Customers for New Visa Report System
United Missouri Bank, Kansas City, and Mercantile Bank, St. Louis, nudged their service bureau to install a new system from Visa to enhance the credit card statements they provide to businesses.
The monthly report is an important management tool and a top selling point for business credit cards. To compete more aggressively, card issuers have been beefing up their reporting packages.
Credit Systems Inc., St. Louis, is the card processor for the two banks and among the first processors to install the Visa system, said company spokesman Jim Hoag.
Demand Expected to Grow Fast
"Mercantile and United Missouri have a heavy concentration of small-business customers," said Mr. Hoag. "I expect most of our 17 card-issuing institutions to change to the system rapidly."
Visa's new package, called Business Card Management Information System (Release 3.0), especially enhances travel and entertainment reporting. Its features can help business owners monitor and control expenses, prepare taxes, create budgets, and outline business plans. MasterCard offers a similar program to its issuers.
Ms. Lauryn Franzoni, a freelance banking reporter, is based in Springfield, Mo.