users change.

U.S. Bank’s new platform can take businesses to the next level of spend management where they can simplify purchasing procedures for employees and spend less time overseeing employee card use. 

Shruti Patel, U.S Bank’s Chief Product Officer for Business Banking, said via a press release that the tool “helps business owners work smarter, not harder, with many time-saving functions, leaving them with more time to focus on their business. This capability is the perfect enhancement to our exceptional family of business credit cards.”