TSYS has announced the publication of a white paper titled “Implementing a Successful Commercial Card Program in Turkey — Avoiding Pitfalls: Lessons from the U.S. Experience.” The paper outlines the market opportunity and key drivers for commercial card growth in Turkey, drawing on experiences in the U.S. commercial card market to provide insights on accelerating card penetration.
Noting key metrics that demonstrate the significant past growth and future potential of commercial cards in Turkey, the paper articulates three core benefits — reduced costs, improved cash flow and reduced risk of non-payment — of increasing commercial card usage for both issuers and their corporate clients.
“Turkey is recognized globally for its innovation and achievements in the payments space. In the context of this highly developed cards market, this report aims to leverage insights learned from the U.S., one of the most developed commercial cards markets in the world, to help financial institutions realize the full potential of commercial cards in Turkey. With the benefits of a successful commercial card program spanning the value chain from issuers, suppliers, retailers, governments and corporations, there are a significant number of gains to be made in the market,” said Berrak Ciftci, director for Turkey, TSYS International.
The paper further identifies three key insights for use in penetrating and developing the commercial card market in Turkey: understanding the opportunities and challenges of introducing commercial products, identifying the market opportunity by card type and exploring the importance of developing solutions specific to organization types.
The release of the white paper follows a briefing by Kelley C. Knutson, executive vice president, TSYS International, and John Goodale, senior director for Business Expansion Europe, TSYS International, to Turkish banking executives on 23 October in Istanbul. Knutson and Goodale discussed best practices and payment insights learned through TSYS’ global licensing and payment processing network of approximately 400 clients across more than 80 countries.