MINNEAPOLIS -- First Bank System said it was teaming up with Gelco Payment Systems Inc. to offer a no-fee corporate card for business travel and entertainment.
Gelco and FBS Card Services, First Bank's credit card subsidiary, said the program would provide more expense-reporting and cash management information than is available with other corporate cards. Companies will be able to settle their accounts with a single payment to First Bank, while employees will get prompt reimbursements, via direct deposit, of out-of-pocket expenditures.
FBS is already active in the corporate card market, claiming a 21% market share of all Visa corporate cards. Gelco processes employee reimbursements and related transactions for half of the nation's top 1,000 companies.